BPM BOOSTS BRISBANE PRESENCE WITH $8.2M DEAL
Written on the 31 March 2016
BPM has cemented its presence in Brisbane after acquiring two neighbouring sites in Toowong for $8.2 million.
It marks the Melbourne-based developer's sixth project in the river city, which kicked off with Onyx Apartments in West End in 2013.
The transaction follows BPM's recent divestment of its South Melbourne site to Singapore-listed developer Chip Eng Seng, allowing the firm to pursue medium-density projects targeting the owner-occupier market.
The 5984sqm Gladstone Street site was purchased from MAB Corp for $37 million last April, then sold to newly incorporated subsidiary CES Gladstone for $52 million.
BPM founder and managing director Jonathan Hallinan (pictured) says the strategy will help transform the business into a national brand.
"While we are keen to continue pursuing key large-scale projects, such as Shadow Play in South Melbourne, our heritage is in small to medium density developments," Hallinan says.
"We feel there are significant opportunities to apply our luxury approach and design aesthetic to this type of project and the sale of Gladstone Street allows us to capitalise on key opportunities such as Toowong.
"The Toowong project is targeted at the owner-occupier market which follows the success of similar recent projects for BPM, particularly in strong growth markets like Toowong."
The 1500sqm Toowong site represents the amalgamation of two sites, including 15 Archer Street and 628 Coronation Drive.
The project will feature 115 apartments, ground floor retail precinct, rooftop bar and pool, delivered by Brisbane-based architect The NRA Collaborative.
BPM expects to submit its planning application to Brisbane City Council in coming weeks. Project sales will open in September, with construction set to begin in March next year.
BPM has a number of projects under construction in Brisbane, including the $23 million Escent and $15.4 million Black Fold both in West End.