Plans Filed for Brisbane Build-to-Rent Bonanza

Queensland’s build-to-rent development race is on in earnest as the state grapples with a housing crisis and the need to accommodate population growth of almost a million more residents ahead of the Brisbane 2032 Olympic Games.

Details of four proposed residential towers comprising more than 1000 purpose-built build-to-rent apartments have been revealed in two new development applications lodged with the Brisbane City Council.

As part of the Queensland government’s build-to-rent pilot project, private equity-backed group Cedar Pacific has teamed with build-to-rent management specialist Essence Communities on a planned 32-storey two-wing tower.

Earmarked for the 3727sq m state-owned site of the former Children’s Court at 50 Quay Street, it is one of three inner-Brisbane properties approved under the project, which is aimed at providing affordable accommodation for low to moderate-income earners alongside market rental apartments.

To secure an affordable housing component, the state government offered a rent subsidy to successful bidders for the pilot projects, which also include Frasers Property at 210 Brunswick Street, Fortitude Valley, and Mirvac at 60 Skyring Terrace, Newstead.

Planning documents filed with the DA indicated Cedar Pacific’s proposal would include 475 studio, one, two and three-bedroom apartments across levels 5 to 29, of which 250 would be delivered as affordable rental accommodation.

As well, communal spaces totalling 3420sq m are proposed within the podium and roof level. They would include a cinema, games area, dog spa and breakout space on the ground floor, gym on level 1-2, co-working space on level 3, and a rooftop pool, common room, barbeque facilities, outdoor dining and private dining room.

The Nettletontribe-designed scheme is seeking a 5-star green star rating and comprises 1129sq m of outdoor open space paired with semi-outdoor spaces and subtropical planting at different levels.

“The concept design for the build-to-rent project at 50 Quay Street has been designed to maximise amenity for its residents,” a design statement said.

“All common spaces provide unimpeded views of the Brisbane River to maximise the liveability of the project … [and] the development has been designed to provide a diverse product mix, ensuring a rich living environment for residents which minimises segregation of user groups through the tower.

“The floor plan is divided into two wings of units positioned around a centrally located lift lobby …promoting a sense of community between the residents.”

[TAG0]

A pedestrian arcade through the site connecting Coronation Drive to Quay Street would be provided along the western boundary. Anchored by a cafe, the through-link is designed to attract pedestrian traffic and higher levels of public interaction.

Other design features include a “heavily landscaped building facade” and parking for 257 cars and 278 bicycles.

“The proposed development will transform this site through the provision of a landmark building with a porous and publicly accessible ground plane,” the DA said. “Revitalising this significant gateway into the CBD represents a significant and positive contribution to the city.”

Meanwhile, an application has been lodged to alter an existing development approval for a three-tower, mixed-use proposal over a 3009sq m site at 186 Wickham Street, Fortitude Valley, into a build-to-rent play.

Brisbane-based Vita—founded by Asher Capital chairman Andrew King, TKM Capital managing director Tim Mahony and Atira Student Living founder Damian Haber—has filed the proposal.

The existing approval is for two residential towers of 23 and 30 storeys comprising 324 apartments and a 25-storey hotel tower with 198 rooms.

Under the revised development plans, it would comprise 628 build-to-rent apartments as well as ground-floor retail space.

“The proposed changes have been driven by the current state of the rental market and the demand for rental supply in this location,” a submitted planning assessment report said.

[TAG1]

▲ Render of the proposed build-to-rent tower development at 186 Wickham Street, Fortitude Valley.

“It is very clear that south-east Queensland, much like the rest of Australia, is facing an unprecedented housing and rental supply shortage, lacking appropriate housing products for a variety of selected populations and their socio-economic status.

“This proposal is directly aimed to assist with the provision of additional housing supply in the perfect location, close to public transport, the CBD and essential services.”

It said there were no major changes proposed to the overall development in terms of built form, size and scale. However, some “limited changes” had been “necessitated by the change in use to built-to-rent”.

“The proposed change has been consciously designed and sited to provide for a building envelope and functional development consistent with that which is already approved over the site,” the report said.

“In keeping with the existing approval, the proposed change seeks to incorporate three build-to-rent tower forms with a minor amendment to provide for an additional connection between two of the towers for levels 21-28.”

The existing approval provided for the connection of the towers up to level 21.

[TAG2]

“It is very clear that south-east Queensland, much like the rest of Australia, is facing an unprecedented housing and rental supply shortage, lacking appropriate housing products for a variety of selected populations and their socio-economic status.

“This proposal is directly aimed to assist with the provision of additional housing supply in the perfect location, close to public transport, the CBD and essential services.”

It said there were no major changes proposed to the overall development in terms of built form, size and scale. However, some “limited changes” had been “necessitated by the change in use to built-to-rent”.

“The proposed change has been consciously designed and sited to provide for a building envelope and functional development consistent with that which is already approved over the site,” the report said.

“In keeping with the existing approval, the proposed change seeks to incorporate three build-to-rent tower forms with a minor amendment to provide for an additional connection between two of the towers for levels 21-28.”

The existing approval provided for the connection of the towers up to level 21.

Article source: Queensland Property Investor