CONSTRUCTION is now underway on Pellicano Living’s new $60 million build-to-rent project in Brisbane’s Fortitude Valley.
Berwick House will comprise an nine-storey Cottee Parker Architects-designed building with 110 residences, located at 60-70 Berwick Street around 2.5km out from the CBD.
With landscaping by RPS, Berwick House will also feature 207sqm of retail, a rooftop pool, yoga lawn, and an outdoor dining area.
“We have a strong strategy around build-to-rent, and we remain confident in the sector unfortunately the rising cost of construction, scarcity of materials and ongoing labour shortages are really hurting the industry,” said Nando Pellicano, managing director of Pellicano.
“Across the board we’ve probably noticed about a 20 percent increase in costs in the last 18 months, which makes projects like this much harder to stack up – but we know the Brisbane market well, and we’re confident Berwick House will become a popular local project.”
The project will mark Pellicano’s fifth BTR venture under construction, with the group currently boasting 500 residences across Victoria and Queensland in the growing sector, following the submission of plans for 410 new apartments back in November 2021.
Pellicano’s BTR undertaking form part of its larger strategy to deliver 2,000 apartments to its existing landholdings over the next five to seven years, adding rental stock to the shrinking Queensland market.
Sitting within the James Street precinct, Berwick House will offer future residents will having easy access to premium amenities within close proximity, including the Howard Smith Wharves retail precinct.
“As with all our Pellicano Living residences, we’ll be looking to deliver lifestyle-led amenities to future Berwick House residents – the site’s location provides easy access to retail, essentials, employment opportunities, public transport, and more,” added Pellicano.
With resident amenities offered at the development including laundry and dry cleaning services, cleaning, maintenance, pet walking and grooming, events, and resort-style facilities, as well as resident co-working spaces.
“We are incorporating a co-working space within Berwick House, consistent with what we’re doing across our portfolio, to accommodate the ongoing desire for greater work-from-home facilities within new residences,” concluded Pellicano.