Developer Metro Property Development has finalised its purchase of a residential-zoned site on Manning Street, in the inner-city suburb of South Brisbane, and plans to build a 400-unit development.
Plans for the 30-storey tower, located within 500 metres of Metro’s other South Brisbane development’s The Plaza in Russell Street (pictured) and Brisbane Casino Towers (Hope Street), will be submitted for Development Approval in June. Project settlements will contribute to Metro’s earnings growth in FY19.
Metro CEO and Managing Director, Luke Hartman, said the site was a very attractive purchase given the success of The Plaza and the area’s proximity to Brisbane’s CBD.
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“The Plaza has been one of Metro’s most successful projects and demand for quality apartments in the area is still high. The area of South Brisbane offers the perfect mix of inner-city location and lifestyle, two of the major drawcards for our buyer market,” Mr Hartman said.
“We are confident of strong interest from local and overseas investors keen to buy into something that will deliver them solid capital growth over time.”
A recent report by realestate.com.au found that South Brisbane was the most searched for suburb in Queensland by potential investors, highlighting the area’s desirability as a location to buy.
“Our Manning Street site is walking distance to the city, with Brisbane’s Cultural Precinct and the buzzing vibe of West End bars and restaurants right on the doorstep,” Mr Hartman said.
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Sales and marketing of the Manning Street development will commence in November this year with construction expected to start in June 2016 and settlement anticipated for December 2018.
The 400-unit development is hot on the heels of the Company’s Brisbane Casino Towers located in Hope Street, South Brisbane. The sales and marketing of this project will commence later this month and settlement of the 378 units will occur in FY18.