This article is from the Australian Property Journal archive
DEVELOPER David Devine’s Metro Property Group has broken the $1 billion barrier, by securing a large site in Brisbane’s Fortitude Valley.
Metrol has bought a 12,854 sqm site on the corner of Water and Brunswick St and has unveiled plans for a $450 million mixed use precinct featuring more than 750 apartments and retail and commercial, in what will be one of the city’s best large-scale development sites.
The project is expected to be developed over five years from 2012.
The development, which sits at the entrance to the $2.9 billion RNA redevelopment, will be a blend of architecture from two of Australia’s leading practices, bureau^proberts and Deicke Richards. The mix of apartments will have views over the RNA and around to the CBD and Brisbane river. Onsite amenities will enhance the village experience.
Devine said this project takes the group’s total portfolio over the $1 billion mark and Metro has already achieved considerable success with its first two projects – The Chelsea Bowen Hills– where it has just 16 apartments remaining for sale and Madison Heights.
The new Fortitude Valley site was purchased from a private vendor with the acquisition due to be settled in early 2012 subject to a number of conditions, including the successful approval of a development application. The transaction was negotiated by Engage Capital’s Daniel Holden and Martin Pavlik.
Devine said the location of the site within the ULDA was one of the key factors influencing Metro’s decision to acquire it.
“We have worked with the ULDA on a number of projects and believe they have struck the perfect balance within their planning and approvals processes to ensure the Valley is developed in a way which is sympathetic to existing residents and businesses while maintaining a focus on affordability for new residents,” he added.
The company has also launched its first residential development in Melbourne following the $10.2 million acquisition of a highly prized site on Orchard Rd at Doreen. The 8ha site is about 30km north-east of Melbourne in the Mernda region and is expected to yield about 175 lots.
Australian Property Journal
