Capital Edge

Business Insights | Property Spotlights From Living

Explore three transactions shaping Australia's Living sector, from the nation's largest Build-to-Rent sale and a landmark debt financing solution to a rare city-fringe development opportunity in the heart of Sydney.

October 7, 2026

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Brunswick & Co: Setting a new benchmark for Build‑to‑Rent transactions in Australia

Associated Contact

Andrew Purdon

Head of Living Sectors – Capital Markets, Pacific

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Associated Contact

Alex Shaw

Director, Capital Markets - Living Sectors, Pacific

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Sold Price $285,000,000

CBRE successfully advised on the forward sale of Brunswick & Co, a landmark Build‑to‑Rent (BTR) development in Fortitude Valley, Brisbane, achieving a sale price of $285 million on behalf of Frasers Property. The transaction represents the largest single‑asset BTR sale completed in Australia to date and demonstrates growing institutional confidence in the Living sector. 

The asset comprises 366 apartments, including a significant 40% allocation to affordable housing, reinforcing its strong social and investment credentials. 

Appointed as sole advisors, CBRE led a comprehensive pre‑marketing strategy during the construction phase, coordinating closely with Frasers Property, external consultants and internal transaction teams to deliver a rigorous diligence process. 

CBRE prepared a bespoke underwriting pack and detailed financial model tailored to the inner‑Brisbane micro‑market. This included rental benchmarking against competing BTR and build‑to‑sell assets, analysis of future supply pipelines and population growth, demographic and affordability assessments, and two independent operator budgets to support income assumptions. Key diligence materials also covered tax analysis, replacement cost, specifications and inclusions, and debt structuring illustrations. 

The campaign achieved broad global reach, with the opportunity distributed to approximately 150 investors across Australia, APAC, EMEA and North America, resulting in around 30 executed NDAs. CBRE also provided strategic advice throughout legal negotiations, leading term sheet discussions and advising on commercial matters including developer obligations, defect mitigation, and security and guarantee structures. 

The successful outcome highlights the depth of global capital seeking high‑quality, income‑focused Living assets and reinforces Brunswick & Co as a benchmark transaction for the Australian BTR market. 

Property SpotlightBrunswick Co1440 x 810

Debt Capital Targets Scale in the Living Sector

Associated Contact

Andrew McCasker

Head of Debt & Structured Finance – Capital Markets, Pacific

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Associated Contact

Will Edwards

Director, Debt & Structured Finance, Pacific

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Key Deal Highlights 

  • $275 million debt facility secured for Eynesbury Estate, a major masterplanned community in Melbourne's western growth corridor. 
  • Living sector financing transaction supporting future residential delivery across a project with an ultimate yield of approximately 8,500 dwellings. 
  • Arranged for the Mitsubishi Estate Asia and Resimax Group joint venture, combining institutional capital with local development expertise.  
  • Funding will support future housing delivery, community infrastructure and the planned town centre.  
  • Highlights ongoing lender confidence in scale residential communities backed by strong demand fundamentals. 

Australia's housing supply challenge remains one of the defining themes shaping real estate markets today. While capital providers have become increasingly selective, the living sector continues to attract strong lender interest, particularly for projects that combine scale, established delivery credentials and long-term growth fundamentals. 

That trend was recently demonstrated through the successful structuring of a $275 million debt facility for Eynesbury Estate in Victoria, one of the state's largest masterplanned residential communities. 

Backing the Next Phase of Growth

Located approximately 40 kilometres west of Melbourne's CBD, Eynesbury spans 1,200 hectares and is already home to around 2,000 residents. The community features established amenities including education facilities, recreation infrastructure, hospitality offerings and extensive open space, creating a strong foundation for future growth.  

The project's next chapter is being driven by a joint venture between Mitsubishi Estate Asia and Resimax Group, which is focused on unlocking the next stage of residential delivery and progressing plans for a future town centre and broader community infrastructure.  

With approximately 8,500 dwellings planned across the life of the project, Eynesbury represents one of the most significant living sector opportunities in metropolitan Melbourne.  

A Debt Solution for Scale

CBRE's Debt & Structured Finance team was engaged to structure and secure a financing solution capable of supporting the project's long-term development ambitions. 

