03 Oct 2020
Announcement the culmination of a two-year process
Project facilitates evolution of Build-to-Rent asset class
Stimulates further institutional investment in future diversity of housing supply
AUSTRALIA, 3 OCTOBER 2020
Frasers Property Australia has been named as one of two developers successful in a bid to join the Queensland Government’s Build-to-Rent (BTR) Pilot Project. The announcement is the culmination of a two-year process which will see the creation of BTR as a viable asset class in Brisbane and the delivery of affordable key-worker housing options to the inner-city.
Under the Pilot Project agreement, Frasers Property will develop 354 apartments on a 2,020 sqm site at the corner of Brunswick and Alfred Streets, Fortitude Valley, within 140 metres of Fortitude Valley Station.
Upon practical completion, Frasers Property will own and operate the development with the State Government subsidising the rental of 144, or 40 per cent, of the apartments by 25 per cent. The remaining 210 apartments in the building will be offered at market rental with all apartments enjoying the same high standards of finish and amenity access.
The 25-level apartment building plus basement parking and rooftop will include 42 studio, 188 one-bedroom and 124 two-bedroom apartments.
The development will be rich in amenity, with a proposed rooftop dog park, lawn, recreation and cabana deck, podium garden terrace, two pools, multiple indoor and outdoor fitness, dining and entertainment areas and a residents’ work-from-home co-working office spread over four floors. The building is targeting a 5 Star Green Star Design & As Built rating by the Green Building Council of Australia and will operate as a carbon neutral building once completed.
The BTR framework maximises tenant flexibility, with options to effortlessly add and subtract extras like parking and storage when needed. The BTR project will be lifestyle focussed, with an emphasis on superior overall building amenity, community and technology systems and programs.
Frasers Property Australia’s Chief Executive Officer Anthony Boyd congratulated the Queensland Government on facilitating the evolution this new asset class in the Australian market.
“This BTR project will set a benchmark in quality and a model which will encourage further partnerships between government and the private sector and stimulate institutional investment in this new asset class,” says Mr Boyd.
“The outcome will be a greater diversity and supply of affordable rental housing and that’s a positive thing for the community and the economy.
“Frasers Property is delighted to have the opportunity to draw upon its vast community design, development, hospitality and investment management expertise and its experience collaborating with Governments both in Queensland and nationally, to deliver more affordable and quality lifestyle options for Queenslanders in the Brisbane CBD.”
Frasers Property anticipates construction will commence in mid-2021. The expected three-year construction program is anticipated to be complete by the end of 2024, with resident leasing opportunities opening just prior.