Stones Corner rentals: DA lodged for new ‘build to rent’ tower
A ‘new’ concept rarely seen in Qld could have big benefits for future tenants of a 10-storey tower on Brisbane’s southside.
Southeast
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A 10-storey mixed-use residential tower just a ‘stone’s throw’ from an iconic Brisbane southside retail strip could offer “lower-than-market rental levels” due to its unique ownership structure, a report on the proposal says.
Lodged by landowners Propertyprojects Q Pty Ltd for 34 Cleveland St, Stones Corner, the proposal would see 56 dwellings in total, a “communal rooftop recreation space” and a ground-floor retail tenancy.
The tower’s unique selling point is its “build-to-rent” model, meaning owners Propertyprojects Q would retain ownership of all 56 units and rent them direct to tenants, rather than the more common “build-to-sell” model.
According to town planners Mewing Planning Consultants, this means the dwellings could be offered at “rental rates at or below average market levels for Stones Corner”.
This can be done due to the design’s emphasis on “reducing operating and maintenance costs... (the) provision of shared white goods and devices to reduce power usage (such as washing machines and dryers) thereby reducing the cost of utility bills for individual residents... (and) no body corporate fees,” they said.
However, controversially, the application freely admits its provision of carparking spaces under the plan “does not comply with the acceptable outcomes”, with a total of 41 resident and visitor parks to be split between 56 dwellings.
Mewing says this shortfall is a way of encouraging “young professionals, students, key workers, visiting professionals and temporary business visitors”, and discouraging car owners as part of an emphasis on active transport and environmental sustainability.
The planned tower is 300m walk from the Stones Corner Busway station and would contain 42 bicycle parking spaces.
Propertyprojects Q was contacted for comment.
The site is currently improved by a two-storey retail/office building and backs on to the heritage-listed ‘Penney’s Building’ at 357 Logan Rd, Stones Corner, upon which is an existing approval for a nine- to 11-storey residential-led mixed use development.
The build-to-rent model came to prominence in Queensland last October when Treasurer and Minister for Infrastructure and Planning Cameron Dick announced Frasers Property Australia and Mirvac would develop two affordable housing projects in Fortitude Valley and Newstead, totalling 750 apartments with up to 240 dwellings to be provided at a discounted rent under the State Government’s Build-To-Rent Pilot Project.
According to Queensland Treasury, “build-to-tent is typically large-scale residential property which has been specifically designed, built and managed as a single asset for long term ownership and rental.”
“Build-to-rent developments seek returns from long-term rental income, rather than upfront sales or capital growth, driving an increased focus on tenant experience and satisfaction.”
Build-to-rent is more prominent in New South Wales, according to the Property Council of Australia, as they have “halved land tax obligations and removed foreign taxes for eligible build-to-rent projects for the next 20 years”.
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