On 18 June 2014, the ACCC granted authorisation for Renewal SA to sell a section of a development site in Bowden, South Australia to Investec. The authorisation is granted on the condition that 40 per cent of the dwellings are developed as ‘affordable housing’ supplied at below market rates.
Under the arrangement, Renewal SA and Investec will fix maximum rental prices and maximum sales prices (in accordance with affordable housing caps), and apply restrictive criteria for eligible participants.
The ACCC considered that the arrangement may increase the amount of affordable housing available to those people who cannot access social housing or are excluded from the general housing market in metropolitan Adelaide.
Authorisation has been granted for five years.