This article is from the Australian Property Journal archive
FRASERS Property Australia continues to grow its Queensland pipeline, after acquiring a 3,016sqm development site in Newstead.
Frasers has proposed plans for the property, that comprise of a mix of apartments, terrace homes and an urban plaza, in addition to public realm improvements.
“Not only is this site well-positioned to provide future residents easy access to James Street, but it is also located close to The Gasworks precinct and Brisbane River,” said Cameron Leggatt, executive general manager of development at Frasers.
The site, sitting on the corner of Chester and Morse Streets, is well-connected with direct access to Brisbane’s emerging James Street fashion and lifestyle precinct.
“The revitalisation of the Newstead and Teneriffe precinct in recent years has made it one of Brisbane’s most desirable lifestyle areas. This strategic acquisition enables us to bring our expertise to enhance the precinct’s new future,” said Leggatt.
Frasers’ current development pipeline across the state includes residential developments at Brookhaven, Hamilton Reach, Keperra and Minnippi Quarter, as well as the group’s build-to-rent in Fortitude Valley.
“Given the strong demand for homes in south-east Queensland, we look forward to creating a place that leaves a positive legacy in the community and brings much-needed housing choice to the locality,” added Leggatt.
Elliott O’Shea, Tim Jones and Sam Byrne from JLL negotiated the off-market deal, prior to the launch of a formal campaign, on behalf of the private vendors.
“This is one of the best remaining sites in the highly sought-after James Street precinct. We would like to congratulate both of our clients, the private vendors and Frasers Property, on the transaction and we look forward to seeing this exciting project come to life,” said O’Shea.
Frasers expects to finalise its designs and receive approval over the next six months to a year, with new homes anticipated for a mid-2022 launch.
Last month, a 5,272sqm Newstead mixed-use development site, at 56 Breakfast Creek Road, hit the market for the first time in 60 years, with other recent activity in the area including RF Corval’s acquisition of a metropolitan office asset on 33 Longland Street for $20.5 million and Mirvac’s launch of the $180 million four stage of its $1 billion Quay Waterfront Newstead at 57 Skyring Terrace.
