Frasers Property will join the Queensland Government's Build-to-Rent Pilot Project, delivering affordable key-worker housing options to Fortitude Valley.
Frasers will build 354 apartments on a 2020-square metre site on Brunswick Street, within 14o metres of Fortitude Valley Station.
The 25-level apartment building, plus basement parking and rooftop, comprises 42 studios, and 188 one-bedroom and 124 two-bedroom apartments.
The build-to-rent framework aims to maximise tenant flexibility, with options to effortlessly add and subtract extras like parking and storage when needed. The project will be lifestyle focused, with an emphasis on superior overall building amenity, community, technology systems and programs. Proposed are a rooftop dog park, lawn, recreation and cabana deck, podium garden terrace, two pools, indoor and outdoor fitness, dining and entertainment areas and a residents' work-from-home co-working office spread over four floors.
The building has set a five star Green Star Design and As Built rating target from the Green Building Council of Australia, and will operate as a carbon neutral building once complete.
"The build-to-rent project will set a benchmark in quality and be a model that will encourage further partnerships between government and the private sector, and stimulate institutional investment in this new asset class," says Frasers Property Australia CEO Anthony Boyd. "The outcome will be a greater diversity and supply of affordable rental housing and that's a positive thing for the community and economy."
Frasers Property will own and operate the development with the Queensland State Government subsidising the rental of 144 (40 percent) of the apartments by 25 percent. The remaining 210 apartments in the building will be offered at market rental, with all apartments enjoying the same standards of finish and amenity access.