Brookfield’s debut build-to-rent project in Australia is one step closer to becoming a reality, following the submission of a development application for a dual tower development at Brisbane’s Portside Wharf.
To be designed by Fender Katsalidis following the conclusion of a Design Excellence Competition, the project comprises 560 apartments ranging from studio’s to three-bedrooms.
The suburb of Hamilton has been earmarked by the Queensland Government to become a major growth area in the lead up to the 2032 Olympic and Paralympic Games, with the athlete’s village to be located within its boundaries.
Two thin towers will be constructed on the site, set on opposing diagonals. Located six kilometres from the Brisbane CBD, a number of amenities will be made available to residents, including a concierge, resort-style 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.
FK Partner Nicky Drobis says the practice is well suited to deliver the project alongside the developer.
“With a Build to Rent portfolio of more than A$1 billion, Fender Katsalidis has been able to bring proven experience to Brookfield’s first Australian Build to Rent project, combining an appreciation of the finely-tuned commercial requirements of the sector with our understanding of Brisbane’s unique site conditions,” he says.
"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."
Brookfield's Head of Australia Real Estate Sophie Fallman says the time is right for the developer to make its mark on the BTR sector in the wake of the recently handed down Federal Budget.
“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,” she says.
“We are very pleased with this opportunity to bring our deep global experience in multifamily real estate to bear in the local Australian Build to Rent sector. We believe the proposed design combines the best of our global operational advantages with a strong response to the local context and will meaningfully
contribute to the community of Hamilton.”
Despite Brookfield’s lack of BTR projects in Australia, it boasts a 14,000 residence-strong portfolio across North America and China. The developer’s Residential Properties Managing Director Lee Butterworth says the demand for new units is at unprecedented highs in the river city.
“Vacancy rates in Brisbane are among the lowest in the country at under 1 percent, so the demand for new rental properties in the city is significant. 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,” he says.
“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.”
