Landmark Brisbane BTR joint venture and investment opportunity unveiled in Bowen Hills13 October 2022
CBRE have kicked off a selection process for a joint venture partner for one of Brisbane’s biggest build-to-rent (BTR) developments as the sector continues to gain traction in Australia.
CBRE’s Regional Director of Living Sectors, Capital Markets, Andrew Purdon has been appointed to lead the Expressions of Interest process – one which is expected to generate considerable interest from domestic and overseas capital.
The site owner, the CFMEU, received development approval for the Bowen Hills project earlier this year. Development Manager New Urban Villages (NUV) led the design and planning process alongside lead architect NettletonTribe.
Zeroing in on Bowen Hills, New Urban Villages CEO Tim Johnson commented, “NumberOneBowen will be a major landmark in the Inner North and provide much needed accommodation for renters. The location is very well served by public transport with the CBD and airport both accessible by train in nine minutes. The area is also in walking distance of Fortitude Valley, the Gasworks and RNA Showgrounds, which are some of Brisbane’s most vibrant destinations. We have created a top class BTR design and are looking forward to working with a funding partner to deliver the project.”
Sourcing a JV partner for the shovel ready, 19-25 Campbell Street project is the next step, paving the way for delivery of the landmark 30-storey building, which is located approximately 250m from Bowen Hills railway station.
To be known as NumberOneBowen, the project will include a total of 380 apartments, incorporating a mix of studios and one, two and three-bedroom apartments. Residents’ amenities will include several lounges, a roof top pool and spa deck, indoor and outdoor gyms, a screening room and co-working spaces. There are private outdoor garden spaces at Level 4 and on the rooftop, which will enjoy panoramic views of Brisbane’s skyline.
CBRE’s Mr Purdon noted, “The investment rationale for developing BTR in Brisbane is very compelling. There are approximately 300,000 people living in Inner Brisbane and 50% of those are renters. There are two completed BTR developments in the city which offer less than 300 apartments in total and both buildings are fully let with waiting lists. Brisbane’s residential rental vacancy rate is currently less than 1.0% and the median apartment rent has grown by c.12.5% during the past 12 months. With the 2032 Olympics on the horizon, the next decade should be a golden era for investors in Brisbane residential real estate.”
CFMEU (QLD & NT Branch) Secretary Michael Ravbar said he was looking forward to demonstrating how this project could feature locally sourced materials and finished product while at the same time working with the industry to deliver training, employment and social objectives with a particular focus on apprentices, women and indigenous workers.
Mr Ravbar said the union was upbeat about assisting in increasing the housing and rental supply in South-East Queensland as a positive contribution to an undersupplied market and demonstrating that projects can proceed and be profitable while delivering for the wider community.