The Electrical Trades Union will dip its toes into the budding build-to-rent market in Brisbane with the demolition and redevelopment of its premises in South Brisbane.
Plans have been filed for a 30-storey, 358-apartment tower on a 1838sq m site at 37-41 Peel Street.
The Nettletontribe-designed tower would comprise 77 studios, 154 one-bedroom apartments and 127 two-bedroom apartments atop a four-storey podium.
It’s the second 30-storey build-to-rent tower that Netteltontribe has designed, following the Queensland branch of the CFMEU filing plans for a similar scheme across the river at Bowen Hills, which won approval last month.
The ETU’s head office in Queensland, a two-storey commercial building, and a neighbouring house acquired for $1.87 million in 2011, would be demolished to make way for the build-to-rent tower.
An Urbis town planning report for the project said the design of the tower had been “curated to capitalise on the prime inner-city location and access to world-class views”.
“The upper two floors of the building provide high quality, functional communal open space, allowing all residents to enjoy sweeping scenic views of the city,” the report said.
“The build-to-rent model is proposed for the site in response to clear demand for nuanced housing needs in the South Brisbane area.
“South Brisbane is typified by healthcare workers, students, hospitality workers and young professionals. The Queensland government has formally recognised the benefits that the build-to-rent model can offer the community, and consequently are encouraging build-to-rent development within inner-city Brisbane.”
The Urbis report said the build-to-rent model was attractive for the Peel Street location due to it being close to employment, entertainment and education, public transport, and an increasing population growth boosting underlying housing demand in the area.
“The location is ideal for the target market for build-to-rent, being mostly millennials with a strong ‘professional’ component that can pay higher rents in order to ensure the expenditure on the high amenity residential services for tenants are economical over time for the operator,” the report said.
The Nettletontribe-designed tower includes communal space at ground floor and on the rooftop alongside the pool deck. The design report said the project would address livability in the rental market in the South Brisbane area.
Parking will be across one basement level and the four-storey podium.
It is understood the ETU has owned 41 Peel Street since the 1980s and will move to new premises when the tower is built.
