Plans are in progress for a build-to-rent apartment development located within a medical precinct on Brisbane’s southside. The project is designed to provide furnished studios specifically for health workers. Belong Capital has invested $2.65 million in purchasing a block of seven units at 55 Regent Street, Woolloongabba. The transaction was facilitated by Guy Stafford of McGees Property.
In addition to this acquisition, the company is also securing contracts for 57 and 59 Regent Street, encompassing a total area of 2020 square meters. Edward Fernon, a two-time Olympian and Chief Executive of Belong Capital, praised the location for its proximity to major amenities including a large shopping centre, the central business district approximately 2 kilometers away, nearby train stations, and close access to the Princess Alexandra Hospital.
“We are currently in the design phase, but the plan includes 15 apartments compliant with the National Disability Insurance Scheme, 50 to 60 co-living studios fully furnished for health workers, and 40 to 50 one and two-bedroom apartments,” Mr. Fernon explained. The development is also committed to sustainability, with plans to incorporate green incentives such as a fleet of Tesla electric vehicles available for car-sharing among residents.
Mr. Fernon, who represented Australia in the modern pentathlon at the 2012 and 2020 Olympics, founded Freedom Development Group in 2013. Since then, he has completed several projects across Western Australia and New South Wales. He anticipates submitting the plans, designed by Place Studio, to the Brisbane City Council in March.
Mr. Stafford noted that the block of units at 55 Regent Street received twelve offers, several of which were cash unconditional. He highlighted the appeal of the site to potential buyers, citing the immediate income from the seven units while awaiting development approval. “The advantage of this purchase was the single ownership and the large land area zoned for high-density residential up to 15 storeys,” he stated.
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