This article is from the Australian Property Journal archive
PROPERTY developer BPM has gone shopping in Brisbane following the $52 million sale of its Fishermans Bend site to Singapore’s Chip Eng Seng.
BPM recently offloaded a 6,000 sqm site at 15-87 Gladstone St South Melbourne for $52 million after buying the landholding only 11 months ago from MAB Corporation for $37 million.
BPM this week used the capital windfall to purchase two neighbouring sites in Toowong for $8.2 million. The 1,500 sqm Toowong site represents the amalgamation of two sites including 15 Archer St and 628 Coronation Drive, acquired following BPM’s direct negotiation with the vendors.
BPM founder and managing director Jonathan Hallinan said the South Melbourne sale allowed BPM to diversify its current focus to medium density projects.
“While we are keen to continue pursuing key large scale projects, such as Shadow Play in South Melbourne, our heritage is in small to medium density developments.
“The sale of Gladstone St allows us to capitalise on key opportunities such as Toowong,” he added.
Brisbane based architects, The NRA Collaborative, has been appointed to deliver the Toowong project, which is expected to comprise 115 apartments, as well as one ground floor retail space, a rooftop bar and pool.
BPM expects to submit its planning application to Brisbane City Council over the coming weeks. Project sales are scheduled to commence in September 2016, with construction anticipated to commence in March 2017.
Australian Property Journal
