Lendlease and QuadReal have teamed up to launch first build-to-rent project in Australia to be located at Brisbane’s showgrounds.
The partnership is planning for 443 build-to-rent units comprising studio, one-, two- and three-bedroom apartments across 37 levels. Fully electric and targets a 5-Star Buildings Version 1 rating, the project is set to be located on a corner site at 498 St Pauls Terrace with frontage to Exhibition Street within the Royal National Association (RNA) showgrounds.
Residents will be provided with 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 rooms, resident lounges and more.
Lendlease currently has a $28 billion global build-to-rent pipeline and it has delivered more than 2,600 residential-for-rent apartments internationally since 2019. It has another 1,500 in delivery in key cities including Chicago, New York and London.
Lendlease will also act as the project’s development and investment manager.
“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,” Dale Connor, CEO of Lendlease Australia said.
“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.”
QuadReal Asia’s Managing Director, Peter Kim said the residential build-to-rent sector has been of the company’s strongest global convictions because it has shown resilience through economic cycles and that the community benefits from the commitment to increase the places for people to live.
The partnership will see QuadReal bringing its extensive experience in managing and developing a global portfolio of 60,000 residential units to the investment, side by side with Lendlease.
“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,” Mr Kim said.
Construction is expected to commence in early 2023 and residents can take occupancy in late 2025.
Published 22-February-2023
