Brisbane’s triple tower Fortitude Valley development sees international interest

Brisbane’s triple tower Fortitude Valley development sees international interest
Jennifer DukeDecember 7, 2020

A triple tower residential, hotel and retail precinct in Fortitude Valley has been approved by Brisbane City Council, and is seeing international interest.

Perth-based development consortium Twin Ocean Group and Sunfire Asset are behind the creation at 188 Wickham Street, adjacent to Chinatown Mall, which will be of an end value of approximately $250 million.

The site has been static for more than two decades, and the new development on 3,000 square metres will include two residential towers, a high-rise hotel and a ground floor retail arcade linking the buildings. In total, 520 residential apartments and hotel rooms will be built.

International hotel chains have enquired about the 25-level hotel, which will include 198 apartments. A formal marketing campaign has not yet begun.

Meanwhile, overseas, local and interstate investors have submitted expressions of interest for the residential apartments. The first stage, which includes 187 apartments, will begin in the third quarter of this year.

In this stage, one-bedroom apartments will be available for purchase from $375,000 to $450,000. Two-bedroom apartments will cost $555,000 plus.

Twin Ocean Group managing director, Tim Jones, said that they have been planning the project for more than 18 months.

“Our award-winning architects, Nettletontribe have drawn on their intimate knowledge of designing world-standard mixed use projects and the result will be an attractive investment for apartment buyers and retailers looking to live or do business, less than one kilometre from Brisbane’s CBD,” Jones said.

“Being located on Fortitude Valley’s southern perimeter, 188 Wickham Street will not only be a landmark development but act as the focal gateway into the Valley and Chinatown Mall. Our location is also very convenient being within walking distance to Brisbane’s business district and within a 200-metre radius of bus and train networks.  It will be an attractive proposition for Brisbane’s professional rental market.”

 

The site will include a residents’ lounge with Wi-Fi hot desks, a gym and a pool deck.

The first of the three towers to be built is the 30-level residential building with three podium decks, 187 one- and two-bedroom apartments and rooftop terrace.

The retain arcade expects to see international brand name retailers, dining areas and green walls.

The 25-level hotel will include 198 studio rooms, and the 24-level residential tower will include 135 apartments. These will be one- and two-bedroom offerings.

The project is expected to be complete in 2016.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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