High-end boutique apartment project to rise at West End amid renewed inner city development focus
Brisbane’s West End is to get another multistorey apartment building as developers shift focus to meet demand for high-end, inner-city boutique residential projects.
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THE only way is up in Brisbane’s West End.
Another multistorey apartment development has been approved for the city fringe precinct, further boosting the pipeline of high-end, inner-city Brisbane boutique residential projects.
The five-level development — to be known as ‘Amersham, West End’ — will comprise 24 luxury two, three and four-bedroom residences targeted at owner-occupiers.
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Brisbane-based Di Marco Group, in a joint venture with Singaporean developer TG Development, swooped on the 1325sq m holding at 8-10 Amersham St in a $4.1 million deal.
It is their second residential development foray together, following the $3.85 million acquisition last year of a 486sq m site at 466 Ann St to develop the first boutique apartment building in the CBD for almost two decades.
The West End project has been designed by award-winning local architecture firm Arkhefield and will feature a gross floor area totalling 4157sq m.
Adam Rubie and Brendan Hogan from Colliers International negotiated the sale of the Amersham St site, which is zoned ‘low medium density residential’.
Di Marco Group managing director Adam Di Marco said the site represented a unique opportunity to capture the “holy trinity” — elevated, northeast facing city views.
“Since 2015, we have worked incredibly hard to secure this incredible site by working in partnership with the vendors, a local family that have owned the property for over half a century,” he said.
“We’re now delighted to be launching Amersham, West End to the local market in the coming months.”
Mr Rubie said in the past 18 months, Brisbane-based development groups had shown a focus on the inner-city sites as they looked to build boutique premium projects in response to market demand.
“Over this time our team has transacted over $30 million worth of boutique site sales within the 5km radius of Brisbane CBD,” he said.
“These developments are high end owner-occupier townhomes or apartments comprising up to 50 dwellings. Buyers are mostly local developers, some interstate and some backed by Asian capital, but based locally.”
Mr Rubie said supply of new apartments in West End peaked in 2017, with about 916 apartments delivered that year. This has steadily decreased with about 187 apartments due to be completed this calendar year.
“Considering the market has matured, this provides developers the opportunity to deliver stock to meet the current demand,” he said.
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