100 Barry Parade, Fortitude Valley, Brisbane

The Group acquired the property at 100 Barry Parade, Fortitude Valley in September 2016 with a Development Approval in place. The Barry Parade site is currently comprised of a number of single storey commercial/industrial units together with an operational service station and is occupied by two tenants on a monthly holdover.

As the market has become more discerning and is seeking a superior, larger product that fits with both life style and investment expectations, the group decided the development approval required reconfiguration. In October 2017 a new development approval was granted for a total of 492 units over 2 towers. The north tower of 26 stories (216 apartments) and a south tower of 37 stories (276 apartments). The units approved have been enhanced to offer larger more functional layouts consisting of 1, 2 and 3 bedroom apartments. The major change has been to reduce the typical floor area while increasing the height. This has allowed larger apartments but fewer per floor with a higher level of resident amenity.

Although formally in the suburb of Fortitude Valley it is nestled at the border of Spring Hill and at the most southern point only separated from the CBD by Boundary St. The property is excellently positioned as a gateway between the CBD and the second busiest employment zone of Fortitude Valley. The property offers uncrowded views from many aspects, excellent public transport and adjacent to a high level of amenities including private schools, public gardens and retail.

The Group’s development planning is to launch the 26 level Stage One (basement and North tower) in mid to late 2018 followed by the launch of the 36 level South tower around late 2020. The overall construction period is expected to extend from mid 2019 through to the early of 2023.

207 Wharf Street, Spring Hill, Brisbane

The Group acquired the property at 207 Wharf St in Spring Hill in early 2016. The precinct is at the northern edge of the CBD and due to the natural constraints of the Brisbane River is the area designated for the future extension of the CBD and high density development.

The property was purchased as an existing four storey commercial building occupied under lease by the Australian Federal police. Their lease expired in mid-2017 and the building is now partly occupied by short term commercial tenants while the Group prepares for future redevelopment.

Due to the historic character of the precinct and the unique benefits of being positioned on the highest inner city area in Brisbane, the Brisbane City Council planning has involved lengthy public consultation to finally resolve new planning controls for the accepted building form and urban renewal program. This new planning control, known as the Spring Hill Neighbourhood Plan, has been adopted by Council and is awaiting ratification by the State government. This will allow an “as of right” development for a 30 storey tower for residential, hotel or commercial use.

While ratification of the final gazetting of the new Spring Hill plan is still pending, various options for maximising use and development approvals are being undertaken.