The Robina plan comprises 418 residences across four buildings of nine to 10 levels. It follows previous developments by Pellicano in the Gold Coast precinct including serviced apartments.
The project, to be called Paloma House, involves close to 8000 square metres of amenities including a wellness centre, gym, steam room, sauna, cinema, residents’ lounge and work-from-home space.
It has been designed by architects Rothelowman, whose associate principal, Lawson Royes, said a “sense of connectedness” for residents was a key theme guiding the design. The proposal’s “liveability agenda” had been bolstered by the inclusion of elements such as dense vegetation in the public areas and the creation of a resort-style feel across the facility, he said.
Offshore investors dominate
Pellicano is one of the few local private players to be gaining scale in the burgeoning build-to-rent sector, now a $17 billion asset class with close to 24,000 apartments operating, under construction or in planning.
The sector is dominated by offshore investors, often working through local partners, which have contributed close to $12 billion in investment, according an EY analysis. Labor’s last federal budget included a crucial tax break for foreign BTR investors.
Among the big players are US giant Greystar, which began work on one of the country’s largest projects this week, a $500 million development with 617 apartments in the Melbourne inner-city suburb of South Yarra.
Singapore sovereign wealth fund GIC is heavily invested in the sector, backing both Daniel Grollo’s Home platform and Rich Lister Tim Gurner’s BTR ambitions, while Canada’s Oxford Properties is also a big player. Locally listed property platforms Mirvac and Lendlease are looking to establish sizeable portfolios.