Brisbane's Olympia on Russell apartments receive development approval
The single tower development on Russell Street been approved by the Brisbane City Council after numerous delays.
Olympia on Russell is a joint venture between Girdis Group and the Greek Orthodox Community Church of St George Street South Brisbane.
The project has been held up in the approval process, with some controversy over the destruction of the Hellenic House on the site.
After 18 months, the project has now been approved.
The $40 million development in in Brisbane's West End will have 65 one, two and three bedroom apartments, starting from $380,000. The most expensive apartment will be priced at $1,135,000.
According to Place Projects, who are marketing the properties, at least 42 contracts have been issued for the development.
Place Project's Syd Walker said South Brisbane "has the potential to outgrow all other inner-city Brisbane suburbs over the next 20 years".
"The market is in hot demand at the moment and we predicted strong interest from the start," said Walker.
"The extraordinary levels of interest achieved for the development shows the demand for a quality, boutique product located in the South Brisbane precinct. South Brisbane is home to all the economic and demographic drivers required to achieve long term capital growth, and we know that the rental demand for this new development is set to be unprecedented."
There will be 18 one bedroom apartments, 39 two bedroom apartments and eight three bedroom apartments available to purchase in Olympia on Russell. Their sizes will range from 54 square metres to 151 square metres.
Developer Girdis Group is Brisbane based and has been specialising in property development and asset management since 1958. The group is headed by Nick Girdis, a former dentist, and has completed more than 100 projects.The project was designed by architects Cameron Chilsolm & Nichols.
