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.
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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