Source: Australian Property Journal
Consolidated Properties Group and CVS Lane Capital Partners have unveiled the $850 million masterplan for the Yeerongpilly Green urban renewal project in south west Brisbane.
The developers are looking to transform the 14-hectare riverside site into an urban village and cultural, music and arts hub, with 1,200 residences, 28,000 sqm of commercial space, an 8,750 sqm retail and dining precinct, and 1.8 hectares of parkland.
The first residential stage, comprising three boutique buildings, was released to the market on Saturday with prices ranging from $450,000 to $1.325 million. Two of the building are five levels in height and have just 35 and 56 apartments respectively, aimed at owner occupiers, while the third has ten three bedroom residences in the higher end of the market.
Construction is expected to begin on all three buildings early next year, in line with the anticipated start of work on the neighbourhood retail precinct, and residents could move in as early as 2021.
Woolworths which has already committed to a full line supermarket as the anchor tenant of the centre of the project.
Yeerongpilly Green is the second major urban renewal project in Brisbane for Consolidated Properties Group, following its $650 million Cornerstone Living project in Sunnybank, which is also in partnership with the state government and CVS Lane Capital Partners.
Consolidated Properties Group executive chairman Don O'Rorke said Yeerongpilly Green is in line with the company's plan to focus on residential development in established urban areas where the company's experience "can help to create a positive footprint for generations to come".
O'Rorke said Yeerongpilly Green, which is just five kilometres from the Brisbane CBD, is a prime example with ample connectivity across Brisbane via the Yeerongpilly Train Station and walking distance to the Queensland Tennis Centre, Brisbane Golf Course, Ken Fletcher parklands and Brisbane River.
"This project will have the only corporate office park within five kilometres of the CBD, offering 28,000 sqm of commercial floor space, meaning our residents could feasibly live and work in the community.
"As the community matures we will be introducing more dining and entertainment venues, including a bespoke restaurant in one of the heritage buildings we have retained on site, which is currently our sales and experience centre for the first stage of dwellings."
Meanwhile, a new planning framework for future development within the 19-hectare Oxley Priority Development Area has come into effect after three years of planning and public consultation.
The area will include detached housing on large lots, community facilities, recreation areas and green space, preserved bushland, a childcare centre, and retirement living. Nine hectares within the area has environmental protections placed on it.
The existing C&K Yuingi Community Childcare Centre will be moved from the area's flood zone as part of the redevelopment, with work on a new facility to begin in the second half of 2020.
Stage one plans will be lodged by the end of September and made available online.
In Oxley, a new and permanent home for Yeronga Community Centre is a step closer following approval of a development scheme for the three-hectare Yeronga Priority Development Area.
Economic Development Queensland will partner with a private sector developer to deliver the precinct, and the successful development partner will be announced later this year.
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