Property Projects Australia has unveiled plans for a 400-apartment build-to-rent development on a significant site in Brisbane’s Ekka Precinct.
While mystery surrounds who the developer behind the plan for the 2896sq m site at 15 Anderson Street, Fortitude Valley, is, The Urban Developer understands the landowner is currently listed on RP Data as Gantry Nominees Pty Limited, which lists directors including former Propertylink chairman Peter Lancken.
Integrated industrial developer ESR acquired Propertylink in 2019 for $723 million.
Propertylink won approval for a 230-apartment development on the site in 2014.
The ambitious build-to-rent development would be Queensland’s biggest in the asset class to date, ahead of Frasers Property’s Brunswick & Co, which has 366 apartments, and Mirvac’s LIV Anura, which is 395 apartments.
A Property Projects Australia spokesman said the ground plane would feature three retail tenancies that would service residents and King Street precinct commuters.
The development would comprise 249 one, 122 two and 29 three-bedroom apartments, with rooftop amenities for the exclusive use of residents, which include a pool terrace, bar, cinema, gym and co-working area.
The corner block development has been broken into two nested volumes with a recessive vertical garden spine, according to Telha Clarke’s design statement.
“The podium in contrast aims to create a solid base, which embeds the towers in the landscape,” the report said.
“The proposal for 15 Anderson Street aims to offer a building which both acknowledges and strengthens the architectural language of the Foritutde Valley area, creating varied spaces for living, interacting and connecting for residents and the public alike.
“Given the footprint of the site, through-site access was imperative to allow for ease of circulation.”
A publicly accessible urban forecourt would be constructed at the intersection of Costin and Water streets with landscape design by RPS that reinterprets the creekline that once existed where Water Street is now.
Low-rise commercial and industrial buildings would make way for the development if Economic Development Queensland approves the plans for the large site in the priority development area.
Queensland’s build-to-rent pipeline has more than doubled in the past year, driven by aggressive acquisition strategies from major players who have been scaling up.
While Victoria dominates Australia’s build-to-rent pipeline with 60 per cent of stock, both operational and in planning or construction, Queensland’s pipeline has grown significantly to now be well ahead of NSW.
According to property advisory firm Charter Keck Cramer, there are about 1150 build-to-rent apartments approved and preparing to break ground and a further 1000 apartments in planning in the city’s inner and fringe regions.