ASX-listed Lendlease and Canadian real estate investor QuadReal have partnered to deliver a build-to-rent residential apartment building at Brisbane Showgrounds in Queensland.
The purpose-built development will provide 443 BTR residences in a mix of studio, one-, two- and three-bedroom apartments over 37 levels.
The building will be fully electric and target a 5 Star Green Star Buildings Version 1 rating.
Construction is due to commence in early 2023 and residents can take occupancy in late 2025.
The project marks the launch of Lendlease’s build-to-rent capability in Australia, having delivered more than 2,600 residential-for-rent apartments internationally since 2019.
Lendlease, which will act as development and investment manager, has a global build-to-rent pipeline of approximately $28 billion.
QuadReal has managed and developed a global portfolio spanning 60,000 residential units.
Lendlease Australia CEO Dale Connor said they saw 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.
“In the Australian market we believe there’s strong demand for long-term, premium rentals in quality locations,” Connor said.
“Our partnership with QuadReal will bring the best of our shared global experience and capability to deliver one of the finest examples in Australia.”
QuadReal Asia Managing Director Peter Kim said the residential build-to-rent sector had been one of QuadReal’s strongest global convictions for some time, given its resiliency through economic cycles and the community benefit of the commitment to increase the places for people to live.
“We are excited to be investing in our first build-to-rent project in Australia with Lendlease, a partner with whom we share, amongst other commitments, a fundamental desire to serve our residents and fiduciary responsibility to all our stakeholders,” Kim said.
Residents of the Brisbane property will have access to a 25m lap pool with beach edge, podcast and music recording studios, BBQ pavilion and a fully equipped gym.
It will also have co-working facilities, outdoor spa retreat, dog wash facilities, yoga room, resident lounges and more.
Lendlease was actively pursuing other key build-to-rent opportunities in Australian capital cities with investors, through both Lendlease’s urban development pipeline and other market opportunities.
Headquartered in Vancouver, QuadReal had $67.1 billion of assets under management.