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The Queensland government’s build-to-rent program is gaining traction, with work on a second project now underway.
State Treasurer and Minister for Trade and Investment Cameron Dick turned the sod on the Fortitude Valley development – a Frasers Property project.
He called it “a win for housing affordability in Queensland”, highlighting how all 366 apartments in the complex would be available to renters only – “not property speculators”.
“Additionally, the rent on about 145 of the apartments will be discounted, thanks to a subsidy from our government,” he shared.
“That means more opportunities for workers like nurses and hospitality staff to live closer to their jobs, which means less time and money spent on commuting.”
Named Brunswick & Co, the build-to-rent project is expecting to welcome its first residents by 2024.
Access to public transport, co-working offices, shared dining areas, and a fitness centre will all be located onsite.
For Frasers Property, it’s their first build-to-rent project to make it to the construction stage nationally, which executive general manager development Cameron Leggatt is excited about.
“Frasers Property is committed to redefining renting at Brunswick & Co, delivered in one of Brisbane’s most emerging and vibrant precincts,” Mr Leggatt said.
Acknowledging it as “a major milestone for the local community”, he said the development would help the city of Brisbane meet “growing demand in the lead up to the 2032 Olympic Games”.
Brunswick & Co’s kick-off follows the turning of the sod of Mirvac’s LIV Anura development in Newstead last year. Two more build-to-rent projects are currently in the proposal pipeline, Minister for housing Leeanne Enoch shared.
“These are proposed to be located at the state-owned site of the former Children’s Court at 50 Quay St, Brisbane, and on a privately-owned site that would be identified by the successful proponent,” she stated.
According to her, the combination of the two developments already underway has created more than 500 jobs during construction. She also expects the long-term management of the buildings will support further employment opportunities.
“Queensland is leading the nation in jobs growth and by supporting the expansion of the build-to-rent sector we’re unlocking further job-creating investment in Queensland,” she said.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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