Newstead Collective site, with 1,000 apartments, could fetch $100 million as developers look forward
The Newstead Collective, one of Newstead's largest development projects, has hit the market.
Both local and interstate developers are expected to be circling the 7,440 sqm site which incorporates 75 Longland Street, 11, 13 and 23 Stratton Street with 22 and 24 Kyabra Street.
It has plans with the Brisbane City Council for a three-tower development with over 1,000 apartments and a variety of retail outlets including such as cafes, restaurants, well-being, and health and beauty.
Colliers Queensland agents Troy Linnane and James Matley and Capital Markets Residential National Director Robert Papaleo have been appointed to launch an international expression of interest campaign for the significant residential development opportunity in the heart of Newstead.
The site has an approximate total site area of 7,440 sqm with frontages to Longland, Stratton and Kyabra streets. On completion it will become a new residential and lifestyle precinct, adjacent to Gasworks Plaza, providing a variety of options for the escalating number of people looking to live and socialise in Brisbane’s sought after Newstead precinct.
Similar scale inner city development sites have transacted for over $100 million.
Colliers Queensland Residential Director Troy Linnane said the development concept relates to a masterplanned staged, three-tower project providing 1,001 apartments and 2,713 sqm of ground floor retail uses.
"Positioned in an unrivalled location, 'The Newstead Collective' is a stone's throw away from the Brisbane River and iconic destinations like James Street and Howard Smith Wharves, offering a variety of entertainment and lifestyle options that will complement the lifestyle aspirations of its future residents,” Linnane said.
“The apartment typologies vary to include studio, one, two and three bedroom apartment options.
“Based on historical demand and current supply, inner Brisbane will experience a shortfall of approximately 14,000 new apartments over the next four years, which highlights the chronic housing crisis in Brisbane."
Colliers Queensland Residential Executive James Matley said this is the last residential development opportunity of scale within the heart of Newstead, that will provide much-needed housing for both owner-occupiers and renters in this precinct.
“Due to the strong population growth and the lack of housing supply, with a current vacancy rate of 1.0%, we will continue to see price and rental growth in the Brisbane apartment market for the foreseeable future," Matley said.
"This development offers an inspired design that creates a thriving urban community around a piazza where residents can live, shop, dine, and relax in Brisbane’s most desirable inner-city suburb.
“The average sale price for new apartments in inner Brisbane is $1,726,500, which is the highest on record for new apartments. Price and rent increases are expected to continue given the growing demand v supply imbalance."
Situated in the heart of Brisbane’s best apartment neighbourhood and most sought-after inner city suburb, Newstead Collective offers unmatched amenity being in walking distance to James Street precinct, the Fortitude Valley entertainment precinct, 3km from the CBD, and 15 minutes drive from Brisbane Airports.
The project has been designed by Brisbane-based, award-winning architects Bureau Proberts, with the development application now lodged with Brisbane City Council for assessment.