US-based build-to-rent giant Sentinel has won approval for its Queensland debut, a 300-apartment BtR development next to Robina Stadium.
It adds to the fund manager’s growing Australian portfolio of more than 1600 rental apartments in operation or planning, including two fully leased communities in Subiaco, WA.
The nine-storey sustainable building on a 1.4ha site at 5-8 Stadium Drive at Robina would add 41,799sq m of rental stock to the Gold Coast region where rental vacancy is about 1.1 per cent.
The Cera Stribley-designed development comprises two towers connected by a podium and includes a mix of one, two and three-bedroom apartments, a pool and sun deck, fitness centre, amphitheatre, outdoor barbecue areas and more than 370 car parks.
Sentinel’s Australian managing director Keith Lucas said the project would target carbon neutral certification, a 5-Star Green Star rating and a 7-Star NatHERS rating on completion.
▲ Renders show the two towers would be connected by a podium level with residential amenities. Image: Cera Stribley
“Our coming development on Stadium Drive will transform into a vibrant and engaged rental community that offers its residents thoughtfully and sustainably designed apartment living that sets a new benchmark for the area,” Lucas said.
“Future residents can expect to enjoy high-quality fixtures and finishes, convenient access to a range of premium amenities within their building, and a refined rental experience among Robina’s natural beauty and convenient location.
“Queensland’s housing market is evolving and we relish the opportunity to apply our proven expertise in delivering and managing well-designed rental apartment communities to deliver more quality housing options to the local market and support the state’s growing population.”
Robina is also earmarked for Brisbane 2032 Olympic and Paralympic Games infrastructure and ongoing development.
The Gold Coast became home to Australia’s first large-scale build-to-rent community, The Smith Collective, with the transition of the 2018 Commonwealth Games athletes village.
Sentinel was an early mover in the asset class, delivering Australia’s first purpose-built institutional build-to-rent development in 2019 at Subiaco.
Its move into the Queensland market follows the successful completion and leasing of its flagship Element 27 build-to-rent development in WA as well as the construction of its first Victorian project comprising 172 apartments north-west of Melbourne’s CBD and due for practical completion later this year.
Sentinel currently has $14.2 billion in real estate assets under management and since its inception in 1969 the fund has acquired and managed 640 multifamily communities and 194 commercial properties.
Article source: www.theurbandeveloper.com