Lendlease and QuadReal Complete 443-Home Exhibition Place Build-to-Rent Tower in Brisbane

BRISBANE, Australia — Lendlease and QuadReal Property Group have completed Exhibition Place, a 37-storey build-to-rent tower at Brisbane Showgrounds, and residents have begun moving in, the firms announced Nov. 2, 2026.

The development adds 443 purpose-built, professionally managed rental homes to the Bowen Hills precinct, which Lendlease described as one of Brisbane's fastest-growing areas with access to transport, jobs and entertainment.

Lendlease and QuadReal Partnership on Exhibition Place

Lendlease is the developer and long-term investment manager for the project, which is being delivered in partnership with QuadReal, a global real estate investment, development and operating company headquartered in Vancouver, British Columbia. The investment will be managed as part of Lendlease's mandates business.

The firms said the partnership draws on QuadReal's experience developing and managing more than 65,000 multifamily residential units globally, together with Lendlease's sector expertise and its more than 4,600 build-to-rent homes in delivery or under management across Australia and the United States. QuadReal's assets under management total $98.5 billion.

Nat Miller, Managing Director, Asia at QuadReal, said: "Delivering high-quality residential options in prime markets is a key component of QuadReal's global investment strategy and Exhibition Place demonstrates the strategic value of large-scale, purpose-built rental housing. This development not only meets strong market demand but also sets a new benchmark for sustainable design, and long-term community impact in Brisbane's residential sector."

Exhibition Place Design, Amenities and Sustainability

The tower was designed by architecture firm Cottee Parker. It comprises a 37-level residential tower above a six-level podium and above-ground car-parking levels, with studio, one-, two- and three-bedroom apartments that include balconies and whitegoods.

Amenities include a dedicated wellness level with a 25-metre lap pool with beach entry, outdoor spa, gym, sauna, steam room and cold plunge. A rooftop level offers a lounge, private dining room, home theatre and outdoor barbecue areas with views across Brisbane. The building also contains co-working facilities, a podcast studio and a pet spa.

The development is fully electric and is targeting a 5 Star Green Star Buildings rating.

Vanessa Orth, Managing Director, Investment Management at Lendlease, said: "Early leasing results reflect the demand we're seeing for high-quality rental housing in Brisbane as the city continues to grow and attract new residents." She added: "Renters are looking for more than an apartment. They're looking for convenience, quality amenities and a location that keeps them connected to work, entertainment and everyday services."

Resident Tadeas Pop said the brand-new apartments, generous space and quality of the shared facilities attracted him and his household. "We spend most of our time in the gym and wellness area, and the sauna and cold plunge have quickly become part of our daily routine," Pop said. "The resident events have also helped create a great sense of community."

Brisbane Build-to-Rent Market Context

Exhibition Place opens as Brisbane's rental market remains tight. The city's vacancy rate was 0.7% in late 2026, and median asking rents were A$660 per week for units and A$700 for houses. Unit rents were A$20 per week higher than a year earlier, though quarterly growth had begun to stall as affordability constraints emerged.

Rental listings declined year over year, and high construction costs, elevated interest rates and competition for builders from Olympic-related infrastructure projects have made new developments difficult to finance.

The project is located within Brisbane Showgrounds, near King Street, Fortitude Valley and the emerging Cross River Rail station at the RNA. It is within walking distance of public transport and King Street dining and entertainment, and sits on the doorstep of Brisbane's future Games precinct.

Outlook for Institutional Rental Housing in Brisbane

The project reflects the broader institutionalisation of Australia's rental housing sector, in which institutional owners provide capital and specialist operators deliver professionally managed buildings. Unlike strata apartments, build-to-rent properties are held and operated as a single rental community.

With 443 homes, Exhibition Place adds a large block of professionally managed rental stock to a market with limited listings. Its ultimate performance will depend on whether its amenities and location can offset affordability pressures in Brisbane.

Leasing tours can be booked through Lendlease's Living by Lendlease website.

Sources

• Lendlease media release: Brisbane's newest build-to-rent tower welcomes first residents