The resulting $275 million debt facility provides funding certainty for future delivery and reflects the strength of the project's underlying fundamentals, including established sales performance, significant scale and experienced sponsorship. 

For lenders, Eynesbury offered exposure to one of Australia's most compelling structural themes: the need for new housing supply in rapidly growing metropolitan markets. 

What the Deal Tells Us About the Market

Beyond the transaction itself, the deal provides a useful insight into current debt market conditions. 

While financing remains disciplined, lenders continue to demonstrate strong appetite for high-quality living sector opportunities. Projects that can combine experienced sponsors, proven development capability and clear population-driven demand are continuing to attract capital. 

As Australia's housing needs remain firmly in focus, debt capital is playing an increasingly important role in enabling the delivery of new communities. 

The Eynesbury transaction is a strong example of this trend in action, highlighting how strategic financing can help unlock housing supply while supporting the growth of one of Melbourne's most significant masterplanned residential projects. 

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A Rare Opportunity with Multiple Future Pathways

Associated Contact

James Parry

Head of Office – Capital Markets, Pacific

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Associated Contact

Andrew Purdon

Head of Living Sectors – Capital Markets, Pacific

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Associated Contact

Mitch Noonan

Director

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Key campaign highlights 

  • 100% freehold interest in a 1,043sqm corner site just 120 metres from Central Station 
  • Existing 4,246sqm office building with significant repositioning potential 
  • One of only seven sites larger than 1,000sqm within a 200-metre radius of Central Station 
  • MU1 Mixed Use zoning supporting a range of future development pathways, subject to approval 
  • Located within Sydney's Tech Central precinct and within walking distance of the University of Sydney, UTS and Notre Dame University 

In a market where large-scale opportunities close to Central Station are increasingly difficult to secure, 11-17 Buckingham Street, Surry Hills stands out for its combination of scale, connectivity and flexibility. 

Occupying a substantial 1,043sqm corner site with three street frontages, the property comprises a five-level office building providing 4,246sqm of net lettable area. Positioned just 120 metres from Central Station and within the heart of Tech Central, the asset offers investors the rare combination of existing income, value-add potential and long-term strategic optionality.  

Strong Existing Fundamentals

The immediate investment appeal is underpinned by the strength of the existing asset and the surrounding market fundamentals. 

Surry Hills has been one of Sydney's strongest-performing office markets over the past decade, supported by limited supply, excellent transport connectivity and sustained occupier demand from technology, creative and professional services businesses. Vacancy remains among the lowest across Sydney office markets, while the precinct continues to attract businesses seeking character-rich accommodation close to major transport infrastructure and lifestyle amenity.  

The building itself offers many of the features sought by modern occupiers, including efficient floorplates, high ceilings, abundant natural light and flexible tenancy configurations. A short WALE, existing vacancy and passing rents below prevailing market levels create a clear opportunity for investors to reposition the asset and unlock future rental growth.  

Optionality Creates Long-Term Appeal

A defining feature of the opportunity is the flexibility afforded by its MU1 Mixed Use zoning. 

Planning controls support a range of potential future outcomes, including commercial, hotel, co-living and affordable housing uses, subject to approval. The property also sits within an area identified through the City of Sydney's Housing for All framework as having the potential to accommodate additional housing density over time.  

Its location further enhances these possibilities. With Central Station on the doorstep, three major universities within walking distance and continued investment across the Tech Central precinct, the site benefits from the infrastructure and demographic drivers that support multiple future pathways.  

A Rare City-Fringe Offering

Large-scale freehold sites near Central Station are exceptionally scarce, particularly those capable of supporting both immediate value-add strategies and longer-term repositioning opportunities. 

Whether viewed as a repositioning opportunity within one of Sydney's strongest office markets, a strategic holding within Tech Central or an asset with multiple future development pathways, 11-17 Buckingham Street offers investors exposure to some of the city's most enduring growth drivers. In a market increasingly defined by scarcity, opportunities that combine location, scale and flexibility are becoming harder to replicate. 

A contemporary mid-rise residential apartment building with a warm brick façade, large windows and leafy street frontage, situated within an established urban neighbourhood.

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