ARIA MEETS GABBA DEMAND
29 September 2014,
ARIA Property Group has responded to Woolloongabba demand with plans for a 7,100 square-metre mixed-use development.
The developer has purchased two adjoining sites in the area in separate transactions to a sum of almost $10 million, one site from Brisbane City Council and the other from Nazareth Lutheran Church of South Brisbane.
The council site stretches 4,403 square-metres and Nazareth Lutheran Church occupied a 2,667 square-metre site.
Associate director of residential at Colliers International Brendan Hogan marketed the sites in the area that his company sees much potential based on growth forecasts.
“The area is seeing a forecast population growth of 5.2 per cent per annum (compounded), with the increased demand likely to drive capital growth opportunities,” says Hogan.
“There has been strong demand for sites such as this with developers and investors drawn to Gabba’s mixed use precinct due to its great inner city location and strong investment conditions with low vacancy rates and solid rental yields.
“Aria jumped at the opportunity to buy the ready to develop sites which are strategically located in the heart of the Woolloongabba urban renewal area.”
Aria Property Group’s Brett Liddell, who manage residential development projects, says the site is aptly positioned to benefit from key infrastructure, and retail and entertainment amenities, and can also be leveraged for CBD views.
“Our plans are to develop four distinctly different medium rise residential buildings,” says Hogan.
“We want to give them their own identity architecturally and separate them into their own body corporates.
“The laneway will also provide a link into the central private resident gardens located between the buildings which will include private lawns, pool, gym and BBQ facilities.
“Both sites are elevated with potential CBD views, are near the Woolloongabba busway station, Clem7 Tunnel and South-East Freeway and are surrounded by a substantial retail and entertainment amenity.”
Colliers International’s Brendan Hogan says the council site was promoted in a national campaign that attracted more than 80 enquiries and nine offers, while the Nazareth Lutheran Church of South Brisbane site was sold to the developer off market.