Brookfield has lodged a development application for a dual tower Build to Rent (BTR) project at Brisbane’s Portside Wharf, marking its first BTR project in Australia.
The planned project features two slender towers comprising 560 studio, one, two and three-bedroom apartments.
The project is located in Hamilton, which is 6km from Brisbane’s CBD and part of Brookfield’s Portside Wharf precinct.
The Northshore Hamilton precinct is poised for major transformation over the next decade as the home of the main athlete village for the Brisbane 2032 Olympic and Paralympic Games.
“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 A$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.”
The application is one of the first to be lodged under planning authority Economic Development Queensland’s (EDQ) revised Northshore Hamilton Development Scheme, which was released in October 2022.
Brookfield established its global multifamily platform in 2010 and has approximately US$18 billion in total assets under management including 61,000 apartments, mainly in the US but also in Europe, Brazil and China.
It has nearly 14,000 BTR apartments under development across North America and China.
“Housing and affordability are strong investment thematics for Brookfield and we want to invest in them around the world including Australia where there are compelling tailwinds for these strategies,” Brookfield Managing Partner and Head of Australia Real Estate Sophie Fallman said.
“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. 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.”
Designed by architecture firm Fender Katsalidis, the project includes significant landscaping and resident amenities including building concierge, a resort-style pool, podium recreation spaces, BBQ areas and a health and wellness spa.
It will also feature co-working space, gym, cinema, private dining rooms, resident workshop, electric vehicle charging and a dog wash to complement the local retail and cafe district established in the neighbourhood.
“With a Build to Rent portfolio of more than A$1 billion, Fender Katsalidis has been able to bring proven experience to Brookfield’s first Australian Build to Rent project, combining an appreciation of the finely-tuned commercial requirements of the sector with our understanding of Brisbane’s unique site conditions,” Fender Katsalidis partner Nicky Drobis said.
“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 the neighbours. 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.”
