BUILD-to-rent operator Arklife has unveiled two new Brisbane projects that will add more than 350 apartments to the rental market, including a South Brisbane project that will represent the first investment of a $1 billion Qualitas fund.
The developments will have a combined end value of more than $260 million.
Construction is almost complete on the first project, Arklife Robertson Lane in Fortitude Valley’s James precinct, which will bring a 12-storey building with 89 apartments in a prime position between James Street and Howard Smith Wharves.
A range of one, two and three-bedroom furnished and unfurnished apartments will be available for rent at the development on Robertson Street in Fortitude Valley.
The community will feature multiple levels of resident amenity including a 400 sqm full service gym with personal training staff, co-working space and private meeting rooms for residents to work-from-home, sky terrace and sundeck with pool overlooking the CBD, dog wash station, a laneway with retail tenants and more.
Services and activities will include regular complimentary group fitness classes, community and networking events, onsite concierge and resident services team, dedicated takeaway food delivery bay and secure delivery lockers for parcels.
Arklife Cordelia will feature 265 apartments at Cordelia Street in South Brisbane and is the result of a collaboration between Qualitas, the federal government’s Clean Energy Finance Corporation (CEFC), and Arklife’s owners, which are Scott Ponton, former head of development at Grocon, and property investor, developer and builder Adco.
Arklife Cordelia is the first project to be backed by Qualitas’ Build-to-Rent Impact Debt Fund, which was established early last year with a major million backing from the CEFC.
The fund is providing a $120 million debt facility for the 30-level project, located at 17 Cordelia Street.
With an end value of $200 million, the project will incorporate state-of-the-art sustainable design principles consistent with the fund’s target of cutting carbon emissions by at least 35% below building code standards, and retain and refurbish a heritage building known as Astill & Freeman, which was constructed in the late 1800s as one of Brisbane’s first boot making factories.
Arklife managing director Scott Ponton said the group’s unique model provided residents with a level of choice, flexibility and freedom not usually associated with renting.
ADCO has delivered more than 3,500 projects valued in excess of $14 billion.