MONARC, a one-hectare precinct in the heart of Brisbane’s Everton Park, is set to become Brisbane’s next destination precinct.
Local Brisbane developer Rogerscorp, in collaboration with Woolworths, will be redeveloping the strategic land holding at 768 Stafford Road, Everton Park.
According to Simon Rogers and Oliver Bagheri, Directors of Rogerscorp, each of the five stages are due to be settled over the next three to four years, allowing sufficient time to create a vision for the site that can be realised over the short to medium term.
“The most unique thing about what we’re doing with MONARC is that we’re creating a destination precinct that doesn’t have to be realised in today’s market. We fully appreciate the current development climate and are solely focused on investing time and money in the design to ensure the precinct is positioned for Brisbane’s next wave of economic growth,” Mr Rogers said.
“Since there are a number of development approvals to be obtained to ensure the vision can be fully realised, Woolworths has provided some flexibility in terms of project timing, which we can then pass on to interested parties – both tenants, developers and investors alike.
“This flexibility with timing will not only help us deliver the project in line with the completion of some of Brisbane’s largest infrastructure projects (Queen’s Wharf, Howard Smith Wharves, Brisbane International Airport second-runway), it will also allow us to firmly set our efforts on creating a landmark precinct that will appease all stakeholders – State Government, Local Council and the broader local community.”
The 768 Stafford Road precinct is approximately 1.1 hectares and is fully serviced by road connection, sewer, storm water, water, electrical and planned NBN connectivity.
“Our vision for MONARC is to create the medical/retail hub which will serve well as a catalyst to encourage future investment into the precinct – expected from residential, retirement, aged-care, child care, commercial and other developers active in Brisbane’s middle-ring,” Mr Bagheri said.
“With more than 40,000 vehicles passing the proposed medical/retail hub daily, we have received strong interest to date from a range of tenants as well as owner-occupiers who recognise the strength of our vision.
“Over the next few months we will be investigating and exploring other domestic and internationally successful mixed-use destination precincts from which we hope to draw inspiration to underpin our final vision for the precinct.”
Rogerscorp expect to be lodging the preliminary Development Application (DA) and a Reconfiguration of Lot (ROL) within the next three months. With the current timeframe of the project, the first stage of the precinct – a 3 storey commercial and medial building – is set to be completed by 2019, with the following stages being delivered each year following.
CBRE’s Chris O’Driscoll, Darren Collins and Anna Dunworth are the precinct’s exclusive appoint agents and are seeking offers to purchase or Joint Venture Stages 2, 3, 4 and 5 – with offers to lease Stage 1.
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