Lendlease, in partnership with Canadian real estate investment company QuadReal Property Group, will develop a 443-unit commercial rental tower at Brisbane Showgrounds.
The project marks Lendlease’s first move into the Australian market, bringing its global experience into the emerging sector. The company has already delivered 4,100 build-to-rent units globally, with its global build-to-rent pipeline at approximately $28 billion.
“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,” said Dale Connor, CEO, Lendlease Australia. “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.”
With Lendlease acting as development and investment manager, the purpose-built development will provide 443 build-to-rent residences in a mix of studio, one-, two-, and three- bedroom apartments over 37 levels, which includes access to 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 other premium amenities.
The building, located close to major transport links, will be fully electric and target a 5 Star Green Star Buildings Version 1 rating.
Construction will start in early 2023 and residents can take occupancy in late 2025.
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