• Grosvenor partners with Cedar Pacific on built-to-rent scheme in Brisbane
• Quay Street project will deliver 475 homes, c50% of which will be let at affordable rents

Grosvenor’s Diversified Property Investments business has partnered with Cedar Pacific, a leading Australian investment manager, in the business’ first build to rent (‘BTR’) investment in Australia. 

Quay Street, Brisbane is a transformative development delivering 475 new homes to rent. Around half of these will be let at 25% under market rental levels.  

Grosvenor’s entry into the Brisbane BTR sector comes as the market is experiencing significant growth, owing to the broader Australian residential sector struggling to fulfil growing demand for housing. It is estimated that Australia will fall 90,000 homes short of its 2024 housing target for new dwellings.¹   

Grosvenor’s investment alongside Cedar Pacific is the diversified business’ fifth specialist partner and tenth deal in Australia since its first in 2013.

Since 2012, our diversified property investments business has invested globally, alongside third-party local partners and across a broad range of sectors. In 2023, we committed to doubling the size of the business to approximately £1.5bn in equity over a five-year period.

As a member of the Principles of Responsible Investment, and signatory to the Taskforce for Climate Related Disclosures, Cedar Pacific has a track record of developing high-quality and sustainable communities in line with Grosvenor’s own values. The company has already delivered 18 successful residential projects across Australia and New Zealand creating over 10,000 residences.

Chris Taite, CEO Grosvenor Diversified Property Investments, commented: “As we continue to increase and diversify our global platform of investment partners, we are focusing primarily on Europe and Asia. However, Australia remains a core market for us, and this is another great example of our ability to find, and back specialist local partners with great business plans.”

Bernard Armstrong, CEO, Cedar Pacific, commented: "We are honoured to welcome Grosvenor as a partner in the Quay Street project. Grosvenor's global experience in the sector as well as a deep understanding of the Australian market will enhance the project greatly. This strategic partnership will allow us to deliver a truly exceptional BTR community in Brisbane's growing CBD.”

About Grosvenor Diversified Property Investments

We’re part of Grosvenor, an international organisation with a track record of over 340 years. Within our global remit, we back specialist local property investment teams, who share our values and have a demonstrable investment track record.

By investing Grosvenor’s own capital alongside local partners who have a clear understanding of the changing demands of real estate in their markets, we aim to generate strong commercial results, while advancing our social and environmental ambitions. 

Since our first partnership in 2012, we’ve successfully backed aligned, specialist, local management teams across six continents and in a broad range of sectors including industrial/ logistics, student accommodation, life sciences, healthcare, housing, and offices.

We’re part of an international, privately owned organisation with a 300+ year track record of pioneering change and new ways of thinking about global investment, dedicated to delivering lasting commercial, environmental, and societal benefit. 

About Cedar Pacific

Cedar Pacific is a leading Australian investment manager and developer specializing in Build-to-Rent (BTR), purpose-built student accommodation (PBSA) and co-living communities across Australia and New Zealand. The company is committed to creating high-quality, design-led communities that cater to the evolving needs of today's renters. With a focus on innovation and sustainability, Cedar Pacific is shaping the future of rental living in Australia.