CFMEU to build $300m BTR tower in Brisbane

The Construction, Forestry, Mining and Energy Union (CFMEU) is venturing into property development, seeking investors for a $300 million Build to Rent project in central Brisbane.

Dubbed NumberOneBowen, the 30-storey building in Bowen Hills – which has already obtained development approval – will contain 380 apartments in a mixture of studios and one-, two- and three-bedroom units, as well as amenities such as swimming pool, lounges, gyms, and co-working space.

“The union is upbeat about assisting in increasing the housing and rental supply in South-East Queensland as a positive contribution to an undersupplied market and demonstrating that projects can proceed and be profitable while delivering for the wider community,” said Michael Ravbar, secretary of CFMEU’s QLD and NT branch.

Real estate and investment firm CBRE has been brought in to help search for a joint venture partner, and CBRE’s Regional Director of Living Sectors, Capital Markets, Andrew Purdon (pictured), says the case for BTR in Brisbane is “compelling”.

“Th
ere are approximately 300,000 people living in Inner Brisbane and 50% of those are renters. There are two completed BTR developments in the city which offer less than 300 apartments in total and both buildings are fully let with waiting lists. 



“Brisbane’s residential rental vacancy rate is currently less than 1.0% and the median apartment rent has grown by circa 12.5% during the past 12 months. 

“With the 2032 Olympics on the horizon, the next decade should be a golden era for investors in Brisbane residential real estate,” he said.