Pellicano Living, the residential platform of diversified developer Pellicano, has commenced construction on its latest build-to-rent project – the 110-residence Berwick House in Brisbane’s Fortitude Valley.
The $60m project, due for completion in early 2024, is one of five BTR projects currently under construction by the group, comprising of around 500 residences across Victoria and Queensland; it forms part of Pellicano’s ongoing strategy to deliver 2000 apartments over its current land holdings within the next 5-7 years.
Designed by architect Cottee Parker with landscaping by RPS, Berwick House’s 9-storey residential offering will be complemented by 207sqm of retail, a rooftop pool, yoga lawn and an outdoor dining area, as well as co-working spaces for residents working from home.
The premium amenities within the project, and nearby, will allow Pellicano Living to deliver its signature lifestyle-led experience to future Berwick House residents; laundry and dry cleaning services, cleaning, maintenance, pet walking and grooming, events, and resort-style facilities are some of the perks that residents enjoy.
Berwick House will deliver much-needed rental stock to Queensland, where vacancy rates have hit historical lows – an issue which has been further exacerbated by the recent floods.
While the fundamentals are sound, rising construction costs and industry disruptions are making new projects more challenging, says managing director Nando Pellicano.
“ We have a strong strategy around build-to-rent, and we remain confident in the sector – unfortunately the rising cost of construction, scarcity of materials and ongoing labour shortages are really hurting the industry.
“ Across the board we’ve probably noticed about a 20 percent increase in costs in the last 18 months, which makes projects like this much harder to stack up – but we know the Brisbane market well, and we’re confident Berwick House will become a popular local project.
“ As with all our Pellicano Living residences, we’ll be looking to deliver lifestyle-led amenities to future Berwick House residents – the site’s location provides easy access to retail, essentials, employment opportunities, public transport, and more.
“ We are incorporating a co-working space within Berwick House, consistent with what we’re doing across our portfolio, to accommodate the ongoing desire for greater work-from-home facilities within new residences,” he said.
The site’s strategic location – a suburban cul-de-sac at 60 – 70 Berwick Street, within the James Street precinct – also offers residents easy access to the nearby Howard Smith Wharves retail precinct.