On completion, Frasers Property will own and operate their development, with the state government subsidising the rental of 144—or 40 per cent—of the apartments by 25 per cent.
The remaining 210 apartments in the building will be offered at market rental.
Approximately 99 affordable housing apartments are included in Mirvac’s Newstead project, which will be offered to eligible tenants at a 25 per cent discount to market rent.
State treasurer Cameron Dick said the two CBD fringe sites had been chosen based on proximity to amenities and major employment, with the two projects pegged to create more than 400 jobs during construction.
“At a time when private investment and construction has slowed due to the pandemic, our Build-to-Rent initiative will support 440 full-time jobs over two years, in addition to ongoing jobs in the operation of the long-term Build-to-Rent developments,” he said.
When complete the Fortitude Valley apartment tower will stand 25-storeys high. It will comprise 42 studio apartments, 188 one-bedroom, 124 two-bedroom apartments, and include basement parking.
Frasers Property Australia’s chief executive Anthony Boyd said the expected three-year construction program was likely to be complete by the end of 2024, with resident leasing opportunities opening at that time.
Mirvac, led by Susan Lloyd-Hurwitz, constructed its first build-to-rent complex in Sydney’s Olympic Park. It also has plans for a 33-level build-to-rent tower on the former Melbourne Convention Centre site, on the corner of Spencer and Flinders streets.
And south of Brisbane, Homecorp Property Group will join with Morgan Stanley to complete a $200 million build-to-rent precinct at the 2-6 Capital Court site at Varsity Lakes.
The project marks the first purpose-built project at the Gold Coast.
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