After a protracted build program and delays, Mirvac has opened its first Brisbane build-to-rent project.
LIV Anura at Newstead is also the first build-to-rent development to be rolled out as part of the Queensland Government’s pilot scheme to deliver a portion of affordable housing.
The 396-apartment dual-tower development, about 1.5km from Brisbane’s CBD, has been delivered through the $1.8-billion build-to-rent venture in partnership with co-investors Mitsubishi Estate Asia and the Clean Energy Finance Corporation.
Mirvac Group chief executive Campbell Hanan said LIV Anura was “a strong example of how government and industry can partner to deliver more diverse and accessible housing options”.
“Meeting the growing demand for different types of housing is essential to improving access for Queenslanders, and with the support of our community housing partner, National Affordable Housing, we’re helping more people find high-quality, secure rental homes.”
Queensland Treasurer and Minister for Home Ownership David Janetzki said the partnership was one part of the Government’s plan to tackle the housing crisis.
“We are focused on unlocking land for new housing, building better communities, boosting home ownership, easing pressure on rents and helping vulnerable Queenslanders put a roof over their head,” Janetzki said.
“The Government recognises the majority of residential housing has been delivered by the private sector.”
Mirvac designed, delivered and will own and manage the new apartments exclusively for renters, similar to its other build-to-rent communities in Sydney and Melbourne.
LIV Anura was initially slated for completion in early 2024, but the developer encountered a series of time delays and productivity challenges onsite, while also delivering build-to-sell residential projects on its other Newstead sites.
It also recently sold its remaining site at Newstead to south-east Queensland developer Consolidated Properties Group.
The Queensland Government’s Build to Rent Pilot Project is aimed at increasing the supply of affordable rental housing by partnering with private developers to create purpose-built rental communities.
Frasers’ Brunswick & Co development near to the Fortitude Valley train station is another project that has been supported through this pilot project, and it is currently on the block with reports Aware Real Estate is in the market.
Mirvac is targeting a 5-Star Green Star Design and As Built rating for LIV Anura from the Green Building Council of Australia, highlighting excellence in sustainable construction, and has achieved 8 Star average National Home Energy Rating (NatHERs) and targeting 4 Star NABERS water and energy.
The all-electric community’s common areas are powered by renewable energy, and residents will also have access to a fleet of electric vehicles.
Mitsubishi Estate Asia general manager Keisuke Utsuno said the latest joint-venture project delivered on the learnings of the three operational build-to-rent assets.
“This latest development showcases our continued commitment to quality, sustainability, and community,” Utsuno said.
“With a diverse range of amenities, provision of affordable housing, and leading sustainability features, LIV Anura is well positioned to meet the growing demand for high-quality housing and foster a vibrant, inclusive community.”
LIV Anura comprises a mix of studios, one and two-bedroom apartments across two buildings with shared amenities on level five, including a pool, sauna, gym, co-working spaces, a pet retreat and about 1000sq m of retail at the ground level.
Mirvac’s Campbell Hanan said there had been a strong response from potential tenants, and the developer-operator was the first to have build-to-rent properties across Queensland, New South Wales and Victoria.
LIV Albert is also due to complete soon, which would take the portfolio to 2100 build-to-rent apartments nationally.
“More Australians are renting, whether by choice or by necessity,” Hanan said.
“LIV Mirvac provides a genuine and new housing choice for renters, whether this be security of tenure while on the path to home ownership or flexibility for when life changes happen, we meet the needs for our residents at key life stages.”
