Metro lodges $350 million Fortitude Valley residential plan

A $350 million development application has been lodged for two 25 storey residential buildings on the Brunswick Central site in Brisbane's Fortitude Valley.

The Brisbane Towers project, the brainchild of Metro Property Development, consists of 540 one, two and three bedroom apartments spread across the two towers above some 3200 square metres of retail space.

Upon completion, Brisbane Towers will emulate resort living with pools and gardens and a rooftop private deck with views of the Story Bridge and City Skyline.

Metro Managing Director Luke Hartman said the location of Brisbane Towers is one of the best in Brisbane - right in the hub of Fortitude Valley with striking 360 degree views over Brisbane including a birds-eye view of the Story Bridge and only a short 10 minute walk to the centre of the City.

“We currently have more than 1,705 apartments under construction across seven towers in Brisbane. These include Canterbury Towers, Newstead Towers, Broadway on Ann, Newstead Central Stage 1 (Aqua) and Brisbane Casino Towers which are all sold out, and the recently commenced Newstead Central Stage 2 & 3 (Laguna and St Tropez) which are more than 80% sold already,” Mr Hartman said.

“Metro has been able to inject significant value into the business in recent months despite our decision to put the IPO on hold. This is particularly positive for us given turbulent local and international markets and hype around real estate in Australia. We couldn’t be in a stronger position.

“Project sell outs in other Metro markets, such as our townhouse projects in Balwyn and Ivanhoe in Melbourne and Kellyville in Sydney, have enabled us to fast track projects in our pipeline.”

Metro Executive Chairman David Devine said the focus is on Brisbane and its future as one of the world’s leading entertainment and cultural destinations.

The Brisbane market is buzzing following the Queensland Government’s approval of Echo’s Entertainments Casino project.

“The focus is now on Brisbane and its future as one of the world’s leading entertainment and cultural destinations. Demand for inner-city apartments is set to increase following the approval of Echo’s Queen’s Wharf Casino development and this is great news for Metro,” Mr Devine said.

“Metro’s strategic approach to the Brisbane market has been a great success for us – we know the market well and are focused on delivering exactly what’s in demand. Our recent projects have sold out in record time and will deliver strong returns for our business.

“We are in a great position for future growth as we continue to use our market knowledge to successfully develop projects right across Australia.”