Build-to-rent unit block on Brisbane Showgrounds site set to welcome residents in 2025

A new residential tower consisting of almost 450 apartments will be built at the Brisbane Showgrounds in a new approach to the rental market in which ownership is retained by the developer.

• Explained: What are build-to-rent projects?

A new residential tower consisting of almost 450 apartments will be built at the Brisbane Showgrounds, but it will not be like conventional developments.

The 37-level tower will be part of the emerging build-to-rent sector, which is seen as an integral part of the solution to Queensland’s rental crisis.

Rather than being sold to private individuals, build-to-rent properties are retained by the developer who oversees the renting of the residences and manages the complex going forward.

The new build-to-rent development will include a variety of amenities including a 25-metre lap pool with beach edge. Photo: Supplied.

Construction will start in the coming weeks and it will be ready in late 2025. The building will have 443 residences in a mix of studio, one, two and three bedroom apartments.

The amenities will include a 25-metre lap pool, podcast/music recording studios, BBQ pavilion, gym, outdoor spa, dog wash facilities, yoga room, and resident lounges.

There will also be on-site service teams for residents with a 24-hour concierge service, and the building will be fully electric with the aim to achieve a five-star green rating.

The tower, a collaboration between Lendlease and QuadReal Property Group, will be built at 498 St Pauls Terrace in Bowen Hills, between Alexandria Street and Exhibition Street. The site has been recently used as a carpark and industrial storage area.

The construction site at 498 St Pauls Terrace. Photo: Supplied.

Lendlease Australia chief executive Dale Connor said the project is the company’s first build-to-rent residential apartment building in Australia.

“We see enormous potential in the emerging build-to-rent sector in Australia with institutional investors attracted to high-quality residential real estate for its resilient income profile,” he said.

QuadReal Asia managing director Peter Kim said the company was excited to partner with Lendlease on the Brisbane Showgrounds project.

“The residential build-to-rent sector has been one of QuadReal’s strongest global convictions

for some time now given its resiliency through economic cycles and the community benefit of

the commitment to increase the places for people to live,” he said.

The 37-level tower to be built in Bowen Hills. Photo: Supplied.

The Queensland Government has established a build-to-rent pilot project. It provides a rental subsidy for build-to-rent tenants in Brisbane. It was initially aimed at developments on private land, but has since expanded to include expressions of interest on state-owned sites.

The project is committed to supporting two developments so far – a Frasers Property building at 210 Brunswick Street in Fortitude Valley, and a Mirvac development at 60 Skyring Terrace in Newstead. Combined they will offer almost 750 apartments in total, with up to 240 of these dwellings to be offered at a discounted rent.