Developer Courts Partner for Brisbane BtR Triple Towers

A big slice of Brisbane’s inner-city Newstead is planned for redevelopment as a $1.5-billion triple tower mixed-use development topped with 1001 build-to-rent apartments.

The ambitious proposal to be known as the Newstead Collective has been filed by Brisbane-based Panettiere Developments.

It is earmarked for an amalgamated 7440sq m holding fronting Longland, Stratton and Kyabra streets, next to the landmark Gasworks Plaza, 3km north-east of the CBD.

Under the plans, its three towers rising up to 30-plus storeys would sit above a ground-floor piazza and 2713sq m “Little Italy” retail, dining and entertainment precinct with a mix of  cafes, restaurants, bars, beauty, health and wellbeing offerings.

“The Chinese have got Chinatown (in Fortitude Valley), the Greeks have got West End … and pretty much every major city has got an Italian precinct but we don’t,” developer Max Panettiere said.

▲ A render of the Bureau Proberts-designed development proposed for Newstead in Brisbane’s inner north-east.

 

“Traditionally, a lot of Italians moved to the New Farm/Newstead area,  and every year the Italian St Joseph Festival was held in New Farm Park.

“So that’s my vision, to create an Italian precinct for Brisbane … to create a destination with build-to-rent units above it.

“The plan is to have a bakery, a deli, restaurants, Italian ice cream and the like. Everyone loves Italian cuisine.”

The Bureau Proberts-designed scheme would be built in three stages. It includes a mix of studio, one, two and three-bedroom apartments, rooftop communal recreation terraces capping each tower and 663 basement carparking spaces.

▲ The development would include 1001 build-to-rent apartments across its three towers on an amalgamated 7440sq m site.

 

Panettiere said feasibilities for both build-to-sell and build-to-rent developments had been undertaken for the site.

“We’ve been working on this site for four years. It’s a big investment and it’s a big play so we’ve done our research and the timing couldn’t be better with the housing shortage,” the son of Italian migrant parents said.

“In the end, we chose build-to-rent because there’s huge demand for it and a lot of interest in the space from institutions and capital partners.

“And the build-to-rent operators looking at Brisbane are looking for bigger projects. It’s all about scale for them. They don’t want to come to Brisbane for 200 units.”

▲ Render of the Little Italy precinct proposed as part of the Newstead Collective triple tower build-to-rent development.

 

However, he said with an estimated construction cost of $780 million, Panettiere Developments could not go it alone and it was looking for a joint-venture partner.

“We’ve put the site together, we’ve launched the DA and now we’re looking at all options.”

Colliers has been appointed to launch an international expression of interest campaign for the site, which it is touting as “the last development site of scale in the heart of Newstead”.

Similar scale inner-city development sites have transacted for more than $100 million, the agents have claimed.

Colliers Queensland residential director Troy Linnane said the site was poised for a transformative project at a time when inner-Brisbane, based on historical demand and current supply, is forecast to experience a shortfall of about 14,000 new apartments over the next four years.

Almost three years ago, Panettiere Development was granted approval for a 22-storey mixed-use scheme comprising 239 apartments on a portion of the site. It acquired the 3298sq m parcel at 75 Longland Street in 2017 for $13.192 million.

▲ The developer said they had been working on the project for four years—and are now looking for a joint-venture partner to bring it to fruition.

 

“Subsequently, we started buying the sites around it,” Panettiere said. “And for the past year we’ve been working with Bureau Proberts to get this new DA up and running.

“We’re looking for council support on this because of the housing crisis. And if you’re ever going to do high density in Newstead, this is the right location.”

In January, Unison Projects filed plans to add two storeys and 11 apartments to an approved development in the inner-city suburb.

The property development and investment company of billionaire Super Amart founder John Van Lieshout acquired the 1821sq m site at 14 Maud Street for about $5.7 million in 2021 with an approval in place for a 52-apartment tower.

Subsequent amendment pared that back to 41 apartments across the 10-storey tower and a cantilever over an integrated heritage-listed boot factory removed, and then to 34 units with communal open space relocated to the rooftop and more than doubled. The January change application sought 45 apartments across a 12-storey tower.

*This post was originally published on https://www.theurbandeveloper.com/articles/newstead-brisbane-little-italy-btr-jv-partner?utm_source=TUD+-+Daily+Briefing&utm_campaign=9946b11140-EMAIL_CAMPAIGN_2021_08_11_01_49_COPY_01&utm_medium=email&utm_term=0_982c36d415-9946b11140-195663826