400-unit Fortitude Valley tower billed as answer to rental crisis

A 24-level Fortitude Valley tower where the developer will rent long-term to tenants on a budget is being billed as the type of project needed to fix the housing crisis. SEE THE PLANS

Plans for Brisbane’s latest build-to-rent scheme have been lodged for a busy Fortitude Valley intersection, with tenants on a budget able to enjoy a rooftop pool and after-work drinks on the ground floor.

Build-to-rent (BTR) projects have taken off in the past six months, with developers spruiking them as a quick way to plug a massive shortfall in rental stock.

BTR expert Andrew Purdon, of property giant CBRE, said southeast Queensland’s explosive population growth made it an ideal site for build-to-rent.

Typically aimed at renters aged in their 20s to 40s, BTR complexes provided affordable living with a community lifestyle and facilities such as gyms, movie theatres and co-working spaces, Mr Purdon said.

The building will front Anderson, Costin and Water streets and have three ground-level shops and food/drink outlets.

“You might have a concierge, a person trainer on-site, yoga classes, car sharing and bike sharing,” he said.

Mr Purdon said BTR complexes also featured events such as cooking classes, movie and TV sport nights and community barbecues.

The latest example was a 24-level, twin-tower project planned for the corner of Water, Costin and Anderson streets, on the site of a lowrise commercial building.

It would have 260 resident carparks and 60 visitor spaces, with 288 bike parks, spread over one basement and two landscaped podium levels.

The visual size is broken up by building two towers with a recessed connection.

More than 20 per cent of the units were classed as “accessible’’ for budget renters, although weekly rental rates were not revealed.

About 10 per cent were larger, three-bed units.

All tenants would have access to a rooftop area with pool, barbecues, kitchen area, food garden, rooftop solar, rainwater harvesting and spa.

There was also a library, gym and games room, with three ground-floor spaces for shops and food/drink outlets.

The project was lodged with the State Government’s Economic Development Queensland division, as the 2900 sqm site was within the Bowen Hills Priority Development Area.

That meant it did not have to comply with Council rules, including minimum numbers of parking spaces.

PDAs are zones where the State Government fosters development of citywide importance.

The landscaped podium levels of the tower.

But there was space in a service lane for car share and car pool facilities, which could also be used by people attending the nearby Tivoli live music venue and the RNA (Ekka) grounds.

Town planners Property Projects Australia (PPA) said many of the tenants would also walk or catch trains or buses.

Although Water St was a flood zone, PPA submitted an engineering report which said the development would improve flood flows because the site coverage was smaller than the existing lowrise building.

Car access would be via Costin and Anderson streets.

More details of the 15 Anderson St projecthere.

Artist's impression of the building.