Description of Conduct
Renewal SA has entered into an arrangement with Investec Bank (Australia) Ltd for the sale, purchase and development of a
portion of the Bowden Project Site (with 80 dwellings to be constructed). The arrangement with Investec involves Renewal SA selling the relevant portion of land to Investec on the condition that Investec construct a number of apartments on the land, 40 per cent (32 dwellings) of which would be classified as "affordable housing" as that term is defined from time to time in the Government Gazette under the South Australian Housing Trust Regulations 2010 (SA) and which would be:
- subsequently made available to "key workers" who meet defined criteria;
- initially rented to those key workers at a discount to the market rate; and
- rented to those key workers on condition that they obtain the right to purchase their dwelling, within three years of its "practical completion", initially at or below the rate gazetted from time to time under the South Australian Housing Trust Regulations 2010 (SA), but, after two months from the date of practical completion, at a fixed annual rate of escalation .
On 18 June 2014, the ACCC issued a final determination authorising the conduct until 10 July 2019.
portion of the Bowden Project Site (with 80 dwellings to be constructed). The arrangement with Investec involves Renewal SA selling the relevant portion of land to Investec on the condition that Investec construct a number of apartments on the land, 40 per cent (32 dwellings) of which would be classified as "affordable housing" as that term is defined from time to time in the Government Gazette under the South Australian Housing Trust Regulations 2010 (SA) and which would be:
- subsequently made available to "key workers" who meet defined criteria;
- initially rented to those key workers at a discount to the market rate; and
- rented to those key workers on condition that they obtain the right to purchase their dwelling, within three years of its "practical completion", initially at or below the rate gazetted from time to time under the South Australian Housing Trust Regulations 2010 (SA), but, after two months from the date of practical completion, at a fixed annual rate of escalation .
On 18 June 2014, the ACCC issued a final determination authorising the conduct until 10 July 2019.
Applicant(s)
- Urban Renewal Authority
Applications
| Document title | Date | |
|---|---|---|
| Received |
Decisions
| Document title | Date | |
|---|---|---|
| Final Determination | ||
| Draft Determination |
ACCC correspondence
Submissions - before draft decision
| Document title | Date | |
|---|---|---|
| The City of Charles Sturt | ||
| CIC Australia Limited |
Submissions - after draft decision
| Document title | Date | |
|---|---|---|
| Applicant |