This article is from the Australian Property Journal archive
THE Construction Forestry Maritime Mining And Energy Union (CFMEU), is looking for a joint venture partner for its landmark Brisbane built-to-rent development in Bowen Hills.
The Queensland branch of construction and mining union as officially launched a selection process, with Andrew Purdon, regional director of living sectors, capital markets at CBRE leading the expressions of interest.
“The investment rationale for developing BTR in Brisbane is very compelling. There are approximately 300,000 people living in Inner Brisbane and 50% of those are renters,” said Purdon.
Located at 19-25 Campbell Street, the 30-storey NumberOneBowen will be Brisbane’s largest in the growing BTR sector, comprising 380 apartments in studio-, one-, two- and three-bedroom configurations.
“There are two completed BTR developments in the city which offer less than 300 apartments in total and both buildings are fully let with waiting lists. Brisbane’s residential rental vacancy rate is currently less than 1.0% and the median apartment rent has grown by c.12.5% during the past 12 months,” added Purdon.
Savills Australia’s latest Build to Rent (BTR) Market Update, shows the sector has experienced an 18-month period of rapid growth, with Pellicano Living starting work on its $60 million build-to-rent project in Fortitude Valley and Mirvac and Fraser having teamed up to deliver their own offering.
Residents’ amenities will include multiple lounges, a rooftop pool and spa deck, both indoor and outdoor gyms, a screening room, co-working spaces and private outdoor garden spaces at Level 4 and on the rooftop.
The CFMEU received DA approval for the project early on in the year, having appointed New Urban Villages to lead the design and planning process, with NettletonTribe acting as lead architect.
“NumberOneBowen will be a major landmark in the Inner North and provide much needed accommodation for renters. The location is very well served by public transport with the CBD and airport both accessible by train in nine minutes,” said Tim Johnson, CEO at New Urban Villages.
“The area is also in walking distance of Fortitude Valley, the Gasworks and RNA Showgrounds, which are some of Brisbane’s most vibrant destinations. We have created a top class BTR design and are looking forward to working with a funding partner to deliver the project.”
Michael Ravbar, secretary at CFMEU, Queensland and Northern Territory, noted the project would bring a much needed boost to South East Queensland’s housing and rental supply, while demonstrating projects could deliver for the community and still be profitable.
“With the 2032 Olympics on the horizon, the next decade should be a golden era for investors in Brisbane residential real estate,” concluded Purdon.
