This article is from the Australian Property Journal archive
HONEYCOMBES and MaxCap have passed a 70% sales target at their Brisbane off-the-plan luxury apartment project, The Fernery at Ferny Grove Central.
The joint venture development, which is comprised of 82 luxury, one-, two- and three-bedroom apartments, is the major residential component of the $140 million Ferny Grove Central landmark urban renewal project.
“We see this as a very important urban renewal project for Ferny Grove and for Brisbane’s north-west and we’re passionate about projects that breathe new life into communities and that create a neighbourhood village atmosphere with all modern amenities that people want,” said Peter Honeycombe, managing director at Honeycombes Property Group.
With the urban renewal project, Ferny Grove Central is set to be transformed with a new transit oriented development, combining apartments, a retail centre and an entertainment precinct with transport connectivity.
“Honeycombes is delighted that The Fernery has reached the 70% sales milestone so quickly and we see that as a massive vote of confidence by buyers in the project, the quality and the appeal of The Fernery,” said Honeycombe.
85% of all sales at the Fernery so far have come from local from surrounding suburbs, with 70% of sales made by owner-occupiers, with apartments starting at $349,000.
The project is now on track to be sold out before total completion, with pre-construction being delivered Broad Construction, a subsidiary of CPB Contractors of ASX-listed CIMIC Group.
The development will create 800 full time jobs, with around 285 directly to the construction of the project.
The phased construction of Ferny Grove Central will include the construction of the multi-level commuter parking complex for the railway station park and ride car park in Stage 1 and construction of The Fernery and Ferny Grove Central retail complex in Stage 2.
Back in May, Honeycombes secured both Woolworths and Dan Murphy’s as long-term anchor tenants at the Ferny Grove Central development.
Financing for Stage 1 will include $9 million from the Queensland Government and $11 million from the Federal Government’s Urban Congestion Fund.
Completion of Ferny Grove Central is currently anticipated for late 2023, with construction expected to span 28 months.
