Major Development Opportunity Hits the Block in Inner Brisbane
Major Development Opportunity Hits the Block in Inner Brisbane. An outstanding opportunity for investors and developers to secure a freehold 3-storey unit block in the heart of Brisbane’s Spring Hill has come to market.
The 12-apartment block, located at 25 Fortescue Street, Spring Hill occupies 809sq m of MU1 mixed-use regular shaped land.
The property provides long-term development potential with the benefit of prospective rental income.
The offering is improved by a brick and tile multi-unit apartment block. The 3-storey building provides accommodation for 12 two-bedroom residential units with parking available on site for each unit.
The property has a height limit of up to 7-storeys (subject to council approval).
According to WG Architects, the property could have a potential total gross floor area of 2,480 square metres.
If aggregated with a neighbouring property to form a land area of over 1,500sq m, the land parcel becomes code assessable to 15-levels.
Spring Hill is located on Brisbane’s northern fringe with excellent amenity and access to the CBD, Fortitude Valley, Inner City Bypass and the Story Bridge.
Located 2km north of the CBD, Spring Hill continues to attract buyers with its unique appeal.
Acting as a direct supporting precinct to the Brisbane CBD, Spring Hill is well-serviced by road networks, all forms of public transport, as well as numerous cafes, restaurants and shops.
Benefitting from the enormous interest in near and inner-city living, Spring Hill sits north of the CBD bounded by a railway line next to Gregory Terrace, Wickham Terrace, parts of Ann Street and St Pauls Terrace, and Warry and Kennigo Streets.
The site is directly north of the CBD and only minutes away from services and facilities, as well as the nightspots of Fortitude Valley.
Spring Hill is one of Brisbane’s few areas that successfully combine residential living with commercial and professional activities.
Spring Hill is continuing with the makeover that started more than 10 years ago. Many older homes have been immaculately restored or new, architecturally-designed homes have been built in their place.
The area attracts renters who want proximity to the city and this assures the area of continuing investment potential.
The suburb is particularly popular with Brisbane’s professionals and attracts strong interest from those who want the benefits of near-city living.
Major Development Opportunity Hits the Block in Inner Brisbane
The following major development projects are all within close proximity to 25 Fortescue Street and are anticipated to benefit the property and immediate area.
- Valley Metro, a $500 million commercial development to be built above the Brunswick Street/Fortitude Valley train station.
- The 22ha Brisbane RNA Showgrounds is currently undergoing a major $2.9 billion rejuvenation program transforming it into a thriving inner city hub, delivered in partnership between LendLease and the RNA.
- Herston Quarter, Australian unity is beginning the delivery of Herston Quarter this year. The centrepiece of the $1.1 billion masterplan will be the Specialist Rehabilitation and Ambulatory Care Centre (“SRACC”).
- Howard Smith Wharves, A $110 million development, approved by Brisbane City Council in 2015 and currently under construction, will reactivate 3.4 hectares of riverside land underneath the Story Bridge, including restaurants, an overwater bar, 1,500sq m exhibition space, a 164-room five-star hotel and multiple event spaces.
- Brisbane Live, a recently priority-listed infrastructure project, the $2 billion Brisbane Live is a proposed 17,000-seat entertainment precinct over Roma Street train station that is anticipated to emulate the award-winning LA Live complex in the United States.
Closing date for offers is 4pm Wednesday 21 November.
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Brisbane Development Site Available for First Time in a Century
Expressions of interest are being sought for two nearby development sites that are being offered to the market for the first time in over 120 years at Broadwater Terrace and Marine Street, Redland Bay, Queensland.
The total site size of 1.933ha comes with 36 existing titles, and consists of a northern “island site” parcel and a southern parcel, with purchasers able to buy either one or both sites.
The asset, zoned medium density residential, is being marketed by Ray White Special Projects Queensland’s Andrew Burke and Matthew Fritzsche and Ray White Commercial Bayside’s Nathan Moore and Jonathon Burrowes.
“The last time this land parcel was available to the market, planning for the construction of the Story Bridge hadn’t even begun, so this really is a once-in-a-century opportunity,” Burke said.
“Across the road the northern parcel of 1.7 hectares comprises an ‘island site’ forming the amalgamation of 32 existing titles, which are partly utilised for residential housing and partly utilised for farming purposes.
“The individual allotments are estimated to range in size between circa 450sq m and circa 815sq m.
“The southern parcel of 2,343sq m comprises the amalgamation of four adjoining allotments, forming a corner site with frontage to both Marine Street and The Esplanade. The site is improved with two dwellings.
“Any multi-storey would be provided with significant views of the bayside.”
“The total site has two existing development approvals, the first of which is for a material change of use for a 28-unit apartment building,” Fritzsche said.
“The second approval is on a portion of the northern parcel for mixed use apartment building/tourist accommodation comprising 90 units, shop, and refreshment establishment.
“The sites are also within walking distance to the Redland Bay Marina, as well as the Redland Bay Hotel, cafes, shops, banks and an IGA.”
