Australia: Brookfield has made its first foray into the Australian BTR market with a development application for project in the Brisbane suburb of Hamilton.
The proposed $400 million project is part of the firm’s Portside Wharf precinct, and will feature 560-apartments across two towers.
Amenities will include a building concierge, resort-style pool, podium recreation spaces, BBQ areas, health and wellness spa, coworking spaces, a gym and more.
“Housing and affordability are strong investment thematics for Brookfield and we want to invest in them around the world including Australia where there are compelling tailwinds for these strategies,” said Brookfield managing partner and head of Australia real estate Sophie Fallman.
“We are very pleased with this opportunity to bring our deep global experience in multifamily real estate to bear in the local Australian BTR sector. We believe the proposed design combines the best of our global operational advantages with a strong response to the local context and will meaningfully contribute to the community of Hamilton,” she added.
The proposal from Brookfield includes one-, two- and three-bedroom apartments around six kilometres from Brisbane’s CBD, as well as resident amenities like a cinema, private dining rooms, resident workshop, electric vehicle charging capabilities and a dog wash.
The application by Brookfield is one of the first to be lodged under planning authority Economic Development Queensland’s (EDQ) revised Northshore Hamilton Development Scheme. Northshore Hamilton is set for a major transformation over the next decade, with the precinct earmarked for the 2032 Olympic athletes’ village.
Brookfield residential properties managing director Lee Butterworth added: “This is a highly desirable location to live, next to the Brisbane River and with an array of dining, retail, entertainment and public transport at the doorstep,” Butterworth said. “It is an area that has undergone significant revitalisation over the past 15 years, spearheaded by our $1.3 billion Portside Wharf mixed-use precinct. We believe the timing and BTR proposal are ideal for our final legacy in this landmark location.”
