This article is from the Australian Property Journal archive
DAVID Devine’s Metro Property Development has gained development approval for $80 million apartment project in South Brisbane.
The Plaza development on the corner of Russell and Manning Streets and comprises 168 apartments.
The project will take the value of Metro’s approved apartment developments in Brisbane to more than $400 million with 1,337 units under construction or approved for development in inner-city Brisbane and a further 950 apartments in the pipeline.
Devine said the approval of The Plaza was a significant milestone for the South Brisbane area. Designed by renowned architects Deicke Richards, the 12-level building will offer a mix of one and two bedroom apartments, ranging in price from $330,000 to $575,000.
“We believe South Brisbane will continue to build on the reputation it has established as one of the city’s most popular lifestyle hubs. With its proximity to schools, universities, hospitals, major entertainment venues and access to major transport, it is a great opportunity for buyers and investors.
“Apartments in the area are definitely undersupplied and there is great demand for an affordable, quality product that is sophisticated and stylish. The Plaza represents an unmatched opportunity to invest in this fast-growing area,” he added.
Metro Marketing director Ken Woodley said more than 200 registrations of interest had already been received for the project.
“With more than 26,000 white collar workers in the area and more than 80,000 students attending universities and colleges within the local catchment we anticipate demand for The Plaza from the local market will be very strong,” he said.
Resolution Research & Strategists Managing Director Diana Howes believes that the South Brisbane apartment market is chronically undersupplied.
“Taking into consideration the forecast increase in resident population in the South Brisbane/West End neighbourhood plan it is evident that this market is currently chronically undersupplied and will remain so until such a time as significant development and construction is undertaken to service demand,” Howes said.
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