Construction has begun on the second Build-to-Rent construction project in Fortitude Valley, Queensland.
Designed by the State Government, the Build-to-Rent program aims to deliver increased housing affordability in Queensland.
“All 366 apartments in this complex will be available to renters only, not property speculators,” State Treasurer and Minister for Trade and Investment Cameron Dick said.
“Additionally, the rent on about 145 of the apartments will be discounted, thanks to a subsidy from our government.”
The Build-to-Rent development in Fortitude Valley, a suburb of Brisbane, will create 290 jobs during the construction phase of the project, with Hutchinson Builders appointed as the contractors of the construction. More jobs will be created through the supply chain.
“Turning the sod today on this Frasers Property project is an important milestone in the growth of Queensland’s Build-to-Rent sector, increasing housing supply and supporting over 290 construction jobs and more through the supply chain,” Dick said.
“This partnership between the Palaszczuk Government, Frasers Property Australia and Hutchinson Builders will generate work for hundreds of Queenslanders now and deliver more affordable housing in Brisbane for the future.”
The first residents are expected to be moving into Brunswick & Co. in 2024, with the development to offer a fitness space, easy access to public transport, co-working offices and shared dining areas.
Minister for Housing Leeanne Enoch said Brunswick & Co. was the second Build-to-Rent project under construction, with two additional Build-to-rent project proposals being reviewed.
“The Palaszczuk Government’s Build-to-Rent program is an important part of our commitment to delivering more affordable housing options under the Queensland Housing Strategy Action Plan 2021-2025.”
“Queensland is leading the nation in jobs growth and by supporting the expansion of the Build-to-Rent sector we’re unlocking further job-creating investment in Queensland.”