Plans for a residential tower site on High Street in Toowong have been given a strategic redesign, with the proposal now aimed at the booming build-to-rent market. The project will see an increase in height and the number of apartments, as well as design changes to accommodate the new scheme.
An approved tower site in Brisbane’s inner-west is set to undergo a redesign and expansion of its proposed plans that is now geared towards a build-to-rent development. The 1571sq m site located at 60 High Street, Toowong, will now feature a 25-storey tower, a significant increase from its originally approved 20-storey height, and an expanded apartment count of 326 units, up from 125 under the revised plans.
The project which features a ground-floor lobby, commercial tenancies, a two-level podium, three basement levels, and a rooftop recreation area across a 20-story residential tower had already received approval.
Changes are now being proposed in response to the adoption of a Build to Rent scheme, where units will be collectively rented out for long-term rentals and managed on-site. The removal of the podium car park is a significant design change that will enhance the building’s aesthetic appeal, particularly along High & Ebor Streets.
The new design includes units on all podium levels except for the ground level, a revamped residential lobby with an expanded mail room and reception area, and minor alterations to the tower elevations and rooftop recreational area.
It will also see the two-level podium scrapped, and the basement levels increased to four. Whilst car parking spaces would be cut from 184 to 156, bike spaces will increase from 163 to 408.
Moreover, the design changes will include minor changes to the podium and tower floor plates, and the provision of internal common recreational areas on Levels 2 and 25. Other minor changes include the internal design of the basement car park and changes to servicing arrangements at the lower ground level.
Build-to-rent (BTR) is a model where an entire apartment complex is built with the sole purpose of leasing out all its dwellings, a well-established concept in the US and UK but still in its early stages in Australia.
As the rental housing shortage in Australia worsens, experts see BTR as a potential solution to address the growing demand for rental accommodation and the need for a more secure and stable lease.
With the forecasted population growth in Australia over the next decade, experts suggest that BTR developments could play a crucial role in boosting housing supply and affordability.
Published 24-April-2023
