CFMEU Turns Developer for Build-to-Rent Tower

The Queensland branch of Australia’s largest trade union is poised to enter the build-to-rent sector, lodging plans for a 30-storey project in Brisbane’s CBD fringe.

Plans have been put forward for a 29,000sq m apartment building across an amalgamated site at 19-25 Campbell Street, Bowen Hills and designed by Nettletontribe Architects.

CFMEU Queensland, led by state secretary Michael Ravbar, put together the prominent corner site—picking up six neighbouring properties for a combined price of $17 million between December, 2019 and July, 2020, creating a site of more than 3275 square metres.

The site is within the Bowen Hills priority development area and zoned mixed-use. It is currently home to a number of one- and two-storey businesses.

The development, if realised, will comprise 377 apartments—53 studio, 92 one-bedroom, 104 two-bedroom and 25 three-bedroom apartments—above basement and podium parking, as well as retail and activated uses on ground level.

“[Build-to-rent] means provision of enhanced residential facilities and amenities tailored to the rental market and a unit mix suited to the rental demographic,” Nettletontribe Architects said in its design statement.

CFMEU opted for a build-to-rent development due to its economical solution to provide additional social and affordable housing.

The development will feature a private residents’ lounge on its first level and another breakout space for residents across the building’s podium.

The tower will match the heights of Madison Heights Apartments, to the west of the site, and neighbouring Panorama Apartments, both 30-storeys.

The Urban Developer reached out to the CFMEU who were unable to return comment in time for publishing.

Last month, private developer Pellicano began construction on its own SJB-designed, build-to-rent project in Bowen Hills, set to comprise 77 apartments.

US private equity firm Blackstone also has mooted plans to convert a recently completed, vacant apartment building in Kangaroo Point into a build-to-rent asset after purchasing it for $100 million.

Meanwhile, Frasers Property Australia, a subsidiary of Singaporean property giant Frasers Property Limited, secured its first Australian build-to-rent project in Brisbane last year after successfully bidding on a $200-million pilot project offered by the state government.

The scheme involves the state partnering with the private sector to deliver low-cost-rental homes and provide affordable key-worker housing options to the inner city.

Construction of its 25-level, 354 apartment project in Fortitude Valley is due to kick off later this year.

Under the pilot project agreement, Frasers Property will develop the project across 2000sq m privately-owned site at 210 Brunswick Street, with the state government providing a subsidy to secure a component of affordable housing within the development.

The agreement also covers Mirvac’s site at 60 Skyring Terrace in Newstead, comprising 390 apartments.

In March, Mirvac resubmitted plans in an attempt to make the project more renter friendly, lodging a minor amendment that added more resident amenities.