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The residential apartment project at Brisbane Showgrounds in Queensland will be produced in partnership with QuadReal Property Group (QuadReal).
It is the first build-to-rent (BTR) undertaken by Lendlease on Australian shores and will see the global building giant bring its international experience to the sector. The organisation has delivered 2,600 residential-for-rent apartments worldwide, while another 1,500 are currently in the pipeline in key cities like Chicago, New York, and London. Lendlease’s global BTR pipeline is valued at $28 billion.
Lendlease Australia chief executive officer Dale Connor said the company “see[s] 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 is strong demand for long-term, premium rentals in quality locations,” he said.
He added: “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 provides experience in managing and developing a global portfolio of 60,000 residential units to the project, as well as investing side by side with Lendlease, which acts as development and investment manager, it was reported.
Peter Kim, managing director at QuadReal Asia, explained “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”.
He expressed the company’s excitement for the project and described Lendlease as “a partner with whom we share, amongst other commitments, a fundamental desire to service our residents and fiduciary responsibility to all our stakeholders”.
The Brisbane Showgrounds project is set to provide high-quality, long-term rentals, with the development to provide 443 build-to-rent residences, which range from studio, one-, two-, and three-bedroom apartments across 37 levels.
Additionally, residents will be afforded access to numerous amenities and communal spaces such as a pool, podcast and music recording studios, BBQ pavilions, and a fully equipped gym, amongst other services.
Brisbane Showgrounds is located to the north of the central business district, near the popular Fortitude Valley region, with the development also boasting close proximity to a number of transport links.
Lendlease and QuadReal announced the project will be fully electric and have set a target of achieving a five-star Green Buildings Version 1 rating.
Construction on the project is set to begin early in 2023, with residents anticipated to begin occupancy from late 2025 onwards.
In addition to the Brisbane Showgrounds project, Lendlease announced intentions to pursue other build-to-rent opportunities throughout Australia’s capital cities with investors, through both its urban development pipeline and other market opportunities.
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