Construction and real estate company Lendlease and QuadReal Property Group create a partnership to deliver their first Build to Rent scheme at Brisbane Showgrounds in Queensland.
The development will deliver 443 apartments – a mix of studios, one, two and three-bedroom apartments over 37 levels.
Since 2019, Lendlease has delivered over 2,600 residential-for-rent apartments internationally, with another 1,500 in delivery in major cities including Chicago, New York and London.
“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
Residents will have access to amenities and communal spaces for them to enjoy, 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 and resident lounges.
Situated close to local transport links, the development will also provide on-site service teams for residents with a 24-hour concierge service, alongside the building being fully electric, with the development aiming to achieve a five-Star Green Star Buildings Version 1 rating.
“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
Whilst Lendlease seek out other key Build to Rent opportunities in Australian capital cities with investors, the company’s global Build to Rent pipeline is approximately AU$28bn.
QuadReal has experience in managing and developing a global portfolio of 60,000 residential units, which it will bring to the partnership with Lendlease. Lendlease will also act as development and investment manager.
Construction is due to commence in early 2023 and expected to complete in late 2025.
