It’s one of the biggest asset owners in build-to-rent internationally and now Canadian-owned Brookfield is making the move into the Australian market, revealing its two-tower, 560-apartment project at Hamilton in Brisbane.
The developer and asset manager has more than $18 billion and 60,000 build-to-rent apartments under management globally.
It now plans to further pad out its pipeline in Brisbane’s northshore area, which is earmarked for the 2032 Olympic athletes village.
Two Fender Katsalidis-designed towers will rise to 23 storeys and will be set on opposing diagonals to maximise views for residents under the proposal while minimising visual bulk on the site at 11-23 Macarthur Avenue, which is the carpark and former cruise ship terminal check-in building.
An application for the project was lodged under Economic Development Queensland’s new Northshore Hamilton Priority Development Area scheme.
Brookfield head of Australia real estate Sophie Fallman said the asset manager would bring its international learnings to Australia’s build-to-rent sector as Brookfield looked to boost its alternative assets exposure.
“Housing and affordability are strong investment thematics for Brookfield and we want to invest in them around the world including Australia, where there are compelling tailwinds for these strategies,” Fallman said.
“We are very pleased with this opportunity to bring our deep global experience in multifamily real estate to bear in the local Australian build-to-rent sector.
“We believe the proposed design combines the best of our global operational advantages with a strong response to the local context and will meaningfully contribute to the community of Hamilton.”
The 560 apartments will be a mix of studio, one, two and three-bedroom options.
The development would also comprise a building concierge, resort-style pool and gym, podium recreation spaces, barbecue areas, health and wellness spa, and co-working spaces to complement the retail and cafe district in the neighbourhood.
Brookfield has about 14,000 build-to-rent apartments under development across North America and China, another key market. It also recently filed plans for a student accommodation development in Brisbane.
Brookfield residential properties managing director Lee Butterworth said low vacancy rates in Brisbane were a compelling case for build-to-rent in Australian markets.
“Vacancy rates in Brisbane are among the lowest in the country at under 1 per cent, so the demand for new rental properties in the city is significant,” Butterworth said.
“This is a highly desirable location to live, next to the Brisbane River and with an array of dining, retail, entertainment and public transport at the doorstep. It is an area that has undergone significant revitalisation over the past 15 years, spearheaded by our $1.3 billion Portside Wharf mixed-use precinct.
“We believe the timing and build-to-rent proposal are ideal for our final legacy in this landmark location.”
Fender Katsalidis partner Nicky Drobis said the architecture firm had designed more than $1-billion worth of build-to-rent properties.
Late last year Brookfield revealed it would splash $20 million on Portside Wharf to lure the local community back to the restaurant and cinema precinct.
Hamilton’s Northshore has been fast-tracked for development ahead of the area becoming a central focus for the 2032 Olympic Games athletes village.
The Cavill Architects and Urbis-designed plans are for an extended entry plaza and main street with additional shading and landscaping to support year-round outdoor dining and a refreshed riverfront, according to Brookfield.
