Developer, Tim Gurner is set to increase the pipeline of build-to-rent units by 3,650, with new projects announced for Melbourne and Sydney.
The GQ Multifamily Build-to-Rent (BTR) platform, is a collaborative venture between luxury developer Gurner and Qualitas , the ASX-listed Australian real estate investment manager.
Currently, GQ Multifamily has two sites under construction in St Kilda and Southbank, with two more in Parramatta and Fitzroy North slated to commence construction by the end of this year, raising the number of apartments under construction to over 1,500 in 2023. The company also revealed an additional 2,150 apartments, boosting its total portfolio to 3,650.
Gurner CEO, Tim Gurner, said the ambitious scale of the project will improve cost management and efficiencies.
“The GQ platform now has key projects either commenced or soon to commence across four major growth markets in Melbourne and Sydney,” said Gurner.
“We have been working hard behind the scenes to quietly build a very large platform that allows us to offer a unique product and offering to our customers and our valued capital partners.”
“The GQ platform now has a number of key projects either commenced or soon to commence across four major growth markets in Melbourne and Sydney – we’re armed with fresh capital, and we’re always on the lookout for quality acquisitions in these major capital cities.
Funding for GQ Multifamily’s expansion comes from two successful capital raises of an initial $1.2 billion, followed by an additional $2 billion.
The GQ Multifamily project promises to deliver not only residential stock, but also an array of amenities such as a residents’ gym, co-working space, dog and car wash facilities, and ground-floor retail.
Gurner said BTR is a good option to help alleviate some of the housing issues the country is currently facing.
“The current rental conditions and chronic undersupply of quality housing for our population means the sector is well-placed to service this growing deficit.”
Tim Gurner, Gurner Group CEO
“GQ is ready to deploy all capital at our disposal to deliver this stock to the market.”
Qualitas global head of real estate and co-founder Mark Fischer said the tight supply of housing will help the sector.
“Our position in this sector is driven by the extremely strong and long-term underlying fundamentals combined with our market-leading management proposition to large scale global capital,” said Fischer.
“We are favourable to the residential sector compared to all others as it is perfectly aligned to investors’ focus on assets generating defensive and resilient cashflows through all economic cycles.
“These through cycle structural drivers of the sector make GQ Multifamily well positioned to deliver much needed apartment stock, specifically across the eastern seaboard of Australia as well as providing additional services to these locations as part of the projects being delivered – which is central to the vision for the platform offering – along with high quality amenity.
“We are delighted to be on track to reach the ambitious targets set for the platform as we continue to attract capital and build the project pipeline.”
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