In a significant milestone for international investment firm Brookfield Properties, approval has been granted for their ambitious $400 million build-to-rent (BTR) twin tower project within the Northshore Portside precinct in Brisbane. This major development is part of Brookfield’s ongoing efforts in the region, with the project falling under Economic Development Queensland’s Northshore Hamilton Priority Development Area (PDA) scheme. The development application was submitted in May 2023, and the recent approval by EDQ sets the stage for Brookfield to commence the delivery process.
Designed by Fender Katsalidis, the twin towers, spanning 23 levels each, will be a focal point within Brookfield’s expansive $1.3 billion Portside precinct in Hamilton, situated on Brisbane’s north-east side of the CBD. Encompassing a spacious 9,836 square meters of flat land at 11-23 MacArthur Avenue Hamilton, the development will house 560 apartments, featuring a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom units sitting atop a five level podium at the base. This podium area at ground floor will be an activated commercial and retail zone, including a café, shops, co-working space and gym.
Brookfield’s track record includes the successful completion of the first stage of the Portside project with Gallery House, a luxury build-to-sell twin tower apartment offering. Neighbouring Gallery House, Tomkins Commercial are currently working on Brookfield’s 2nd build-to-sell project in this precinct, the 150-apartment project named Rivello, a 20-level tower featuring a variety of high-end residential options.
The purpose-built build-to-rent towers will include a dual-level amenity area on levels 5 and 6, providing residents with luxurious facilities such as a pool, spa, dining terraces, play areas, residents’ lounge, dog-friendly green spaces, outdoor kitchens, and seating nooks.
This marks an approval for one of the initial proposals under the Northshore Hamilton Development Scheme, and the entire precinct is poised for transformation over the next decade, serving as the main athlete village for the Brisbane 2032 Olympic and Paralympic Games.
As the build-to-rent sector experiences rapid growth, Brookfield’s approval aims to address the rising demand for residential properties in Brisbane. With approximately $27 billion in build-to-rent assets under management, Brookfield’s portfolio spans across the US, Europe, Brazil, and China. The company has already successfully ventured into student accommodation projects in Australia and owns retirement living operator Aveo, with build-to-rent becoming a cornerstone of their local operations.
In collaboration with Citiplan, Brookfield has also recently submitted a new development application to the Brisbane City Council for a modern student accommodation tower at 240 Margaret Street in Brisbane’s CBD. Designed by renowned architecture firm COX Architecture, the proposed 31-storey tower is set to accommodate up to 941 students, featuring various apartment types and communal facilities such as a rooftop pool, gym, and outdoor terrace. The project is advancing swiftly, with demolition already in progress.
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