MinterEllison is proud to have supported the successful proponents of a new initiative in Queensland – the development of two large scale build-to-rent properties in Brisbane.
The project, in its pilot stage, is a partnership between the Queensland Government and two private sector property developers. Once completed – scheduled for 2023 – the buildings will offer up to 750 apartments, with up to 240 to be available to rent at a discounted rate.
“Build-to-Rent will provide secure, long-term rental accommodation for tenants who don’t necessarily qualify for access to social housing, but may struggle to live close to where they work," said Queensland Minister for Education and Member for McConnel Grace Grace in a statement on the project.
The two properties will be located at 210 Brunswick St, Fortitude Valley and 60 Skyring Terrace, Newstead.
Mirvac's development: 60 Skyring Terrace, Newstead
Mirvac has been appointed as one of the two partners in the first state-sponsored build-to-rent scheme in Queensland.
As part of the project arrangements, Mirvac will construct approximately 390 residential apartment complex at a Mirvac-owned site in Newstead. It will be operated by Mirvac as part of the build-to-rent scheme but will include 25% affordable housing dwellings which will be subsidised by the Queensland Government.
Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz said, “We are delighted at the opportunity to partner with the Queensland Government to facilitate the establishment and growth of the build-to-rent sector as a viable long term property asset class in Queensland."
“And we are even more delighted to work with the Government on a model that could transform the provision of affordable housing for key workers such as nurses, teachers and police. The opportunity to provide Mirvac quality to a deserving group of renters is exciting and aligns perfectly with our purpose to reimagine urban life.”
MinterEllison acted for Mirvac, advising them on the structuring, tax, privacy, government and property aspects of the transaction.
"We were delighted to assist Mirvac with its successful entry into the build-to-rent market in Queensland, off the back of its success in build-to-rent in other parts of Australia. It's an impressive project that enables Mirvac to couple its desire to deliver value for its stakeholders whilst providing critical affordable housing supply in Queensland," said lead partner Adrian Rich.
Mr Rich was supported by others in the MinterEllison team, including Rhys Guild, Matthew Thomson, Liz von Muenster, Leah Mooney and Amanda King.