Frasers Property has paid $16.5m for a Newstead site for a residential development
A major developer can’t reveal details yet but is looking at building terrace homes at an inner city hotspot to take advantage of nearby James St success.
QLD News
Don't miss out on the headlines from QLD News. Followed categories will be added to My News.
A leading property group plans to plug into Brisbane’s most cosmopolitan lifestyle hot spots with an inner city residential development which includes an urban plaza and public space.
Frasers Property Australia paid about $16.5m for a 3016sq m site on the corner of Chester and Morse streets in Newstead which is currently a carpark.
A mix of high-quality apartments, terrace home options, a new urban plaza and public realm improvements have been proposed for the site that should deliver enhanced links between Chester St and James St — one of Brisbane’s best known fashion and entertainment precincts.
Based on the current schedule, Frasers Property anticipates finalising designs and obtaining approval over the coming six to 12 months with the project set to be launched around the middle of next year.
Frasers Property’s executive general manager development Cameron Leggatt said finding such a large site near James St was a unique opportunity.
“Not only is this site well-positioned to provide future residents easy access to James St, but it is also located close to The Gasworks precinct and Brisbane River,” he said.
“It presents an opportunity to create a boutique, high quality project with a higher proportion of three-bedroom apartments and terrace homes.
“Given the strong demand for homes in southeast Queensland, we look forward to creating a place that leaves a positive legacy in the community and brings much-needed housing choice to the locality.”
The acquisition of the Newstead site complement Frasers Property’s current development pipeline in Queensland, which includes residential projects at Brookhaven, Hamilton Reach, Keperra and Minnippi Quarter.
Additionally, near the Newstead site in Fortitude Valley, Frasers Property is currently delivering a new build-to-rent apartment development on Brunswick Street in partnership with the Queensland Government.
The deal was struck by JLL’s Elliott O’Shea, Tim Jones and Sam Byrne before the launch of a formal campaign.
“This is one of the best remaining sites in the highly sought-after James St precinct,” he said.
“We look forward to seeing this exciting project come to life.”
More Coverage
Cocaine, MDMA, cash: Three charged over massive drug bust
Three people have been arrested and charged over a Sunshine Coast drug bust where police allegedly seized cocaine, MDMA, cannabis and cash.
Townsville begins flooding as some areas face downpours of 500mm+
Townsville is already facing widespread flooding as the region is battered by torrential rains. One resident posted there was ‘flooding everywhere in Townsville’ with bus services disrupted across many routes.