OpenCorp expands into Queensland development

OpenCorp expands into Queensland development
OpenCorp expands into Queensland development
Melbourne-based property investment company OpenCorp has acquired sites in Queensland to develop an estimated $360 million in projects at Albion and West End.
The Albion site was bought for $11 million, inclusive of existing development approval for 154 apartments. 
Designed by Hayes Andersen Lynch Architects , the development will comprise one, two and three-bedroom apartments worth an estimated total of $89 million. 
OpenCorp expects Albion’s housing values to rise significantly, being five kilometres from the CBD and bordering on the blue-chip areas of Ascot, Hamilton and Clayfield. 
The other project, in West End, will comprise of 106 apartments with an end value estimated in excess of $50 million. 
Construction has commenced on the project, named Citro, and is expected to be complete in early 2017. 
Prices for the remaining 33 apartments start from $369,000 (one bed, one bath, no car).  Two-bedroom apartments (one bath, one car) start from $499,000.
According to OpenCorp, both units are priced below the suburb’s median price. The median one-bedroom unit price in West End is $375,000 and it is $552,000 for a two-bedroom.
A high proportion of buyers in Citro are interstate investors entering the Queensland market due to Brisbane’s lower prices than Sydney and Melbourne , as well as the high rental returns, OpenCorp said.
The project will comprise a roof terrace with an infinity edge pool and cinema. 
Citro is walking distance to the Brisbane River and just two kilometres from the CBD.
Funds for development sites are crowd sourced from OpenCorp’s clients, who can invest from $10,000.
OpenCorp’s other Brisbane projects include the Aston Apartments in Nundah and Evolve and Hemingway in Chermside. Hemingway, worth an estimated $70 million, will hit the market in February 2016.
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