Build-to-rent apartments and rooftop gardens: how the City of Sydney is facing the future
The proposed changes are designed to address housing affordability in Sydney and increase the vibrancy of the city
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Developers could be given between 20 percent and 75 percent more floor space under plans by City of Sydney Council to encourage build-to-rent residences.
The allowance will be available to applications made within the five-year time frame from when changes to planning and development rules are approved.
City of Sydney has announced its endorsement of changes to the rules to make building family friendly and build-to-rent apartments easier. Lord mayor of Sydney Clover Moore said the proposed changes to the planning controls balanced the need for more housing with sustainability concerns and the desire to maintain the character of the city.
“Exciting changes include new incentives for build-to-rent housing in the CBD, embedded Net Zero building controls, the promotion of increased tree canopy and green roofs and a streamlined processes for design excellence and major development applications,” she said.
“We are also supporting housing diversity and addressing the loss of smaller and more affordable dwellings as a result of redevelopment.”
The concept of ‘built to rent’ properties has gained traction in recent months as a way of addressing the housing affordability crisis in major centres. The concept is one where developers and their financiers build multi-residential dwellings but, rather than selling them, retain ownership of all properties and rent them out.
Built-to-rent properties are more commonly seen in Europe and the UK, where they have been used to supply housing to those struggling with housing affordability.
Ms Moore said moving to this model would ensure higher occupational rates in inner city residences.
“That is great for inner-city vibrancy and avoids situations where international investors leave newly built flats empty for capital gain,” she said.
The Federal Government announced incentives to encourage built-to-rent development in its budget earlier this year.
The proposed changes would also encourage developers to install green roofs through height incentives, as well as allowing developers 20 percent more floor space for co-living accommodation for students and low income workers.
“We know that students are one of the groups that have been hit hardest by the rental crisis in Sydney, with lack of appropriate accommodation and affordability both major issues,” Ms Moore said.
“By offering these additional floor space incentives we hope landowners and developers will create more co-living accommodation in areas like Haymarket, which has proved popular with students in Sydney.”
Draft changes will be presented to the NSW Department of Planning and Environment.
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The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
2 minOne of the priciest homes for sale in the Los Angeles area just got $40 million knocked off its listing price.
The Beverly Hills megamansion is now listed for $135 million, the highest asking price on the open market in Los Angeles County.
One other property , in Bel-Air, is also asking $135 million after a similar-sized price cut last month.
“It’s time (for the sellers) to move to the next chapter…They’re ready to pass the torch,” said Kurt Rappaport of Westside Estate Agency, who shares the listing with his colleague Stephen Shapiro.
The home was built for Tony Pritzker—heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker—and Jeanne Pritzker, who listed the home for sale in October 2024 for $195 million after settling their divorce, The Wall Street Journal reported at the time. That price was lowered to $175 million in April.
The estate is made up of multiple parcels, and, under an LLC, they bought at least some underlying property in 2005 for about $14.7 million, according to records accessed via PropertyShark.
The Pritzkers hired architect Ed Tuttle to design their contemporary mansion, made of steel, glass and limestone and completed in 2011. At 50,000 square feet, it’s one of the largest homes in the U.S., and nearly as big as the White House.
It stands on a 6-acre promontory—an unusually large lot size for Beverly Hills—allowing for an unobstructed view that stretches across Los Angeles all the way to the ocean.
“It’s one of the best and largest view promontories in Los Angeles,” Rappaport said. “The architecture design and scale of the property are irreplaceable.”
The 16-bedroom, 27-bathroom home is filled with all the expected high-end amenities, including a theater, a game room, a bowling alley, a wellness centre, a gym and a wine cellar, according to the listing.
There’s also a security room, 18 fireplaces, solar panels, and a heating and cooling system powered by geothermal technology.
On the grounds, there’s a two-story, two-bedroom guest house; parking for up to 100 cars; a green marble infinity pool and hot tub; an outdoor kitchen; and a lighted tennis court with a pavilion, according to the listing.
The Pritzkers couldn’t be reached for comment.
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