Brisbane’s largest build-to-rent project gets off the ground

One of Brisbane’s biggest subsidised rent projects is ready to physically get off the ground with its 25-storey tower defying construction industry woes in a bid to tackle the housing crisis.

Artist's impression of the retail level of the 25-storey Brunswick & Co Build-to-Rent development by Frasers Property Australia. Picture: Supplied.

One of Brisbane’s biggest subsidised rent projects is ready to physically get off the ground with its 25-storey tower defying construction industry woes in a bid to tackle the housing crisis.

Brunswick & Co in Brunswick Street, Fortitude Valley – Fraser Property Australia’s first ever build-to-rent development – is one of the largest BTRs in the Queensland capital, with 40 per cent or 144 of its units dedicated to subsidised rentals.

The tower is a pilot Build-to-Rent project in collaboration with the Queensland Government, looking to create more affordable housing options in the inner-city.

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Hutchinson Builders director Jack Hutchinson and Frasers Property executive GM development Cameron Leggatt above the giant 20m deep hole which signifies the project has hit its bottom level. Picture: Lyndon Mechielsen/Courier Mail.

Frasers Property executive GM development Cameron Leggatt said the subsidised rentals would be “targeted at key workers that live in and around this area and are finding it tough to find suitable and affordable accommodation”.

He said Brunswick & Co would “redefine renting, delivering 366 studio, one-and two-bedroom apartments and 1,800 sqm of world-class resident-only amenities” including a rooftop pool and dog park, co-working spaces, fitness centre and treatment room, cinema-podcast room, and multiple dining and entertaining spaces.

Mr Fraser said BTRs were part of the solution to the housing crisis for Australia.

“The federal government recently addressed the MIT, it’s a withholding tax, so they reduced that from 30 per cent to 15 per cent, and they did some land tax reform as well around the asset. Taking away those barriers certainly helps projects become more viable.”

Artist's impression of the Brunswick & Co facade. Picture: Supplied.

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“It is still very challenging because of the state of the construction market. We are in a time where we’ve got a lot of people coming into the country, we need more houses but the builders are under pressure. The cost of building things has gone up significantly in the last couple of years and that’s putting pressure on all commercials and everything we look at, so it’s a real case-by-case basis.”

Hutchinson Builders director Jack Hutchinson said “at peak construction, there’ll be 300-ish workers on site, internal Hutchies people about 30 or 40, but then all the subcontractors and the workforce will be up to 300 at peak.”

“It’s obviously a tough time for the industry and it’s a major talking point at the moment as it should be. But we’re lucky to work with clients like Frasers, and we’re lucky we have the trust of the public and can keep building through this period.”

Hutchinson Builders director Jack Hutchinson at the Brunswick & Co site in Fortitude Valley, Brisbane on Monday. Picture: Sophie Foster

He said it took a year to “bottom out” about 20 metres below ground level, given hard rock in the area, with 75,000 tonnes removed.

“More than 40 people have worked on the first phase of construction at Brunswick & Co and the pouring of the first 1,350 square metre basement slab will be a key milestone,” he said.

“We’re happy to have our first crane up. There’ll be two tower cranes on the job. The first one was installed a couple of weeks ago, April 22, so that’s another big milestone in construction when you get the tower crane up and ready to go.”

UDIA CEO Kirsty Chessher-Brown, who was on site to mark the “bottoming out” said “it’s been an incredible time and the word unprecedented has been used quite a bit, but it has been” for construction.

Frasers Property Australia has commenced the next phase of construction of the 25-storey Brunswick & Co, Build-to-Rent development in Fortitude Valley, Brisbane after commemorating "bottoming out" at 20m below ground level this week. Picture: Sophie Foster

“Access to housing is just becoming more and more unattainable for large sections of our population, but particularly our key and essential workers. We do need more supply in the system to ensure that people don’t slip further down into social housing and public waitlists.”

“It’s incredibly important that we do address the supply side of the equation and we’ve seen some great announcements from the State government over the past 12 months but are very keen to see some more support, particularly for our key workers.”

She said UDIA Queensland was keen to see a Queensland dedicated Shared Equity Scheme announced, and the start of the Federal Government’s Help to Buy system this year.

Ms Chessher-Brown said UDIA Qld was keen to see a Queensland dedicated Shared Equity Scheme announced soon by government. Picture: Sophie Foster.

“Just as Brunswick & Co have done on this project, we’re quite keen to see some more support in terms of helping people save enough for a deposit to be able to access housing, particularly key workers.”

Mr Leggatt said now that Brunswick & Co’s first construction phase was complete, “we are on track to welcome the first residents in 2024”.

Located two kilometres from Brisbane’s CBD, Brunswick & Co’s ground level will be retail and an integrated lobby cafe and bar to blend into the busy precinct. Award-winning studio Cox Architecture controlled the design to match the character and heritage of Fortitude Valley.

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