Frasers Property Australia is beefing up its development pipeline, filing to develop an apartment precinct in Newstead as south-east Queensland’s booming market continues to gather pace.
The developer and investor, a subsidiary of Singaporean property giant Frasers Property Limited, wants to build a 16-storey tower with 142 apartments and 10 townhouses on the corner of Chester and Morse streets.
The 3000sq m site, picked up by Frasers Property in July 2021, is currently occupied by two industrial buildings and a carpark.
At the time of the acquisition, Frasers Property said the site had been selected due to its close proximity to Brisbane’s emerging James Street precinct.
The proposed development is aimed at owner-occupiers due to its location—next to the established Gasworks precinct and Brisbane River.
The 15,000sq m, Rothelowman-designed tower will sit above four levels of basement car parking for 250 vehicles, two ground floor retail tenancies and a rooftop pool.
▲ Frasers is planning a new urban plaza as well as number of public realm improvements to deliver enhanced links between Chester Street and James Street. Image: Rothelowman
Running through the centre of the site will be a new pedestrian laneway to connect Chester Street with the greater James Street precinct.
At the rear of the site, along Morse Street, two rows of townhouses are planned, each with its own terrace garden.
The project’s development manager declined to comment to The Urban Developer on the application.
Frasers has sharpened its focus in recent years to undertake large scale mixed-use or multi-stage masterplan projects.
The developer currently has $2.5 billion of capital deployed in Australia—$3 billion with funds partnerships included.
Half its business is invested in traditional land estates and apartment developments, around 20 per cent is invested in mixed-use projects and the remaining 30 per cent holds investments in retail and commercial assets.
Frasers Property is currently delivering its first build-to-rent apartment development on Brunswick Street in Fortitude Valley, not far from the Newstead site.
The $200-million pilot development being offered by the Queensland government will include 354 apartments across a 25-level apartment building.
Frasers Property broke ground midway through 2021 and under a three-year construction program is anticipated to be complete by the end of 2024.
Developers have been quick to move on available sites in and around James Street, a precinct gaining a reputation as Brisbane’s most cosmopolitan fashion and lifestyle hotspot.
The blue-chip precinct sits between the established apartment markets of Newstead and Teneriffe, as well as the city centre.
Queensland developer Forme currently has two development applications, drawn up by Richards and Spence, in front of the council.
At 31 Doggett Street, four blocks from James Street, Forme is planning a boutique residential building containing 22 apartments.
It is also in advanced talks with the council to deliver a five-level office, retail and dining complex on a large amalgamated site between 75 and 85 James Street.
Closer to Bowen Hills, at 99 Breakfast Creek Road, Seymour Group is planning a $600-million residential precinct.
The two-stage project will include eight buildings ranging from 11 to 17 storeys rising from a four-storey podium.
Article Source: www.theurbandeveloper.com
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