Pellicano applies for $225m BTR project
Two major developers have applied to construct Queensland Build to Rent projects.
In Robina, 10 kilometres south of Surfers Paradise, Pellicano is seeking permission for a $225 million asset with four buildings between nine and 10 levels.
Paloma House, as it would be known, contains 418 dwellings – a mix of one, two and three bedrooms.
In the area, the group recently completed Lucia House and Quest Robina – both guest accommodation investments.
The application to build another asset comes four months since the local arm of US based Sentinel Real Estate Corporation outlaid c$17m for a 1.44 hectare Robina block, also with plans for a BTR project, with 300 units over eight storeys.
Paloma House
Pellicano is promising Paloma House will be resort-style, with 8000 square metres of resident amenity including a cinema, gym, lounge, sauna, steam room, wellness centre and work-from-home spaces.
“The ground floor plane has been designed as a one-of-a-kind tropical landscape that brings together a pool, poolside pavilion, private lounges, alfresco kitchen, dining areas, tennis court, yoga lawn, garden lounge and bocce court,” Pellicano managing director, Nando Pellicano, said.
“As with the other projects in our growing build-to-rent pipeline, we’ve focused primarily on delivering high-quality amenities to our future residents,” he added.
“BTR will continue to be a key area of focus for Pellicano moving forward – we will continue to seek out well-located sites across both Victoria and Queensland where we can deliver high quality residences to growing populations,” according to the executive.
Pellicano building BTR roll
Upon completion, Paloma House will be managed by in-house platform Pellicano Living.
Currently with a portfolio of 600 apartments in 10 locations, the landlord is aiming to build its BTR roll to about 2000.
Its development pipeline includes projects at Fortitude Valley, Kangaroo Point and Woolloongabba, in Brisbane, and in Victoria, at Geelong.
In March, the Melbourne company sold the nine year old Quest Woolloongabba to the Karim family for $48.3m.
Brookfield ventures in local BTR sector
Meanwhile, Brookfield has applied to develop its first Australian Build to Rent project.
With two 24 level towers, the investment is earmarked for a piece of its Portside Wharf precinct, at Hamilton, six kilometres north east of Brisbane.
All up the asset will offer 560 units – a mix of one, two and three bedrooms (story continues below).
It, again, will offer resort style facilities, according to a spokeswoman, including significant landscaping, building concierge, pool, podium, recreation spaces, BBQ areas, health and wellness spa, co-working space, gym, cinema, private dining room, resident workshop, electric vehicle charging station and a dog wash.
“The planned project features two slender towers on opposing diagonals to maximise views for residents while minimizing visual bulk to enhance the harmony of the neighbourhood,” she added.
“The application is one of the first to be lodged under planning authority Economic Development Queensland’s (EDQ) revised Northshore Hamilton Development Scheme, which was released in October 2022,” according to the representative.
“The Northshore Hamilton precinct is poised for major transformation over the next decade as the home of the main athlete village for the Brisbane 2032 Olympic and Paralympic Games”.
Experienced operator, first time Australian investor
Since creating an arm for BTR product in 2010, Brookfield has built a portfolio of 61,000 apartments worth c$US18 billion.
Most are in North America States however its roll includes properties in Brazil, China and Europe.
More than 14,000 dwellings form its development pipeline in the US and China alone.
“We are very pleased with this opportunity to bring our deep global experience in multifamily real estate to bear in the local Australian BTR sector,” Brookfield managing partner and head of Australia, Real Estate, Sophie Fallman, said.
“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,” she added.
Lee Butterworth, managing director of Brookfield Residential Properties, said demand for Brisbane housing is high – reflected it the low sub one per cent vacancy rate.
“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 doorstop,” he added.
“It is an area that has undergone significant revitalization over the past 15 years, spearheaded by our $1.3 billion Portside Wharf mixed use precinct,” according to the executive.
“We believe the timing and BTR proposal are ideal for our final legacy in this landmark location”.
Fender Katsalidis was awarded the architecture and interior design contract after a design competition.
GreenFort in partnership with Canada’s BentallGreenOak and Switzerland’s Partners Group also recently entered the Queensland BTR space, picking up a South Brisbane warehouse on 2309 sqm with 379 dwellings across 30 floors.
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