Riverside project to propel Brisbane’s build-to-rent boom

Brisbane’s burgeoning build-to-rent market shows no sign of slowing down, with developer Brookfield proposing a $400 million riverside project at Hamilton.

The MacArthur Avenue development would add 560 one-, two- and three-bedroom units to Brisbane’s rental housing stock across two towers.

Brookfield has lodged a development application for a build-to-rent project at Brisbane’s Portside Wharf. Credit: Brookfield

Falling within the Northshore Hamilton Development Scheme, planning approvals lie with the state government’s Economic Development Queensland agency, rather than Brisbane City Council.

Architecture firm Fender Katsalidis, which won a design competition to be awarded the contract, has been involved in several major build-to-rent projects, particularly in Melbourne.

“For build-to-rent projects to succeed, it is crucial that architects provide the framework for residents to truly love where they live and connect with their neighbours,” Fender Katsalidis partner Nicky Drobis said.

“At Hamilton, we have thought deeply about the established neighbourhood and lifestyle, and the role these towers can play in this community’s bright future by integrating with the forthcoming Olympic Village.”

While the project would be adjacent to the planned Olympic Village, it would not provide accommodation for competing athletes in 2032.

Brookfield’s head of Australian real estate, Sophie Fallman, said there were “compelling tailwinds” for the build-to-rent sector.

“We are very pleased with this opportunity to bring our deep global experience in multifamily real estate to bear in the local Australian build-to-rent sector,” she said.

Architects at Fender Katsalidis believe for the project to succeed, residents must be given the framework to truly love where they live and to connect with their neighbours.Credit: Brookfield

“We believe the proposed design combines the best of our global operational advantages with a strong response to the local context, and will meaningfully contribute to the community of Hamilton.”

One of those compelling tailwinds would no doubt be the Queensland government’s series of tax concessions for developers to build such rental projects.

Another would be the rental squeeze in the Queensland capital, which has hit tenants with record high rents this year.

“Vacancy rates in Brisbane are among the lowest in the country at under 1 per cent, so the demand for new rental properties in the city is significant,” Brookfield residential properties managing director Lee Butterworth said.

“This is a highly desirable location to live, next to the Brisbane River and with an array of dining, retail, entertainment and public transport at the doorstep.

“It is an area that has undergone significant revitalisation over the past 15 years, spearheaded by our $1.3 billion Portside Wharf mixed-use precinct.

“We believe the timing and build-to-rent proposal are ideal for our final legacy in this landmark location.”

Build-to-rent has become a theme of late in Brisbane development.

This month, developers shelved plans to build a Fortitude Valley office tower in favour of a build-to-rent project on Wickham Street.

In January, development giant Lendlease also chose Fortitude Valley for its first build-to-rent project in Australia.

Days later, Cedar Pacific lodged its build-to-rent plans with the council for the old Children’s Court site on the fringe of the CBD.

And, in pushing taller height limits in South Brisbane, Lord Mayor Adrian Schrinner said he aimed to make the high-density suburb a build-to-rent hotspot.