This article is from the Australian Property Journal archive
QUEENSLAND’S build-to-rent market is gathering steam, with US giant Brookfield lodging a DA for a $400 million dual-tower project at Brisbane’s Portside Wharf.
Designed by architecture firm Fender Katsalidis, the proposal includes 560 studio, one, two and three-bedroom apartments on the site in Hamilton, which is poised for major transformation over the next decade as the home of the main athlete village for the Brisbane 2032 Olympic and Paralympic Games.
The plans have been lodged in the same week that Pellicano put forward a proposal for a $225 million precinct with 418 residences at Robina on the Gold Coast.
The sunshine state has lagged Victoria and NSW in embracing build-to-rent, but the market is now gaining traction at a time in which Brisbane apartment completions and commencements have fallen to long-term lows and the capital’s vacancy rate of 1.0%.
Queensland’s government recently became the latest on the eastern seaboard to introduce tax concessions for build-to-rent projects, while the industry as a whole received a boost with the Albanese government announcing plans to introduce tax breaks for build-to-rent developers. Lendlease earlier this year announced it would finally make its entrance into the local BTR market with a 443-residence project at Brisbane Showgrounds.
Brookfield’s planned project features two slender towers set on opposing diagonals to maximise views for residents while minimising visual bulk to enhance the harmony of the neighbourhood.
Like many build-to-rent offerings, there will be a range of amenities available to residents. It includes building concierge, pool, podium recreation spaces, BBQ areas, health and wellness spa, co-working space, gym, cinema, private dining rooms, resident workshop, electric vehicle charging and a dog wash.
The application is one of the first to be lodged under planning authority Economic Development Queensland’s (EDQ) revised Northshore Hamilton Development Scheme, which was released in October.
“Housing and affordability are strong investment thematics for Brookfield and we want to invest in them around the world including Australia where there are compelling tailwinds for these strategies,” said Brookfield managing partner and Head of Australia real estate Sophie Fallman.
Brookfield established itself global build-to-rent – also called multifamily – platform in 2010 and currently has approximately US$18 billion total assets under management including 61,000 apartments, mainly in the US but also in Europe, Brazil and China. It has nearly 14,000 build-to-rent apartments under development across North America and China.
Brookfield residential properties managing director Lee Butterworth said, “This is a highly desirable location to live, next to the Brisbane River and with an array of dining, retail, entertainment and public transport at the doorstep. It is an area that has undergone significant revitalisation over the past 15 years, spearheaded by our A$1.3 billion Portside Wharf mixed-use precinct. We believe the timing and Build to Rent proposal are ideal for our final legacy in this landmark location.”
Fender Katsalidis was awarded the architecture and interior design contract for the development after a design competition and has designed numerous major build-to-rent projects.
Fender Katsalidis partner Nicky Drobis said, “For build-to-rent projects to succeed, it is crucial that architects provide the framework for residents to truly love where they live and connect with the neighbours. At Hamilton, we have thought deeply about the established neighbourhood and lifestyle, and the role these towers can play in this community’s bright future by integrating with the forthcoming Olympic Village”.
