A major urban renewal project in Brisbane’s south continues as the first residential stage of the $850 million development project has launched to market.
Spanning a 14-hectare site, Yeerongpilly Green, described by the Queensland government as “an exciting urban village” is under way by developer Consolidated Properties Group and CVS Lane Capital Partners.
The regeneration project, located five-kilometres from Brisbane’s CBD, will comprise 28,000sq m of commercial space, an 8750sq m retail and dining precinct, and 1.8 hectares of parkland space, with plans for 1200 dwellings to be constructed.
Consolidated Properties, led by Don O’Rorke, won the government tender to develop the Brisbane riverside site in 2015.
When completed, the precinct will be home to 3000 new residents, a range of commercial and retail businesses, and up to two-hectares of parklands.
The launch to market of three boutique buildings marks the first public release of the residential stage, with O'Rorke describing the buildings’ as designed with owner-occupiers in mind.
Park House and Garden House, which are both five levels in height, comprise 35 and 56 apartments respectively. While Green Terraces will comprise ten, three-bedroom residences.
O'Rorke says the Yeerongpilly project is in-line with the company's plan to focus on residential development in established urban areas.
“After 40 years in development it’s my view that we need to be enriching amenities and social infrastructure through redevelopment in our existing communities, rather than contributing to sub-urban sprawl,” he said.
The Yeerongpilly project is the second Brisbane urban renewal project for Consolidated Properties Group, following the $650 million Cornerstone Living project in Sunnybank in Brisbane’s south, which is also in partnership with state government and CVS Lane Capital Partners.
“We expect to commence construction of all three buildings early next year... [so] the first residents could move in as early as 2021,” O’Rorke said.
In nearby suburb Yeronga, a development scheme for the Yeronga Priority Development Area (PDA) on the old Yeronga TAFE site has been approved.
The scheme will act as a framework to transform a three-hectare site into an integrated mixed-use community and residential precinct.
Economic Development Queensland said it will partner with a private developer to deliver the precinct, with the successful development partner to be announced later this year.