Build-to-rent pipeline expands with new players Keylin and Abadeen Group

Developer Keylin has lodged plans for a significant urban renewal project at Indooroopilly. Picture: Supplied

The build-to-rent market is seeing a burst of new entrants with development experience in traditional apartments who have been drawn by the returns on offer in the hot sector.

Brisbane-based Keylin has lodged plans, and Sydney’s Abadeen Group are among the latest to make the move as the supply of social and affordable housing takes the spotlight.

A plan lodged with Brisbane City Council by Keylin outlines a significant urban renewal project for the inner north suburb of Indooroopilly.

Almost 500 residential apartments will be built across four buildings, complemented by dedicated retail, dining and community spaces, and extensive green space, described as a “suburban rainforest”.

Built-to-rent will represent 388 of the units, of which 39 are affordable housing, in addition to 44 apartments for short-term accommodation, and 46 apartments for private ownership.

Keylin has lodged plans for a significant urban renewal project at Indooroopilly. Picture: Supplied

Keylin managing director Louis Cheung said his vision was to create a “high street” in the inner-city area, with the location close to public transport and city amenities.

“It is one of the most significant development opportunities in Brisbane’s inner city and Keylin is excited to be able to present such a diverse project,” he said.

“The broad range of accommodation will result in a highly diverse community and provide much-needed housing supply so close to the city, shopping centre and university with multiple modes of public transport on the doorstep.

“We are particularly proud that the proposed development achieves significant objectives under the Brisbane Sustainable Growth Strategy for renewal planning that encourages higher density in areas with access to public transport and services.”

Abadeen Group has also joined the fray, launching the Haven build-to-rent platform to diversify its development pipeline.

The new offshoot will look to find capital partners to take advantage of the supply shortages facing Australia’s housing market.

The announcement in the past week followed the blockage of the federal government’s Housing Australia Bill by the Greens and the Liberal National Party ahead of parliament’s midwinter break.

Keylin has previously offered a limited build-to-rent offering in its Wembley Reserve Series project at Browns Plains, south of Brisbane, opting for 16 detached homes instead of apartments.

The developer was forced to shelve plans for its luxury apartment tower Oria at Spring Hill despite being close to sold-out, due to challenging market conditions.

Brisbane has proven a recent build-to-rent hub for big players making their first move in the Australian market.

Canadian investment firm Brookfield last month announced its dual-tower plans for the north-side suburb of Hamilton, while Lendlease has broken ground in neighbouring Bowen Hills on its first project