Australand has signed on to a $232 million urban renewal project in Brisbane with Honeycombes Property Group. The joint venture is Australand’s first Queensland project since merging with the Singapore-listed Frasers Centrepoint Group.
Australand has signed on to a $232 million urban renewal project in Brisbane with Honeycombes Property Group.
The joint venture is Australand’s first Queensland project since the Singapore-listed Frasers Centrepoint Group took over in 2014.
The apartment project will be built across a 1.2 hectare site, which was acquired by the Queensland government, at Coorparoo. The transport-oriented development, on Old Cleveland Road, will be known as Coorparoo Square and is about four kilometres from Brisbane’s CBD.
A former Myer building, now regarded as an eyesore, will be demolished to make way for three towers ranging from 11 to 17 storeys. The towers will house more than 360 apartments plus 7000 square metres of retail space with restaurants, cafes and a 10-theatre cinema complex. The residential component will include penthouses, two swimming pools and a tennis court.
Architectural firm Conrad Gargett Riddel won a design competition for the project. The Queensland government selected Honeycombes for the urban renewal project after shortlisting three contenders in 2011 and the Brisbane City Council approved the plans in October 2014.
Work will begin in February and the project will be delivered in stages. Completion is expected by the end of 2018.
Australand’s Queensland general manager for residential property, Cameron Leggatt, said the joint venture signing showed the group’s confidence in the South East Queensland market and focus on mixed use, transport-oriented development.
“There hasn’t been much new development along this corridor in the last three to five years,” he said.
“There has been a rise in the existing housing market and that has had some flow-on in demand for new product. We’re seeing a lot of investors looking to buy apartments, but also a lot of downsizers wanting to live locally.”
The Townsville-based Honeycombes Property Group has a $800 million-plus workbook of active projects in Queensland. Managing director Peter Honeycombe said forging a partnership with Australand was a logical step for the group.