Global asset management company Brookfield Residential Properties has lodged a development application (DA) for Portside Wharf, a dual tower Build to Rent project in Brisbane. The proposed 560 apartment development will be designed by architecture firm Fender Katsalidis.
Fender Katsalidis, which was awarded the architecture and interior design contract for the development after a design competition, has designed numerous Build to Rent projects, particularly in Melbourne.
“Vacancy rates in Brisbane are among the lowest in the country at under 1%, so the demand for new rental properties in the city is significant. 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$1.3bn Portside Wharf mixed-use precinct. We believe the timing and Build to Rent proposal are ideal for our final legacy in this landmark location.”
Lee Butterworth, Managing Director (MD), Brookfield Residential Properties
The two-tower proposal will contain a mix of studio, one, two and three-bedroom units and will be situated in the Brisbane suburb of Hamilton; six kilometres from Brisbane’s CBD and part of Brookfield’s Portside Wharf precinct.
“With a Build to Rent portfolio of more than A$1bn, 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. 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.”
Nicky Drobis, Partner, Fender Katsalidis
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.
The development will feature significant landscaping and resident amenities including a building concierge, a resort-style pool, podium recreation spaces, BBQ areas, health and wellness spa, 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.
“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. 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.”
Sophie Fallman, Managing Partner and Head of Australia Real Estate, Brookfield Residential Properties
The Northshore Hamilton precinct is set for major transformation over the next decade, as the home of the main athlete village for the Brisbane 2032 Olympic and Paralympic Games.
Currently, Brookfield has approximately US$18bn total assets under management including 61,000 apartments – mainly in the US but also in Europe, Brazil and China.
