Leading diversified property group Australand has formed a joint venture with Honeycombes Property Group to redevelop 1.2 ha of land now owned by the State Government on Old Cleveland Road, Coorparoo. The $232million redevelopment will be one of Brisbane’s most significant transport oriented developments, to be known as Coorparoo Square.
The project will involve the transformation of the old Myer building, delivering more than 360 apartments across three buildings and 7,000 square metres of retail including restaurants, cafes and a 10-theatre cinema complex.
With the support of the Queensland Government, Australand and Honeycombes Property Group have signed off on the joint venture agreement enabling the commencement of this major mixed use re-development of the site from February 2015. The project will be delivered in multiple stages and is expected to be completed by the end of 2018.
State Member for Greenslopes Ian Kaye MP, who has long campaigned for the project to go ahead, has welcomed the development.
“For too long the people of Coorparoo have been forced to travel to other areas to shop and gather as a community. This project will revitalise the community and provide residents with a focal point for gathering together,” said Mr Kaye.
“Not only will it provide a sophisticated precinct, it will also create a significant transport hub for passengers using the existing bus routes to and from Coorparoo.”
Australand executive general manager Rod Fehring said the project further cements the group’s commitment to South East Queensland and reflects Australand’s ongoing commitment to mixed use transport oriented developments around Australia.
“We’re delighted to be adding to our Brisbane portfolio and to be working with Honeycombes who share a common vision to deliver a landmark development for the broader community ,” Mr Fehring said.
“This project aligns with our experience in delivering transformative projects in Brisbane which we have seen with the likes of Hamilton Reach as part of the Northshore Hamilton precinct and Yungaba at Kangaroo Point.
“Both companies are excited to create what will be one of the city’s most significant redevelopment projects over coming years and our collective experience in the delivery of major mixed-use projects makes for a powerful partnership.”
Honeycombes Property Group managing director Peter Honeycombe, whose company has a workbook of active projects in Brisbane and regional Queensland of more than $800 million, said forging the partnership with Australand was a logical step.
“Coorparoo Square is a hugely significant project for Brisbane and together Honeycombes and Australand have the necessary experience to deliver what we believe will be one of the iconic redevelopment projects in Brisbane for many years to come,” said Mr Honeycombe.
“Australand shares our passion and vision for creating residential and mixed use communities that will become landmarks in their own right. The redevelopment of Coorparoo is a massive project and there is a great brand fit between the two companies.”
“Coorparoo is a heritage-rich suburb just four kilometres from Brisbane’s CBD and this project will only enhance what is already a sought-after locale.”
The joint venture received Development Approval for the project in October 2014.
As well as residential and retail elements, the project will include more than 640 car spaces, two large swimming pools, a tennis court, large recreation areas and green space.
The residential offering will include a mix of one, two and three-bedroom apartments as well as some luxury penthouses.
Australand has 90 years’ experience and houses more than 120,000 families in its communities across Australia and has recently become part of the Singapore listed Frasers Centrepoint Group which adds to Australand Property Groups financial strength and international exposure.
Honeycombes is a long-established Townsville-based private developer which has completed $200 million in apartment developments during the past four years and is presently rolling out its flagship $450 million “Central” project in Townsville’s CBD.