Melbourne-based developer Accord Property Group has lodged a revised Development Application to build nearly 400 apartments on a 2,300 square metre site at South Brisbane.
Accord acquired the property last year from from developer Angus Johnson for $20 million.
The updated scheme, developed by Cottee Parker Architects, includes 379 apartments comprising 209 one-bedroom, one-study apartments; 132 two-bedroom, one-study apartments; 34 three-bedroom, one-study apartments and four three-bedroom apartments.
The total mix and number of units within the development remains the same as the initial application in 2014.
The revised proposal includes 489 car parking spaces, up from 443 in the original application, and more than 600 bicycle spaces.
Other changes made to the plan to meet Brisbane City Council concerns include:
Accord Property Group was founded by Ross Clarke and Scott McVilly and has a number of current projects in Melbourne and Brisbane, as well as a land subdivision at Agnes Water in central Queensland.
The purchase is the latest in a series of development site acquisitions in the South Brisbane area. It sits opposite the 1 Cordelia Street development which Chinese group R&F purchased from Metro Property Development last year for $46 million.
It is also near Singapore listed Roxy-Pacific Holdings development site at 9 Cordelia Street which was acquired earlier this year for $33.6 million.
The price Accord Property paid amounts to approximately $57,000 per planned unit.