Pellicano’s Revised Plans Pump Up Brisbane BtR Pipeline

A build-to-rent model is among changes proposed by developer Pellicano for an approved 30-level residential-led mixed-use tower project at inner-city South Brisbane.

The revised plans also include a rise in the number of apartments from 320 to 324, of which 90 units across levels four to nine would be interchangeable for short-term accommodation.

Earmarked for a 2021sq m site spanning three lots at 15-19 Brereton Street, the proposed development dates back to 2015 when the Brisbane City Council gave the go ahead for a 26-storey tower with 303 apartments sitting above a four-level podium.

It has since been the subject of a number of applications, including minor changes and approval extensions.

“The applicant proposes to include the dwelling units to be used interchangeably for either short-term accommodation and/or multiple dwellings on levels 4-8 … and to manage the balance of the multiple dwelling units in a ‘build-to-rent’ arrangement,” the latest planning documents said.

Other proposed amendments to the Cottee Parker-designed scheme include an increase in the ground level retail-commercial gross floor area from 249sq m to 340sq m plus 85.5sqm of outdoor dining space.

As well, carparking would be reduced from 318 to 304 spaces and minor changes to bicycle storage facilities undertaken across the three basement levels.

Significantly, however, the application noted that “a key aspect that is unique to the proposed build-to-rent model is the holistic management of the building, including the car park,” it said.

“Unlike a traditional STA (short-term accommodation) / residential building, car parking spaces will be ‘decoupled’ from the apartments and leased to tenants on an as-needs basis.

“This arrangement ensures that all spaces are effectively utilised, and none are wasted.

“The flexible nature of car spaces being rented separately to the apartments will also promote residents to reconsider their need to own a vehicle on an ongoing basis, with a lease over a parking space able to be ended at any time at the desire of the tenant.”

▲ A render of the proposed build-to-rent tower earmarked for 15-19 Brereton Street, South Brisbane.

According to the submitted documents, the developer will own and operate the entire building under its Pellicano Living build-to-rent platform—giving it “full control over leasing of all units”.

“This provides the ability to be selective in leasing apartments to potential tenants based on car ownership,” the application said. “If all the parking spaces are leased, the selection process for new tenants can be filtered in a manner that only attracts tenants without cars.”

Capping the proposed development is a rooftop terrace, including a pool with wet lounges, indoor and outdoor dining spaces, barbecue area, spas, steam room and sauna, gym, cinema and snooker room.

Additional podium and rooftop planting under the revised plans also would provide further softening of the facade design, the application said.

Earlier this year, Pellicano revealed it was casting its property rental net wider to capitalise on Australia’s booming penchant for short-term accommodation.

With demand for rental apartments surging and a strong rebound in post-pandemic holiday and business travel, it unveiled its short-stay apartment brand Rambla as an extension of its Pellicano Living build-to-rent platform.

Bolstering its growing pipeline in the rapidly-growing asset class, it also has lodged plans for a $225-million four-tower build-to-rent play on the Gold Coast.

To be known as Paloma House, it would comprise 418 one, two and three-bedroom apartments in a resort-style scheme designed by Rothelowman on a 1ha-plus site at Stadium Drive, Robina.

Article source: Queensland Property Investor

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