GQ Build-to-Rent (BTR), an Australian residential platform backed by Gurner Group and Qualitas, has entered a joint venture with OSK Property to develop and operate a tower within the Melbourne Square precinct in Southbank, Melbourne.
OSK Property will convert one of the five towers in the A$2.8bn (€1.7bn) Melbourne Square precinct for BTR and retain ownership of the asset. GQ will develop, manage, and operate the residential tower of around 500 residences.
Robert Clarke, Gurner Group chief development officer, said: “This joint venture makes a lot of sense for us as it’s a shovel-ready precinct that will deliver much needed rental supply to the market in an area that’s growing and supporting a large population.”
Clarke said that with the current demand for rental stock still at historical highs, Gurner Group was actively looking at ways to add to its portfolio whether that be partnerships, joint ventures or traditional acquisitions.
OSK Property Australia CEO, Chong Boon Woon, said the initiative with GQ represented the “next evolution” of his group’s Australian pipeline.
Mark Fischer, global head of real estate and co-founder, Qualitas, said global investors continued to show strong interest in BTR in Australia. “From an investment perspective, the long-term underlying fundamentals have created conditions ripe for the next phase of rental growth over the medium-term.”
The GQ BTR platform launched in 2021 with three initial seed sites, valued at A$1.1bn, due for completion starting from early next year.
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