Sunguard Property Group has launched plans for a build-to-rent project of nearly 400 apartments in Brisbane’s Fortitude Valley.
The plans for a dual-tower mixed-use complex of 20 and 25 storeys have been filed with the Brisbane City Council.
The plans by Elenberg Fraser architecture practice include 396 apartments and 315 car parks in the central Brisbane location.
Plans for the site at 725 and 733 Ann Street, 52 and 60 McLachlan Street, next to well-known live music venue The Zoo, comprise 84 studios, 156 one-bedroom, 118 two-bedroom and 38 three-bedroom apartments.
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It will also include a “workclub” to accommodate flexible working for residents, and a single level of office space on level one.
The ground floor will pedestrianise Winn Street, which is currently open to vehicular traffic.
Sunguard said it was aiming the developer at young professionals who wanted access to the arts, music and entertainment venues of Fortitude Valley, “a prime location to accommodate increased density”.
“The proposed development application presents an opportunity to significantly contribute to the continuous growth and revitalization of Fortitude Valley,” the development application said.
Sungard is no stranger to build-to-rent projects and has developed sites in Melbourne including Montague Square, which it says is South Melbourne’s first purpose-built build-to-rent tower.
Brisbane has been slower on the uptake than other state capitals, but developers are making up for lost time with a host of build-to-rent projects.
Plans for 1000 build-to-rent apartments were launched earlier this year after the federal government’s decision to cut down the Managed Investment Trust withholding tax in a move to boost housing supply and in line with purpose-built student accommodation assets.
