Expect Queensland to become the second large player behind Victoria in Build to Rent developments.

With QLD Premier Annastacia Palaszczuk last month announcing Build to Rent developments that include affordable homes will have land tax cut in half for 20 years and the Federal Government’s decision to halve the controversial Managed Investment Trust withholding tax, two massive BTR development applications have been lodged in Brisbane ahead of the 2032 Olympic Games.

Build to Rent is clearly a thorn in the side of retirement village and land lease operators, particularly with the push for affordable unit quotas in each development.

As part of the State Government’s Build to Rent pilot project, private equity-backed group Cedar Pacific has linked with Build to Rent management specialist Essence Communities on a planned 32-storey two-wing tower with 475 studio, one-, two-, and three-bedroom apartments.

The former 3,727sqm Children’s Court is one of three inner-Brisbane properties approved under the project, which is aimed at providing affordable accommodation for low to moderate-income earners alongside market rental apartments. 250 units will be affordable rent accommodation in the Cedar Pacific DA.

The second DA is to revise an existing development approval for a three-tower, mixed-use proposal over a 3,009sqm site in Fortitude Valley, into 628 Build to Rent apartments with retail on the ground floor.

Brisbane-based Vita – founded by Asher Capital chairman Andrew King, TKM Capital managing director Tim Mahony and Atira Student Living founder Damian Haber – has filed the proposal (pictured).