Alceon Lodges Plans for $200m Albion Precinct

Boutique fund manager Alceon has lodged plans for a $200 million mixed-use development on the site of the 10-storey Tatts Group office tower in Brisbane’s inner north.

The project, located at 240 Sandgate Road in Albion, will see the existing four decade-old building retained and redeveloped, as well the addition of two new mid-rise towers designed by Cox Architecture and Arkhefield.

The existing commercial building will undergo a complete refurbishment and façade upgrade, providing 8,032sq m of office space as well as a 750sq m child care facility.

The precinct will have a residential focus, with a newly-planned building comprising 77 apartments over 10-storeys. The planned 7-storey commercial tower will provide 5,600sq m of office space.

The precinct, dubbed Hudson Common, will take advantage of the 1.1-hectare site and house an open area plaza between the new commercial and residential towers as well as 4,264sq m of retail space throughout the precinct’s podium.

A preliminary approval was granted by local council to the gaming company in 2017 allowing demolition of the existing tower, with plans approved for the development of four residential towers totalling 712 apartments accompanied by 810 car parks.

Alceon, along with its development partner Core Property has put forward a smaller mixed-use scheme, offering increased amenity and transport options in one of Brisbane’s inner-city growth areas.

“We have opted for a masterplan that builds on council’s suburban office business park strategy which interplays commercial land uses with open spaces, clear breezeways and natural sunlight for resident and community engagement,” Alceon director Todd Pepper told The Urban Developer.

“[Looking ahead] we believe there will be a much stronger interest in suburban office nodes with surrounding amenity.”

Core Property Partners director Nathan Andersen said that despite the ongoing effects of Covid-19 on global office real estate, it had remained steadfast in its approach with a focus on amenity and transport the key to winning over tenants in a pandemic-softened market.

“Our approach hasn’t been swayed by the current conditions, and we are confident that the project vision is still in line with demand, allowing us to progress to the construction phase by mid 2021,” Andersen said.

“The precinct has an unrivalled level of transport and connectivity links, together with an abundance of on-site parking and retail amenity, all of which will appeal to many businesses who adapt their workforces in the post-Covid era.

“A childcare centre and gym, together with a bicycle and end-of-trip facility will also encourage convenience, wellness and better support amenities for staff and visitors.”

The project will also feature a large ground floor courtyard to provide office workers with a functional outdoor meeting space.

“Although the second quarter of this year was subdued given the uncertainty, we are currently experiencing more positive sentiment and still maintain a strong level of confidence in the Brisbane market and foresee a solid rebound through 2021,” Andersen said.

Alceon said that pending approval, work was scheduled to commence in 2021, with completion of the entire precinct forecast for late-2022.

Nearby, Brisbane-based developer Geon Property has plans for stage one of its $750 million Albion Train Station precinct redevelopment.

The Albion Exchange development, which will be delivered over 15 years, will repurpose a 4,900sq m state government-owned development site running adjacent to the existing Albion train station.