A partnership between QIC and Brisbane Housing Company (BHC) recently achieved contractual close for the long-term funding and operation of ~600 new social and affordable homes across seven sites in south-east Queensland.  Financing for the projects is being provided by Housing Australia and Australian Retirement Trust (ART) (through a QIC managed entity) and supported by the Queensland Government’s $2 billion Housing Investment Fund. This collaboration between QIC, BHC, ART, Housing Australia and the Queensland Government is a demonstration of the value we can create by bringing together specialised expertise to address some of the very real and immediate challenges facing our communities.

QIC is structuring the financing of the new homes, with ART, one of Australia’s largest superannuation funds, investing up to $150 million for the first stage, being the ~600 units, via a subordinated debt tranche, with QIC as the investment manager.  BHC is delivering and operating the new homes, and is Queensland’s leading community housing provider. 

BHC’s mission is to create well-located, safe and secure homes for low income households, and is committed to growing the supply of social and affordable housing and supporting their residents and communities to thrive. Many of the residents who will live in these social and affordable homes have a real need for much more than just a roof over their heads. BHC has an Impact Fund that provides support and connection to partnerships to assist residents to reach towards their goals through opportunities to participate in employment, training, social and community activities.

In addition to supporting the residents, the project will also support the wider local community, for example through increased employment opportunities via the creation of new construction jobs and a strong focus on procurement from local suppliers.

This outcome delivers on QIC’s purpose by creating shared value through responsible investment for the prosperity of clients, people and the community. The provision of affordable secure housing extends far beyond just shelter. It embodies our commitment to cultivate vibrant communities where people have a sense of belonging.

This ground-breaking partnership between QIC and BHC received national recognition at the 2022 PowerHousing Australia awards, in the prestigious Business Partner category. Initiated in 2021, this partnership has been fundamental in creating and delivering innovative housing solutions to deliver social and affordable housing at scale, by activating vital institutional investment.

During FY24 construction commenced across four of the seven sites which are expected to be completed by mid 2025, with the remaining three sites being delivered throughout 2026 and 2027.