Construction company Lendlease and Quadreal Property Group have partnered to launch a Build to Rent apartment building at Brisbane Showgrounds in Queensland.
The 37 storey Build to Rent development by will provide 443 new homes – a mix of studio, one-, two- and three-bedroom apartments.
Residents will have access to premium amenities and communal spaces, including a 25m lap pool with beach edge, podcast/music recording studios, BBQ pavilion, fully equipped gym, co-working facilities, outdoor spa retreat, dog wash facilities, yoga room, resident lounges and much more.
“We see 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. Our partnership with QuadReal will bring the best of our shared global experience and capability to deliver one of the finest examples in Australia.”
Dale Connor, CEO, Lendlease Australia
Located close to major transport links, the Brisbane Showgrounds development will also provide dedicated on-site service teams for residents with a 24-hour first class concierge service, alongside being fully electric and targeting a five star Green Star Buildings Version 1 rating.
Through both Lendlease’s urban development pipeline and other market opportunities, the company is actively pursuing other key Build to Rent opportunities in popular Australian cities with investors.
The joint venture with Quadreal will showcase Lendlease’s Build to Rent capabilities in Queensland, with their global Build to Rent pipeline valued at approximately AU$28bn.
“The residential Build to Rent sector has been one of QuadReal’s strongest global convictions for some time now 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.”
Peter Kim, Managing Director (MD), QuadReal Asia
Lendlease will act as investment and development manager for the new development, whilst QuadReal will bring its extensive experience in managing and developing a global portfolio of 60,000 residential units to the partnership, investing side by side with Lendlease.
Construction of the Brisbane Showgrounds scheme is due to start in early 2023, with residents expected to move in from late 2025.
