Brisbane-based residential developer
Metro Property Development is well and truly on its way to being a major player in Brisbane’s apartment market.
Founded in March 2010 by long time business partners and Devine Ltd founders David Devine and Ken Woodley, the company has already amassed a pipeline of $900 million of apartment projects in inner Brisbane. The pair have recently merged with former Devine Ltd executive Luke Hartman's Melbourne-based Hartman Corporation, placing Mr Hartman as chief executive officer.
With a focus on well-located and affordable investment-grade product, Metro’s results to date have been extraordinary given Brisbane’s relatively sluggish local apartment market.
Their first foray, The Chelsea at Bowen Hills, is already sold out with construction underway and settlements expected in April 2012. The $85 million project, a joint-venture with Indian property conglomerate Pearls Global, features 195 one- and two-bedroom apartments over 18 levels at approximately $7,000/sqm.
``We have achieved a fair bit in the 18 months we have been in business.”
In addition to acquiring another five development sites totalling over 1,500 apartments, the success of The Chelsea has prompted the developers to bring forward the construction of the 286-apartment $130 million Madison Heights to this month.
``Our target is to do 600 units a year in the inner Brisbane area.''
``We are a marketing company who develop properties rather than a development company who market properties,'' Mr Woodley said.
``We came in post-GFC, we had no bad debts, we had cash, we had the experience and we had the track record. All the ingredients are there for Brisbane to pick up starting in the first half of this year. You can feel the confidence coming back now.''
Metro Property Development’s Project Pipeline:
The Chelsea, Bowen Hills // 195 apartments // 2012
Madison Heights, Bowen Hills // 286 apartments // 2012
Brooklyn on Brookes // 191 apartments // 2013
The Plaza, South Brisbane // 165 apartments // 2013
Broadway, Fortitude Valley // 200 apartments // Awaiting Approval
Water Street, Fortitude Valley // 750 apartments // Awaiting Approval