David Devine's Metro adds new notch to its belt with Newstead acquistion
David Devine is continuing to grow Metro’s $1 billion development portfolio of more than 2,000 apartments in Brisbane with the acquisition of a Newstead site for around $10 million.
Located on Longland Street, the 4,191-square-metre site sits adjacent to the 6.4-hectare Gasworks development.
Metro has plans to build two residential towers featuring more than 300 apartments, with an end value of $180 million.
The Newstead Towers will be Metro’s seventh project but its first venture into the suburb.
“Newstead is a vibrant suburb that has seen tremendous growth in the past 10 years,” says Metro managing director Luke Hartman.
“Commercial businesses, retailers and residents are increasingly attracted to the area due to its inner-city location; access to the airport, transport and major arterial roads; and its proximity to the shops, cafes and restaurants of the Emporium and James Street Precinct in Fortitude Valley.
“Buyers are increasingly looking for lifestyle properties in the inner city and we believe this property is in the perfect position to capitalise on this growing demand.
“The site is definitely one of the best infill development opportunities to become available in the current market and we are excited about all of the possibilities,” says Hartman.
Upon completion, the $1.1 billion Gasworks development by FKP will include seven buildings offering 17,000 square metres of retail, 103,500 square metres of commercial space and around 750 residential apartments.
The Gasworks precinct is part of the $8 billion multi-staged Newstead Riverpark development with a Waterfront precinct by Mirvac.
“With the culmination of this linkage over coming years it is anticipated that residents and workers in the area will have access to the highest level of amenity and services on offer within Brisbane,” says Metro marketing director Ken Woodley.
The Newstead sale was negotiated by Regan Baker of Wright Property.
Metro will submit a development application in early 2014.