This article is from the Australian Property Journal archive
AUSTRALIA’S burgeoning build-to-rent market is set for further growth, with the local arm of American development and real estate investment firm Sentinel Real Estate Corporation getting the green light for a 300-apartment build-to-rent community on the Gold Coast.
Sentinel bought the 1.4-hectare site at Lots 5-8 Stadium Drive in Robina last summer for its first project in Queensland. The state has lagged behind sector leader Victoria in terms of build-to-rent developments, but is gaining some momentum and accounts for 24% of Australia’s build-to-rent pipeline, ahead of NSW at 13%.
Sentinel’s national portfolio is now at 1,600 rental units currently in operation or under various stages of development, which also includes two fully leased apartment communities in Perth’s Subiaco and a 172-apartment community in West Melbourne. Earlier this year it launched a dedicated property management platform for its build-to-rent projects down under, named Kinleaf, which came six months after it announced a $1.5 billion partnership with Dutch pension fund manager PGGM to develop and manage communities across Australia.
At Robina, Sentinel has received planning approval for a nine-storey building which will deliver 41,799 sqm of new rental accommodation and resident amenities. The project will be developed by Sentinel and managed under the Kinleaf brand.
Designed by Cera Stribley with Urbis appointed for urban planning services, the apartment community extends across two towers with a connecting podium featuring indoor and outdoor resident amenities, with views towards Surfer’s Paradise and the hinterland. It will have one-, two- and three-bedroom apartments, and resident amenities will include a pool and sun deck, fitness centre, resident lounge, amphitheatre, outdoor barbeque areas and more than 370 car parks and 120 bike parking spaces across the ground level.
Lots 5-8 Stadium Drive is targeting carbon neutral certification, a 5-Star Green Star rating from the Green Building Council of Australia and a minimum 7 Star NatHERS rating on completion, in keeping with other developments Sentinel has completed to date in Australia. Sustainability features incorporated in the building design include a photovoltaic system to supply solar power for common area usage, EV charging stations, a rainwater harvesting system for irrigation, the use of high WELS-rated fixtures and energy-saving appliances, subtropical planting integrated throughout the development, and small fruit and herb gardens for residents.
“Our upcoming development on Stadium Drive will transform into a vibrant and engaged rental community that offers its residents thoughtfully and sustainably designed apartment living that sets a new benchmark for the area,” said Keith Lucas, Sentinel’s managing director in Australia.
“Queensland’s housing market is evolving and we relish the opportunity to apply our proven expertise in delivering and managing well-designed rental apartment communities to deliver more quality housing options to the local market and support the state’s growing population.”
The development site is situated in Robina’s Stadium Village Precinct and is a short walk Robina Town Centre, Robina train station, with direct trains to Brisbane Airport, Cbus Super Stadium, Robina Hospital, and the wider Robina Health Precinct. It is also just minutes from the planned Robina City Parklands, which forms the first stage of the Gold Coast City Council’s proposed Greenheart Parklands.
Bond University’s expanding health and sport campus, a new TAFE campus, golf courses and easy links to the M1 Pacific Motorway are also within close proximity.
Robina is the confirmed location for the Gold Coast Olympic and Paralympic Village for the 2032 Brisbane Olympic Games, while its population and workforce are expected to more than double by 2050.
There are forecast to be more than 4,000 build-to-rent apartments under construction and due in 2024 and more than 7,500 are in various stages of the planning and construction that are due in 2025, according to JLL. Knight Frank is expecting to see 55,000 dedicated units in the sector completed by 2030.
