New residential buildings at Miranda have been officially opened, marking an entrance into affordable accommodation for essential workers.
Recognising the need to support employees who have done it tough in the past two years of the COVID-19 pandemic, Aware Super launched the Meridian apartment complex to provide rental relief to those on the frontline.
Situated on 680 Kingsway, it aims to provide convenient housing to those working in the area.
Construction began in July 2019 and is now completed. It includes 102 units across two buildings. The build-to-rent units (51) have been reserved as affordable housing and made available to defined essential workers at 80 per cent of the market rate for the area. The remaining units (51) were available for purchase.
The development is Aware Super's first built-to-rent affordable housing development in Australia. The company states that the discounted rental model provides practical cost of living relief for teachers, nurses, healthcare workers, aged care employees, police, emergency services, childcare workers and those who work in associated industries.
Aware Super Chief Executive Officer Deanne Stewart says Australia is facing a housing affordability crisis and super funds could play a critical role in helping to address the nation's housing affordability crisis, at the same time as delivering strong, long-term returns for members.
"It's a painful reality that many of the frontline workers who have kept the country running throughout the pandemic are struggling to find a safe and affordable place to live, close to where they work," Ms Stewart said.
"Australians who are passionate about doing the kind of work that supports our communities deserve to be supported to live, and retire, in the communities where they work. Essential workers should not be forced to make the trade-off between living in housing that is either of a poorer quality or a long commute to their place of work.
"Aware Super is determined to be part of Australia's housing affordability solution by investing in projects and businesses that are sustainable, create jobs, foster innovation and contribute to the communities where our members live, work and retire.
Altis Property acquired and developed the site in partnership with Aware Super.
Fifty per cent of the dwellings will be retained by the developer and rented at 80 per cent market rent for applicants who meet income eligibility.
One of the new residents, Daniel Jones, works as a psychologist and has also volunteered in juvenile justice. He said his only other option was to relocate.
"If it was not for this essential worker affordable housing complex I would have to move regionally to be able to afford to live," he said.
"Knowing that I am able to work in a safe and private place means that my clients receive the highest quality care, which they deserve. Not only does being able to live here help with expenses, it is also great that my neighbours are like-minded front line workers."