The $550 million residential and retail hub that was previously home to the Gold Coast 2018 Commonwealth Games athletes has been rebranded Smith Collective.

The collective, believed to be the first of its kind in Australia, features 1251 apartments and townhouses that will be offered solely for long-term rent.

Located at Southport, the development features 18 apartment towers, 82 two-storey townhouses and a 6280sqm retail hub. The Grocon and UBS Asset Management project is one of the city’s largest urban renewal projects, and has already announced plans for new Woolworths and BWS stores.

“Our vision is to create a thriving community unlike anything the Gold Coast has seen,” UBS Asset Management executive director Michael Woodrow said.

“Research shows that while an increasing number of people want to live where they work, shop and play, they also yearn for the security of long-term leases and the ability to add personal touches to their homes.

Smith Collective’s “build-to-rent” strategy, which is popular in the United States and Europe, aims to redefine the traditional rental process by forgoing individual landlords and allowing residents to secure long-term leases with the promise of many of the benefits of home ownership, such as hanging pictures and having pets.

“By maintaining ownership of Smith Collective’s residential offering, we are able to grant those wishes and help our residents and retailers build a sense of community often lost within largescale urban developments,” Woodrow said.

Smith Collective hopes to become an events and entertainment destination for the Gold Coast, with regular food festivals, family fun days and live music events beginning next weekend.

Applications are being sought for both residential and retail components, with the first residents and major retailers expected to start moving in from early 2019.