FULL STEAM AHEAD FOR ALBION MILL

Written on the 12 February 2015 by Laura Daquino

FULL STEAM AHEAD FOR ALBION MILL AFTER seven years of sitting dormant, construction has finally commenced at the historic Albion Mill Village on the $110 million The Hudson development.

Two months after taking ownership of the site from Brisbane-based Aveo Group (ASX: AOG), Twin Ocean Group has begun developing the 15-level, 164-apartment standalone site (render pictured) within the Albion Mill Village masterplan in partnership with Hutchinson Builders.

Twin Ocean Group's December takeover was incorporated in AOG'S divestment of non-retirement assets. The company was under contract to AOG for 12 months prior.

The Hudson marks the Perth-based developer's fourth Queensland acquisition, off the back of 188 Wickham Street.

Twin Ocean Group's managing director Tim Jones says his company has secured a Sydney-based equity partner for the project that has helped bring construction forward from the end of this year to the beginning.

This is on the back of reaching a pre-sales target for its dwellings priced between $349,000 and $1.25 million of 60 per cent sold, a large portion comprised of owner-occupiers, and also ahead of an anticipated buyer move-in date during the second half of 2016.

"The fact that we've now reached our pre-sales target of 60 per cent sold, including all of our premium penthouse stock, we have no doubt that committing equity into construction is the right decision given the project's unrivalled location," says Jones.

"It's the only project of its type underway in the area and now that construction has commenced on the site which has lain dormant for some time we are receiving heightened enquiry levels that are expected to increase given The Hudson's proximity to the CBD, established transport nodes and quick access to major arterial roads and airports."

The suburb of Albion, which sits within arm's length of the CBD at 4.6km out, has been zoned by the local government as an 'urban renewal area' based on the Albion Mill that was built during The Great Depression.

Operating until 2004, the Mill was deliberately destroyed by fire in 2013 with the arsonist being sentenced to prison. 

The Hudson is expected to add to the eclectic Albion vibe featuring historic architecture and a string of dining and cafés establishments lining Sandgate Road and forming a tree-lined restaurant row. 



Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm D...

EXCLUSIVE INTERVIEW: MEGAPORT CEO VINCENT ENGLISH ON GLOBAL EXPANSION AND HOW TO SCALE UP A BUSINESS

THE RAPID expansion of Megaport (ASX: MP1) continues with the Brisbane-based company announcing a major partnership d...

BRISBANE ENTREPRENEUR BREAKS BARRIERS IN ECO-BUSINESS

TRACEY Bailey believes that if every person understood the true social and environmental cost of every product the...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter