Inner-city Brisbane’s build-to-rent pipeline is beginning to surge with a dual tower proposal at Fortitude Valley the latest of the burgeoning asset class to be approved.

Melbourne-based builder and developer Pellicano is behind the development, which will comprise more than 400 apartments.

The two towers greenlit by Economic Development Queensland will rise 37 and 38 storeys from a 4819sq m site at 332-334 Water Street within the Bowen Hills priority development area.