Twin Ocean Group has acquired
The Hudson apartment site at the historic Albion Mill Village in Brisbane, from ASX-listed
Twin Ocean’s Managing Director, Tim Jones said the group, backed by private investors, was delighted with the purchase.
“This is a fantastic site and location and the acquisition is timely given Brisbane’s property market is showing positive signs of recovery after laying dormant for the past seven-or-so years.”
The Hudson site is Twin Ocean’s fourth acquisition in Queensland and in addition to its triple tower development at 188 Wickham Street the company is developing two residential house and land projects in Gladstone and Brookwater, in Brisbane’s west.
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“Compared to the Perth and Sydney property markets, Brisbane is still undervalued and we will continue to identify and secure opportunistic purchases, with an emphasis on Brisbane and East Coast markets,” Jones said.
The Hudson is a stand-alone site within the Albion Mill Village master plan and when completed will comprise 140 one- two- and three-bedroom apartments together with ‘skyhomes’ offering city views.
The first stage is 60 per cent sold representing almost $47 million in sales with all of the penthouse apartment stock sold.
Twin Ocean Group will retain Aveo to manage the project and Hutchinson Builders have been appointed to construct The Hudson with an estimated 19-month build period.
Site works will commence around August 2014.