A five level mixed-use development project in Brisbane’s inner city will incorporate built-to-rent according to plans lodged by Brisbane-based development company Property Projects Q.
The residential component will deliver 36 dwellings, ground level retail and four above-ground levels of residential on a 798sq m development site in West End.
The developer says it will manage the development, at 45-49 Vulture Street, under the built-to-rent model, with all units to be owned and managed in single ownership.
“This enables us a high degree of control over the delivery of the proposed residential arrangements, the tenant mix, and management of key operational aspects,” Property Project Q's planning documents said.
The WMK Architect-designed project intends to cater for residential occupants who would benefit from the project’s focus on affordable and sustainable housing, according to planning documents.
“These intended residents comprise key workers, para-professionals, young professionals, researchers and students.
“These tenants typically don’t have dependents, and require lower-than-market rental levels,” according to the plans lodged with Brisbane City Council.
“The proposed development provides the opportunity for this intended resident profile to rent apartments on a short-term or longer-term basis.”
Despite the increased volume of unit approvals and construction in Brisbane, the developer says there is a gap in the market for units targeting this market “seeking to live independently and not to share, and with availability at a reasonable rental cost”.
The proposed mixed-use development would feature ground-level retailing facing Vulture Street, and four levels of one-bedroom and two-bedroom apartments.
At its pre-lodgement stage, the initial West End proposal offered no car parking spaces for residents or visitors.
Plans have since been amended to provide 12 car parking spaces, including six visitor, compliant with the city plan, and six car-parking spaces to be used as a share car facility.
The developer cited the project’s central location, proximity to public transport and lower rental rates as reasons for limiting residents' parking.