Woolloongabba is set to see a 7,100 square metre residential development after Aria Property Group snapped up two adjoining sites for a sum of nearly $10 million.
Brent Liddell who manages residential development projects at Aria Property Group said Woolloongabba is the prime location for this new project, which includes four distinctly different medium rise residential buildings.
“With what is happening around the corner in the Logan Road’s restaurant and antique precinct, the up and coming BaT [Bus and Train] tunnel and its proposed station across the road, we think the area is ripe for a quality mixed use development," he said.
“A landscaped laneway will be developed to provide pedestrian access from Gibbon and Hubert Streets which we will flank with high quality retail offerings. The laneway will also provide a link into the central private resident gardens located between the buildings which will include private lawns, pool, gym and BBQ facilities."
Brendan Hogan, Associate Director of Residential at Colliers International said Woolloongabba is a rapidly expanding urban renewal area which has become a focus for Brisbane-based Aria Property Group.
“There has been strong demand for sites such as this with developers and investors drawn to Gabba’s mixed use precinct due to its great inner city location and strong investment conditions with low vacancy rates and solid rental yields," he said.
“The area is also seeing a forecast population growth of 5.2 per cent per annum [compounded], with the increased demand likely to drive capital growth opportunities.
“Aria jumped at the opportunity to buy the ready to develop sites which are strategically located in the heart of the Woolloongabba urban renewal area.
“Both sites are elevated with potential CBD views, are near the Woolloongabba busway station, Clem7 Tunnel and South-East Freeway and are surrounded by a substantial retail and entertainment amenity."
Aria Property has purchased the 4,403 square metre Brisbane City Council owner site via a tender campaign, and the 2,667 square metre site owned by Nazareth Lutheran Church of South Brisbane was purchased off market.
“The Council-owned site was promoted in a national campaign that attracted strong offshore and local enquiry generating over 80 enquiries and nine offers. At the end of the six week campaign it was sold to Aria Property Group," Mr Hogan said.
“The second adjoining site which also fronts Gibbon Street and Hubert Street was subsequently offered for sale by Nazareth Lutheran Church of South Brisbane and sold off market to Aria,” said Mr Hogan.