A 6,827 square metre site in Bulimba has been officially settled for the construction of Di Carlo Property Group's $50 million "Tribeca Terraces" project.
The Brisbane developer acquired the site for $11.5 million from Nemies Farm Pty Ltd in a deal that settled 14 August, and will look to commence demolitions 1 November to make way for project construction.
Comprising 53 freehold residence, the Bulimba property stretches across an entire city block from Banya Street to Johnston Street. It is currently occupied by a Fort Knox storage facility which will be demolished to make way for terraces.
[Related reading: Di Carlo’s Tribeca Terraces Offering Upmarket Living In Bulimba]
Di Carlo Property Group's TriBeCa Terraces.
According to the developer, the project has already attracted strong interest from owner-occupier buyers ahead of its official launch to the market in September.
Di Carlo said 90 per cent of the pre-launch sales had been to owner-occupiers from within a five kilometre radius of Bulimba.
“The ongoing level of demand for quality product in Bulimba is one of the reasons why we have focused on this area of late,” he said.
“In recent times, Bulimba has undergone an urban renaissance and we have shaped Tribeca to suit the more discerning buyer that are increasingly drawn to this unique pocket of inner Brisbane.”