This article is from the Australian Property Journal archive
A DEVELOPMENT site in Brisbane’s inner city has hit the market, with plans lodged for a three-tower with more than 1,000 apartments and a mix of retail spaces.
The Newstead Collective, designed by Brisbane-based Bureau Proberts, development application has been lodged with Brisbane City Council, covering a 7,440sqm total site area with frontages to Longland, Stratton and Kyabra streets.
The property incorporates the contiguous sites of 75 Longland Street, 11, 13 and 23 Stratton Street with 22 and 24 Kyabra Street, sitting adjacent to Gasworks Plaza, with similar scale inner city development site having transacted for more than $100 million.
Robert Papaleo, Troy Linnane and James Matley from Colliers have been appointed to exclusively manage an international expressions of interest campaign for the Newstead opportunity.
“Positioned in an unrivalled location, ‘The Newstead Collective’ is a stone’s throw away from the Brisbane River and iconic destinations like James Street and Howard Smith Wharves, offering a variety of entertainment and lifestyle options that will complement the lifestyle aspirations of its future residents,” said Linnane.
The development concept relates to a master planned staged, three-(3) tower project providing 1,001 apartments and 2,713 sqm of ground floor retail uses.
“The apartment typologies vary to include studio, one, two and three bedroom apartment options. The site is poised for a transformative and iconic multi-staged project, suitable for build to rent, build to sell or mixed-tenure as we are seeing emerge in Sydney and Melbourne,” added Linnane.
“Based on historical demand and current supply, inner Brisbane will experience a shortfall of approximately 14,000 new apartments over the next four years, which highlights the chronic housing crisis in Brisbane.”
75 Longland Street was previously earmarked for an Urban Solutions Architects-designed 22-level tower, Oro by Panettiere Developments.
The site represents the last residential development opportunity of scale within the heart of Newstead, with the average sale price for new apartments in inner Brisbane is $1,726,500.
“Due to the strong population growth and the lack of housing supply, with a current vacancy rate of 1.0%, we will continue to see price and rental growth in the Brisbane apartment market for the foreseeable future,” said Matley.
“This development offers an inspired design that creates a thriving urban community around a piazza where residents can live, shop, dine, and relax in Brisbane’s most desirable inner city suburb.”
The development site also sits within walking distance to es Street precinct, the Fortitude Valley entertainment precinct, 3km from the CBD, and 15 minutes drive from Brisbane Airports.
The international expressions of interest campaign for The Newstead Collective is scheduled to close on 1 May 2024.
