BRISBANE developer Di Carlo Property Group has settled on the purchase of a major development site in Bulimba, paving the way for the company to start construction of its proposed $50 million TriBeCa Terraces project.
The 6827sqm site has been acquired for $11.5 million from Nemies Farm Pty Ltd in a deal that settled on August 14.
The Bulimba property stretches across an entire city block from Banya Street to Johnston Street and is occupied by a Fort Knox storage facility which will be demolished to make way for TriBeCa Terraces.
Demolition work is expected to begin on November 1 with construction to start on TriBeCa Terraces shortly after this is completed.
The project, which will comprise 53 freehold residences, has been buoyed by encouraging pre-launch sales activity led largely by local owner-occupiers.
TriBeCa Terraces is now firmly on track to deliver a new era of inner urban living to Bulimba, said Di Carlo Property Group director Joshua Di Carlo.
“TriBeCa Terraces is destined to become a landmark project for Bulimba,” he said.
“We have taken a distinctive design approach to meet the standards of existing luxury freehold residential offerings in the area,” he said.
TriBeCa’s luxury homes offer large living and kitchen areas, multiple balconies, generous third bedrooms, multiple bathrooms, ground-floor courtyards, double garages, extensive landscaping and recreation areas.
The project has already attracted strong interest from owner-occupier buyers, particularly locals, ahead of its official launch to the market in September.
Mr Di Carlo said 90 per cent of the pre-launch sales had been to owner-occupiers from within a 5km radius of Bulimba.
Mr Di Carlo said he was expecting this market segment to dominate at TriBeCa Terraces, compared to other projects undertaken by the group in surrounding suburbs in recent years, which had delivered an even split of investor and owner-occupier buyers.
“We designed TriBeCa with owner-occupier buyers in mind, especially given where we are in the property cycle right now,” Mr Di Carlo said.
“TriBeCa Terraces is also leveraging off Bulimba’s status as a coveted lifestyle destination.
“The terraces concept is about delivering the space and scale of freehold home ownership in the context of an inner-urban development and all the advantages this entails.”
Finishes at TriBeCa include marble features, high-end Miele appliances and extensive walk-in robes, all of which can be viewed in the project’s display suite.
TriBeCa Terraces residents will have access to a range of lifestyle facilities, including two recreation areas encompassing a luxury swimming pool and lush outdoor entertaining areas for exercise and relaxation.
Mr Di Carlo said the buyer traction TriBeCa Terraces had achieved to date reflected the continuing strength of the Bulimba market.
“The ongoing level of demand for quality product in Bulimba is one of the reasons why we have focused on this area of late,” he said.
“In recent times, Bulimba has undergone an urban renaissance and we have shaped TriBeCa to suit the more discerning and sophisticated buyers that are increasingly drawn to this unique pocket of inner Brisbane.”
Di Carlo Property Group has established a display suite for TriBeCa Terraces in Oxford Street, Bulimba, to showcase the level of luxury offered by the development.
TriBeCa Terraces is part of an extensive portfolio of residential, commercial and mixed-use projects undertaken by the family-owned Di Carlo Property Group across South-East Queensland since the mid-1980s.