Developer unveils plan for multigenerational community with 1000 units
LONDON: A developer has unveiled his plan to create a multigenerational community for 2000 people on a regeneration city site.
A massive site in the heart of Brisbane will be transformed into a $1.5 billion, three-tower residential and lifestyle precinct if a local developer gets the green light.
Panettiere Developments has lodged an application with Brisbane City Council for ‘The Newstead Collective’ — a 1000-apartment development on a 7440 sqm site bordered by Stratton, Longland and Kyabra streets in the inner-city suburb of Newstead.\
The proposal is for three towers between 29 and 33 storeys, offering a mix of studio, one, two and three bedroom apartments, 663 car parks, and 23 retail tenancies, which will include a mix of bars and restaurants, and health and beauty boutiques, next to Gasworks Plaza.
Max Panettiere from Panettiere Developments said he was looking for a joint venture partner to help deliver the project, which was estimated to cost $780 million to build and have an end value of $1.5 billion.
“It’s a huge opportunity because there’s a lot of capital that wants to invest in Brisbane and the build-to-rent sector, and they’re looking for bigger projects,” Mr Panettiere said.
“We’ve put the site together and worked on designing a BTR mixed-use development with residential apartments, retail offerings, and open public realm spaces, as this will be attractive to large institutions or other capital investors and we’re looking for council’s support.
“We’re going with a BTR mixed-used development because there’s a large demand for more affordable rental housing, and institutions and capital partners are very interested in this space.
“With build costs the way they are, unless you have a sufficient number of apartments in a project, the development the feasibility doesn’t stack up.”
He said he was already in talks with a number of major BTR operators in Sydney and from Melbourne who had Brisbane on their radars for investment.
“We know what we’re doing as builders, but this project’s too big for us to do ourselves.”
Colliers Queensland has been appointed to oversee the international expressions of interest campaign for the site, which it is marketing as the last of its scale in Newstead.
Colliers Queensland residential director Troy Linnane said the site was suitable for build-to- rent, build-to-sell, or a mixed-tenure development.
“Based on historical demand and current supply, inner Brisbane will experience a shortfall of approximately 14,000 new apartments over the next four years, which highlights the chronic housing crisis in Brisbane,” Mr Linnane said.
Colliers Queensland residential executive James Matley said the average sale price for new apartments in inner Brisbane was currently the highest on record at $1.73 million.
“Price and rent increases are expected to continue given the growing demand and supply imbalance,” Mr Matley said.
Designed by Bureau Proberts, the towers will be built in three stages, with the first on a site next to the live music entertainment venue, The Triffid.
All three towers will have rooftop terraces and an array of amenities, including pools and spas, barbecue facilities, private dining, outdoor lounges, games rooms, media rooms, outdoor playgrounds, co-working spaces, and gym and yoga studios.
The mammoth site, which has taken four years to amalgamate, is currently home to warehouses and strata offices, which will be demolished to make way for a staged development.
It comes as figures from Charter Keck Cramer reveal there are currently 12 BTR projects at the approved stage in Brisbane, comprising 4700 apartments, with another 12 at the application stage.
Charter Keck Cramer’s (CKC) Richard Tremlett said more capital was likely to be attracted to Brisbane in the lead up the 2032 Olympic Games, but build costs and delivery times were an “acute issue” for BTR apartments in the city.
“Brisbane’s BTR market remains very much in its infancy. Infrastructure investment in the lead up to the Olympics in 2032 has turbo charged the cost of materials and labour, helping to position these as key risks to the supply-side response,” Mr Tremlett said in CKC’s latest report.
“All levels of government must look beyond the respective election cycle/s and make decisions through a property lens rather than a political one.”
