Joint venture delivers more affordable land

• Vote of confidence in partnership approach

• $33.9 million boost for future affordable housing developments

A landmark investment is set to drive Western Australia's Affordable Housing Strategy forward, while delivering hundreds of affordable lots in the beachside Golden Bay Estate, south of Perth.

Announcing the $33.9 million sale today by the State Government of 50 per cent of Golden Bay to a company owned by Peet Ltd and the Future Fund, Housing Minister Bill Marmion said the investment was a potential game-changer.

"Hopefully, this is the beginning of a great partnership," Mr Marmion said. "We are keen to demonstrate the commercial viability of institutional investment that delivers both good financial returns and affordable housing outcomes."

Golden Bay was launched in 2012 by the Department of Housing, designed to showcase the range of possibilities under the Liberal National Government's Affordable Housing Strategy.

The sale proceeds are earmarked for further department property purchases and developments.

"There will be a significant multiplier effect over coming years," the Minister said. "The investment will go directly into helping fund the next round of projects to deliver affordable housing and land across WA."

To date, 400 home sites have been released in the 1,750-lot, master-planned estate, with more than 125 families now living in Golden Bay.

Mr Marmion said the sale and future joint venture for the remainder of the development aligned perfectly with the Affordable Housing Strategy.

"The Liberal National Government is driving partnerships with the private sector to increase the supply of new housing, with a firm focus on the affordable end of the market and this is a key plank of the strategy," he said.

More than 17,000 affordable housing opportunities have been delivered since the strategy began.

      Fact File

• The Future Fund is one of Australia's biggest institutional investors, established in 2006 to operate on behalf of the Australian Government

• The Future Fund and Peet Ltd now own 50% of Golden Bay in equal shares, with the Department of Housing retaining 50%

• The 157 hectare Golden Bay Estate is located 63 kilometres south of Perth

• It was launched to the market in April 2012 and is scheduled for completion in 2020

 Minister's office - 6552 6800