Frasers to review future of Brisbane build-to-sell project

Frasers Property’s proposed build-to-sell project in Brisbane’s Newstead is under review. Source: Fraser’s Property

Frasers Property Australia is reviewing the future of one of its build-to-sell projects in the heart of Brisbane, in light of construction cost blowouts and builder shortages.

There are no plans in place to begin construction of the Singaporean-owned developer’s proposed 141-dwelling project at Newstead, despite approvals being given last year.

A spokeswoman for Frasers told The Australian there is “no specific time frame” for the next stage of ­development.

“Frasers Property Australia’s future residential project located on the corner of Chester and Morse streets in Newstead is undergoing a review, with no specific time frame for commencement at this stage,” a spokeswoman said.

“Extremely challenging conditions, including lack of contractor availability/capacity, trade/supplier insolvency risks and skilled labour shortages – all resulting in significant productivity and cost impacts across the construction sector – are impacting progress and are the reason for the ongoing review into the project.”

The 25-storey Brunswick & Co build-to-rent development in Fortitude Valley has not been affected.

Frasers’ first build-to-rent project, called Brunswick & Co, located in neighbouring Fortitude Valley and being completed in collaboration with the Queensland government, is currently under construction. No delays are being experienced with the developer’s build-to-sell master planned community, The Quarry, at Keperra.

Frasers Property chief operating officer Anthony Boyd has previously said the country’s burgeoning build-to-rent sector would take a while to expand without greater structural support from government.

The Chester and Morse streets build-to-sell project was designed to offer a mix of apartment and terrace-living options. It is designed by Rothelowman in a style not unlike the nearby James St precinct and set on a 3016 sqm site. Frasers has approval for 131 apartments, including seven penthouses, with one, two and three-bedroom configurations across 14 levels. Ten premium three-storey terrace homes would also be available.

Amenity was prioritised, with a triple height public plaza and two eatery opportunities on the ground floor to be accessible to all, while a new pedestrian laneway to the city’s high street would be constructed. Residents would have access to a private rooftop, wellness centre and end of trip facilities, with almost 200 bicycle parks.

Meanwhile, build-to-rent has taken off in Brisbane in recent years, with several developers testing the market.

Mirvac’s LIV Anura development at Newstead, which is also being completed in collaboration with the state government, is due to top out in coming months, while Lendlease’s first Australian project broke ground last year at the Brisbane Showgrounds, promising to deliver 443 units. Canadian-owned Brookfield recently received approval for a dual tower site project at Portside in the riverfront suburb of Hamilton.