sec.58DBuild to rent developments and staged developments

sec.58D Build to rent developments and staged developments

A build to rent development is 1 or more buildings that— are located on the same parcel; and are constructed or substantially renovated for the purpose of providing multiple dwellings to be occupied under residential tenancy agreements; and first become suitable for occupation during the period starting on 1 July 2023 and ending on 30 June 2030. If more than 1 building is located on the parcel, subsection (1) (c) applies only in relation to the building that first becomes suitable for occupation. Also, if 1 or more buildings, or parts of buildings, located on the parcel become or are intended to become suitable for occupation at different times because development is carried out in stages, subsection (1) (c) applies only in relation to the building, or part of a building, that first becomes suitable for occupation. A build to rent development mentioned in subsection (3) is a staged development . For this section, a building is substantially renovated for the purpose mentioned in subsection (1) (b) if— the building has been used wholly for purposes other than residential purposes; and the building is converted or redeveloped so that it becomes suitable for use for the purpose mentioned in subsection (1) (b) . For subsection (5) (a) , residential purposes includes the provision of short-term accommodation, such as a hotel. s 58D ins 2023 No. 18 s 12 (sec.58D-ssec.1) A build to rent development is 1 or more buildings that— are located on the same parcel; and are constructed or substantially renovated for the purpose of providing multiple dwellings to be occupied under residential tenancy agreements; and first become suitable for occupation during the period starting on 1 July 2023 and ending on 30 June 2030. (sec.58D-ssec.2) If more than 1 building is located on the parcel, subsection (1) (c) applies only in relation to the building that first becomes suitable for occupation. (sec.58D-ssec.3) Also, if 1 or more buildings, or parts of buildings, located on the parcel become or are intended to become suitable for occupation at different times because development is carried out in stages, subsection (1) (c) applies only in relation to the building, or part of a building, that first becomes suitable for occupation. (sec.58D-ssec.4) A build to rent development mentioned in subsection (3) is a staged development . (sec.58D-ssec.5) For this section, a building is substantially renovated for the purpose mentioned in subsection (1) (b) if— the building has been used wholly for purposes other than residential purposes; and the building is converted or redeveloped so that it becomes suitable for use for the purpose mentioned in subsection (1) (b) . (sec.58D-ssec.6) For subsection (5) (a) , residential purposes includes the provision of short-term accommodation, such as a hotel.

• (a) are located on the same parcel; and