“Redland Bay is a picturesque suburb and sits just 40km south west of Brisbane CBD and is just 10km from Cleveland.
Ian Gordon said the land was of great historical significance to his family, with their great grandfather David Slawson originally purchasing the site around the turn of the century.
“David Slawson was a pastry cook who left Kingston upon Thames in England and started a pastry shop beside T C Beirnes in the Valley,” Gordon said.
“He was quite successful at this and is mentioned in the book, History of Queensland. He also ran and owned the Redland Bay Hotel and catered for guests to stay on holidays.
“His daughter Florence Slawson inherited the land and later married Charles Gordon, who became the Shire Clerk of the Tingalpa Shire before the Redland Shire existed.
“Charles then became the Shire Clerk of the Redland Shire when it was named. The land was farmed along with other parcels, growing small crops, custard apples and bananas.
“The ownership later transferred to my uncle Robert Gordon and my father Jack Gordon who was Councillor and Deputy Chairman for the local council for a period of 30 years.
“I’ve since farmed the land for approximately 40 years growing bananas. There have been five generations who have lived on this land.”
Expressions of interest close on Wednesday, 6 March 2019.
Developer Demand for Brisbane Suburban Sites
A development site in Brisbane’s south has been snapped up by privately-owned residential aged care operator TriCare for $10.8 million.
The 4.069-hectare property in Rochedale was owned by a local family for more than 27 years.
JLL’s Sam Byrne brokered the deal, located at 20 Ford Road, via an expression of interest campaign which attracted five competitive bids.
“We received over 80 enquiries from local, interstate and off-shore developers,” Byrne said.
“The purchaser, privately owned residential aged care and retirement living operator TriCare, moved swiftly to acquire the landholding which neighbours their proposed retirement community.”
Since the rezoning of Rochedale, Byrne says a major transformation of the suburb has taken place with multiple new housing estates proposed and completed, attracting further attention for development.
Rochedale’s population is forecast to triple by 2036 according to government statistics.
“The suburb’s median house price is in excess of $1million; this is the same range as some of Brisbane’s most affluent suburbs such as Hamilton and Hawthorne,” Byrne said.
In Brisbane’s east, developer Estates Co. has purchased two development approved sites totalling 2.23 hectares in Hemmant which sits 10 kilometres of the Brisbane CBD.
The Brisbane-based developer snapped up the properties, at 261 and 273 Hemmant-Tingalpa Road for $5 million and have approval for 36 home sites ranging from 400sq m to 600sq m.
The purchase follows on from Estates Co. acquisition of 30 Oswald Street Hemmant for $4.715 million around 12 months ago, with plans for a total of 68 residential lots.
Colliers International’s Jason Dao brokered the deal.
“Estates Co. has developed other projects in the surrounding area and has an excellent understanding of key infill sites, targeting these sites as the last available flood free land in the area,” Dao said.
Estates Co. said both projects will be developed in the first quarter of 2019.
Yeerongpilly Green Urban Renewal Project Forges Ahead
Consolidated Properties Group has commenced the retail component at its $850 million Yeerongpilly Green development in south Brisbane.
The first stage of the planned $250 million shopping hub at the heart of the urban renewal project is now under way with a $10 million restoration program for two heritage-listed properties, The Institute and The Stables.
Woolworths has also been announced as the anchor tenant for the 5,000sq m retail district and will create close to 100 new jobs once completed.
The Yeerongpilly Green development will comprise more than 5,000sq m of retail, commercial buildings, five hectares of parkland, a 103-room boutique hotel, country club, and 1,200 dwellings for 3,000 new residents.
Following the restoration, The Stables building will serve as an
“experience centre”, incorporating a new Yeerongpilly Green sales and display suite.
“The $5 million building will be completed mid-2019 and will be used as an experience centre incorporating a sales and display suite ready for our sales launch on 3 August at which our first 91 apartments and 10 townhomes will be formally released,” Consolidated Properties chairman Don O’Rorke said.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said the recent completion of more than five hectares of parklands, new pedestrian-friendly pathways and new roads at Yeerongpilly Green had put the development on show to the public.
“Around 90,000 people recently attended the Brisbane International tennis tournament and I’m sure they would have been delighted with the progress and change this urban renewal project has brought to the area,” Dick said.
“With new parklands, new pedestrian-friendly pathways and new roads complete, Yeerongpilly Green is already putting on a show, and this highly-anticipated retail precinct with the new Woolworths will form the heart of the project and provide the shopping experience an urban renewal project of this scale merits.”
Around 50 or so buildings once stood on the 14 hectare site which runs along the Brisbane River between the Queensland Tennis Centre and Yeerongpilly Railway Station, with only a few heritage buildings still remaining which will be incorporated into the project.
Construction for the entire project is anticipated to take over 10 years and will generate around 6,600 construction jobs with The Palaszczuk Government committing $30 million towards the creation of parks, plazas and infrastructure at Yeerongpilly Green.
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