FULL STEAM AHEAD FOR ALBION MILL
Written on the 12 February 2015 by Laura Daquino
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.