$40 Million Retail-Residential Development Approved for Mt Gravatt

Matrix Property Consultants has received development approval for a $40 million retail-residential project in the south Brisbane suburb of Mt Gravatt East.

The six-storey development will be an integrated facility including 3700 sqm of retail space and 37 apartments as well as more than 200 car parks. It will have a 140 metre frontage to Cavendish Road.

Owner and Managing Director Varouge Patapan said the project was well positioned between the TAFE Mt Gravatt campus and Setons Secondary School College.

"[This development] will provide a unique blend of retail and residential accommodation as a counterpoint to the inner city developments activity areas of West End, Woolloongabba, Albion and Newstead," Mr Patapan said.

"Our vision was to establish a keystone retail amenity for the benefit of the adjoining TAFE campus as well as the broader local community that will provide a unique retail experience similar to a European markets style and ambience with a particular focus on the quality food experience currently missing in Brisbane."Mr Patapan said the development would also contain a medical and wellness centre to complement this lifestyle focus.

He said the residential component was well positioned to provide either retirement living or student accommodation or general residential accommodation.

"We have worked closely and collaboratively with the local authorities to ensure the project meets with the highest urban design standards and provides for a unique integrated mixed use facility for the benefit of local residents," Mr Patapan said.

The project is scheduled to commence in July 2015 and will be developed and managed by Matrix Property Consultants.