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Kio snaps up Aria to develop Brisbane rental tower

Kio snaps up Aria to develop Brisbane rental tower

The Queensland capital is set for a landmark build-to-rent tower, the Kio Investment Management operation readying to develop a major South Brisbane complex.

The company, founded by Hines alumnus Sam Bisla, has quietly secured a site from apartment developer Aria Property Group and switched the plan to a rental tower.

Aria had won approval for a striking luxury residential tower two years ago, but parts of the pre-sale market have been patchy.

At the same time, a rental crisis has emerged in Brisbane due to a shortage of stock, making build-to-rent projects more attractive.

Kio is believed to have acquired the site for a price in the mid-$20m range, reflecting Aria’s work on its scheme.

The apartments group had picked up the development site at 10 and 12 Cordelia Street in 2022 for $18m.

Kio has reworked Aria’s scheme to make it stack up under the rental model and secured top-tier builder Hutchinson Builders for the build-to-rent project, with works slated to start shortly.

The project will result in the existing two-level office buildings being demolished and replaced with a 34-level tower.