Aware Super could purchase and acquire the Brunswick & Co Build to Rent development in Brisbane’s Fortitude Valley in a deal estimated at around $300m. Property consultancy CBRE listed the scheme for sale in March 2025.
Currently under construction with completion anticipated in early 2026, Brunswick & Co is being sold by arm of Singapore-based Frasers Property Group – Frasers Property Australia – which is delivering the scheme in collaboration with the Queensland Government under its Build to Rent pilot initiative.
The development comprises 366 apartments, 144 of which will be offered at subsidised rates under the Queensland Government’s affordable housing scheme. The partnership element offers social impact credentials that align closely with Aware Super’s ESG investment mandate. Hutchinson Builders is leading the construction works.
The 1,900 sqm of amenities will include a pool, dog park, co-working spaces, cinema room, and fitness facilities. These will help create what Frasers Property terms ‘the World’s Friendliest Hotel’.
While neither Frasers, Aware Super, nor sales agent CBRE have commented publicly, the transaction is expected to mark a pivotal moment for the sector. If finalised, it would represent one of the first major sales of a completed Build to Rent scheme in Australia and is anticipated to set a pricing benchmark for future transactions.
Market analysts suggest the yield could sit around 4.5%, reflecting growing investor confidence in the sector amid tightening rental supply and increasing construction costs that are pushing up the value of completed residential stock.
The sale of Brunswick & Co also highlights the government’s evolving role in facilitating housing delivery, not just through policy but via direct project partnerships that de-risk participation for investors.
This deal would also underscore a shift in the Build to Rent landscape from early-stage pre-sales to the trading of fully constructed, income-generating assets.
It comes as more developments reach completion in key markets such as Melbourne and Perth, and as platform-level consolidation begins to emerge, with smaller or less capitalised players exiting amid construction and financing challenges.
