An approved eight-storey luxury apartment tower in one of Brisbane’s hottest inner suburbs may rise another two storeys under a proposal before the city council.
Alistair Harvey and Simon Gundlach’s HG Developments are behind AIRE Newstead, planned for a 1518sqm site at 25 Maud Street in the inner-north riverside suburb of Newstead.
The bureau^proberts-designed tower plan currently comprises 30 apartments, all two or three bedrooms.
But while the project’s current eight storeys have received planning approval an application to add two more storeys for two penthouses is now progressing through Brisbane City Council's planning processes.
The site is 3km from the Brisbane CBD in what is considered one of the Queensland capital’s best inner-city neighbourhoods.
“The owner-occupier market is always our first priority when planning an apartments as our goal is to consistently deliver luxurious and liveable inner-city apartments in prime locations where people actually want to live,” Gundelach said.
“Newstead North is an area of Brisbane popular with owner-occupiers for its riverside lifestyle and we have designed AIRE to complement the suburb’s features, taking inspiration from the surrounding parkland, the flow of the Brisbane River and all the vibrant places nearby with some of Brisbane’s best dining and shopping.”
Gundelach said the two-bedroom apartments averaged about 160sq m, making them larger than the average on offer in Brisbane.
“When we work with our design team, we are creating homes where we want to live,” Gundelach said.
“That’s why we incorporate extra living spaces, oversized balconies and generous carparking provision at all our apartment developments and at AIRE we are raising the bar even higher.”
Planned car parking is two spaces for all two-bedroom apartments and three or four or the three-bedroom apartments.
The Maud Street site last exchanged hands in June, 2015 for $6.3 million.
HG Developments’ most recent project is the sold-out Alouette Residences Newstead project with 57 apartments across eight storeys, which is currently under construction by Hutchies.
AIRE Newstead marketing manager Adrian Parsons said south-east Queensland’s population growth and lack of a strong new apartment pipeline made conditions favourable for the type of projects HG Developments took on.
“In the current market conditions, we see AIRE as a limited opportunity to purchase a brand new luxury apartment of exceptional quality in one of Brisbane’s best inner-city locations,” Parsons said.
Newstead is a key location for residential projects and investment with Mirvac delivering a 395-apartment build-to-rent project at 60 Skyring Terrace under the Queensland $70-million build-to-rent program.
