The $80 million Stage 1 of West End's residential project Manhattan Terraces will be delivered by June 17, ahead of the entire project’s August 17 completion date.
Last year, private funds manager Qualitas - backed by the prominent Schwartz family and high net worth investors - invested $15 million for an equity stake in the inner-city Brisbane townhouse development, it was reported.
The $15m stake has been allocated to its $200m Opportunity Fund launched last year for private and institutional investors. $78.5 million of stock from the $80 million Manhattan Terraces project has sold to date.
79 lots of the 80-terrace home project sold off the plan, with only a 331sqm four-bedroom terrace home still available. Stage One contains 20 terrace homes.
Brisbane's Most Controversial Inner-City Suburb
Urban Construct Managing Director Todd Brown said Manhattan Terraces’ impact speaks to the quality and uniqueness of the product and the strength of the Brisbane market.
But West End has been plagued with controversy surrounding its residential projects. In January 2008, brisbanetimes.com.au reported news of a “large-scale residential development” set for the Brisbane suburb of West End.
It said the Brisbane developer Pradella had purchased the 3ha Amcor cardboard box manufacturing plant site in the Duncan St area for a rumoured $45 million. Plans included six buildings that would accommodate close to 500 apartments.
In May 2015, a development application was submitted for an $800 million master planned, mixed-use development in West End’s iconic 2.6 hectare Boundary Street precinct. The developers proposed residential towers of between 15 and 25 storeys with a significant retail and commercial component.
In the end, Deputy Premier and Minister for infrastructure, Local Government and Planning Jackie Trad issued a call-in.
But her call-in was the nod of approval for the development, and Sekisui House - a Japanese giant that only entered the Australian market in 2009 - was given the go-ahead to begin the development process. There were, however, some conditions in order to appease the community, mostly around the requirement for significantly more green space.
Meanwhile, MGGMS Group Pty Ltd and FMF Properties’ development at 12 Bailey Street West End was forced to respond to market conditions and made the move to lodge an application to make significant changes.
In order to appeal to its target market, the West End residential project sought to reduce its number of apartments to almost half, from 46 units to 27, and increase the amount of parking space for each unit.
Three Brisbane firms with extensive West End experience – Marc & Co, TVS architects and Jeremy Ferrier Landscape Architect – collaborated on the design for Manhattan Terraces.