Metro Property Development has lodged a Development Application for its Brisbane Towers project, a $350 million development located on the Brunswick Central site in Fortitude Valley.
The project will consist of 540 one, two and three bedroom apartments across two 25 story towers, as well as superior residential facilities and 3200 sqm of prime retail space.
Metro Managing Director, Luke Hartman, said the company was in a positive position to maximize future market conditions given demand for the river city is increasing and current stocks are selling at high rates.
“We currently have more than 1,705 apartments under construction across seven towers in Brisbane. These include Canterbury Towers, Newstead Towers, Broadway on Ann, Newstead Central Stage 1 (Aqua) and Brisbane Casino Towers which are all sold out, and the recently commenced Newstead Central Stage 2 & 3 (Laguna and St Tropez) which are more than 80% sold already,” Mr Hartman said.
“Metro has been able to inject significant value into the business in recent months despite our decision to put the IPO on hold. This is particularly positive for us given turbulent local and international markets and hype around real estate in Australia. We couldn’t be in a stronger position.
“Project sell outs in other Metro markets, such as our townhouse projects in Balwyn and Ivanhoe in Melbourne and Kellyville in Sydney, have enabled us to fast track projects in our pipeline.”
Metro’s plans for Brisbane Towers include elevated resort-style pools and gardens, and a rooftop private deck with sweeping views of the Story Bridge and City Skyline.
“The location of Brisbane Towers is one of the best in Brisbane, it’s right in the hub of Fortitude Valley with striking 360 degree views over Brisbane including a birds-eye view of the Story Bridge and only a short 10 minute walk to the centre of the City.”
Mr Hartman said Metro had also bought forward the sales and marketing release of Capri (187 apartments) and Como (197 apartments), the final two stages of Newstead Central, due to strong demand in the area.
“The final two stages of our Newstead Central development will now be releases in September, ahead of our original plan. The demand we experienced for Brisbane Casino Towers, which is now completely sold out, show’s there still significant opportunity for more well-priced high quality apartments in Brisbane.
David Devine, Metro Executive Chairman, said the Brisbane market is buzzing following the Queensland Government’s approval of Echo Entertainment's Casino project.
“The focus is now on Brisbane and its future as one of the world’s leading entertainment and cultural destinations. Demand for inner-city apartments is set to increase following the approval of Echo’s Queen’s Wharf Casino development and this is great news for Metro,” Mr Devine said.
“Metro’s strategic approach to the Brisbane market has been a great success for us – we know the market well and are focused on delivering exactly what’s in demand. Our recent projects have sold out in record time and will deliver strong returns for our business.
“We are in a great position for future growth as we continue to use our market knowledge to successfully develop projects right across Australia.”