Sumitomo Forestry has announced that its wholly owned subsidiary, Sumitomo Forestry Australia is partnering with the Australian company Cedar Pacific Investment Management on a Build-To-Rent (BTR) multi-family housing development project. Source: Timberbiz
This is the first time Sumitomo Forestry Group has participated in BTR development operations in Australia. The project involves the development of a 475-unit, 31-floor multi-family rental building in Brisbane, Queensland.
The project is part of the Queensland Government’s BTR Pilot Project to deliver affordable rental housing, of the total 475 units, 250 units will be provided as affordable housing.
The building will contribute to decarbonization, aiming to achieve net zero operational carbon, based on a 5-star rating under Australia’s Green Star environmental certification program and Australia’s Net Carbon Neutral Standard.
Construction will begin in May 2024 and completion is scheduled for October 2026.
The site is located in Brisbane, Queensland, Australia’s third largest economic region, approximately 1.5 km from the central business district (CBD), a major employment hub. Conveniently located, the site is about 10minutes by foot to Roma Street Station on the Cross River Rail, a new subway line scheduled to open in 2025, and approximately 20 minutes by car to Brisbane Airport.
The Brisbane Live Arena, slated to be one of the main competition venues for the 2032 Brisbane Olympics, will be built nearby. In addition, throughout the South Bank area across from the Brisbane River are universities and other educational institutions, the Queensland Museum and other museums, and amusement facilities.
