Local developers are planning more than $120 million in apartment projects in West End with two major players this week revealing plans for the inner-city suburb.
FKP is planning a $61 million, three-tower apartment complex on the Moreton Hire site near West End’s Davies Park.
Pradella is planning a mix of apartments penthouses, terraces and town houses within three residential buildings as part of its $60 million Tempo complex on the corner of Donkin and Anthony Sts.
Tempo will become Pradella’s fourth project in West End.
Pradella Developments joint managing director David Pradella predicted West End would continue to be a standout performer in the market because its central location.
He cited its continued urban renewal, cosmopolitan feel and access to public transport as other drivers.
FKP is due to settle on its site in August after contracting to buy the 4839sq m site, occupied by Moreton Hire, late last year.
Ken Lucht of Colliers International negotiated the site sale. The price was not disclosed but industry sources said it was about $6 million.
Moreton Hire is planning to relocate its businesses to the Colly Cotton premises at the Port of Brisbane, but will stay on at the Musgrave and Buchanan St site for six months.
FKP’s residential development manager Matthew Miller said about 129 apartments offering CBD and Brisbane River views would be built on the Buchanan St site.
Donovan Hill has been appointed as project architect to design a three-tower complex which will also include a basement carpark, pool and gymnasium.
Mr Miller said FKP was “exploring all options” regarding building height and plans to lodge a development application in August.
“Given the Draft Southeast Queensland Regional Plan and its requirement for higher density living, we believe an area like West End provides the ideal opportunity to transfer former industrial sites into prime residential, higher density offerings,” he said.
West End’s new draft local are plan, was released for public consultation this week. The draft plan, was released for public consultation this week. The draft plan essentially limits the height of buildings to seven levels in the precinct where FKP is planning its as yet unnamed projects.
FKP launched its first West End project, Soho, in 2003. The $33 million development comprising 94 apartments is under construction and scheduled for completion in August. Mr Miller said there were only six apartments left for sale in Soho.
“West End is a key redevelopment area,” he said.
“Its proximity to the city, combined with access to a variety of retail and restaurant facilities makes it attractive to investors and owner occupiers alike.”
Town planner Jeff Humphreys said high quality apartment developments of the type being planned by FKP were exactly what would be needed to meet and advance the objectives of the regional plan.
“West End offers on of the best opportunities for Brisbane City Council to achieve the residential infill targets that have been set in the regional plan.”
Other developers are stepping up plans to roll out residential developments on former industrial sites between Montague Rd and the Brisbane River.
Stockland Group this week appointed Baulderstone Hornibrook as the builder of its $90 million Koko development with work to start this month.
The Koko apartment development consists of 112 apartments in three building ranging in size from four to seven levels, all designed with a focus on river, city and garden views.