This article is from the Australian Property Journal archive
FKP Property Group is set to start work at the Newstead Riverpark Gasworks development after reaching final settlement and taken ownership the 5.66 hectare site.
FKP bought the site for $42 million in 2003, subject to completion and certification of remediation by the Environmental Protection Agency.
FKP’s Newstead Riverpark project director Peter Rossi said the extended settlement period had provided FKP with the opportunity to work with Brisbane City Council and Urban Renewal Brisbane to revise and improve the masterplan to ensure the delivery of a vibrant, mixed use community.
”Since approval of the original Newstead Riverpark masterplan in 2002, Brisbane’s planning environment has changed dramatically in response to predicted population growth.
“Key planning documents including the South East Queensland Regional Plan, Fortitude Valley Vision and Local Growth Management Strategy all highlight the need for smart developments in appropriate locations,” he added.
The site boosts FKP’s total landholdings within Newstead Riverpark to 6.44 hectares, following strategic acquisitions on Longland Street which creates a single parcel of land.
Rossi said the group’s revised masterplan is due to be lodged in early May.
As part of Newstead Riverpark, FKP will deliver Queensland’s first Six Star Green Star by Design building at 33 Breakfast Creek Road.
The building will be the new corporate headquarters of Energex Limited from 2010. Energex has signed a 15-year lease with options to renew.
“Newstead Riverpark is one such location and provides an outstanding opportunity to deliver higher residential and commercial densities while providing extensive green space, retail amenity and accessibility to public transport,” he concluded.
Australian Property Journal
