South Australian developer Urban Construct Group has continued its aggressive push into Brisbane's burgeoning apartment market by lodging a proposal to build a 6 tower mixed use residential scheme in Woolloongabba.
The site is comprised of an amalgamated 1.5 hectare parcel consisting of a 4,670 square metre former Toyota Service Centre at 79 Logan Road and a 9,358 square meter car dealership located at 44 Ipswich Road and 33 Jurgens Street.
Woodhead-designed proposal will involve 6 towers of up to 16 levels with podium level retail, restaurants and a total of 1,026 residential apartments.
The Ipswich Road site consists of 2 separate towers above a podium, with basement carparking. Street activation to Ipswich Road is provided by a podium with retail tenancies off a covered pedestrian plaza. Access to the basement parking is at a lower level off Jurgens Street. Landscaped community areas are provided at the podium level between the towers.
The Logan Road site consists of 4 separate towers above a podium, with basement carparking. Street activation of Logan Road is by the provision of retail tenancies at street level.
The podium level landscaped community areas include a swimming pool.
Urban Construct Group has approximately 2,000 inner-city Brisbane apartments in its current project pipeline, with a further 2,200 apartments, townhouses and allotments to be delivered in the broader South East Queensland corridor over the coming years.
Joint Managing Director Todd Brown
previously told TheUrbanDeveloper.com that he thinks the Queensland property market is bouncing back.
“Queensland is once again the state of opportunity. With a stable local political environment, solid population growth, high infrastructure spend, low interest rates, strong Melbourne and Sydney markets and some noticeable pent up demand, all the fundamentals point to strong years ahead,” Mr Brown said.
“Owner occupiers are now starting to take advantage of the incentives on offer and low interest rates are forcing investors out of cash and chasing yield, with residential property the preferred investment,” he said.
Urban Construct is building on its $2.5 billion completed Adelaide portfolio which includes over 3,500 units and 80,000m2 of commercial development.
It is behind two of South Australia’s most significant developments, including the completed $600 million ‘Holdfast Shores’ redevelopment of the cosmopolitan Glenelg foreshore and the $1 billion ‘The Precinct’ project, Adelaide CBD’s largest mixed use redevelopment.