New era in Brisbane development market 2 April 2015
Marking a significant shift in the Brisbane market, the Development Approval (DA) for the bureau^proberts-designed 1 Cordelia St project in South Brisbane has been approved.
bureau^proberts Managing Director Liam Proberts said the $160m project for Metro Property Developmen was an endorsement of the Brisbane market as an alternative to Sydney and Melbourne for international investors.
He said approval for such a significant project indicated the Brisbane market had matured.
“The number of people wanting to live in inner-city apartments has now reached the level where the market can handle a project of this size” he said.
This project comprises over 600 apartments across two 30-storey towers and a 10-storey annexe.
The project has captured international attention and, importantly, will be the first major investment for a Chinese property development company in Brisbane after Guangzhou-based R&F Properties agreed to acquire the project from Metro.
Until now, developments of this type have been limited to around 150–200 apartments. This DA is a blue print for future large projects that want to appeal to major investors – it includes the key factors of a significant local area site, and a design that appeals to the market.
“The design team
were very good at interpreting
our vision” – David Devine.
This is the sixth project bureau^proberts have designed for Metro Property Development and their previous experience and strong industry relationships paved the way for a smooth application process. “The relatively fast and straightforward lodgement of the DA reflects the skills and knowledge we have built over the last few market cycles,” Mr Proberts said.
Metro Property Development Chairman David Devine said design played an important role in differentiating the project in an extremely competitive market.
“It was an important we had a project that would stand out in the market,” he said. “The design team were very good at interpreting our vision for the site and matching that with a strong understanding of the market and the needs of buyers.”
“I think it is a timeless design, but with many contemporary elements. It will be wonderful addition to the Brisbane skyline and I am confident it will be a popular project with buyers.”
Essential to the success of the project was bureau^proberts’ design that responds to the changing attitudes and needs of the market. The design incorporates a diverse range of apartments from compact studios to larger dwellings with balconies. It satisfies the brief for affordable, well-planned, and liveable spaces that will attract long term residents to South Brisbane.
Situated on an island site at the top of a rise, the sculpted glass façade will become a highly visible landmark in the area. The tower–podium design will activate the surrounding streetscapes with retail and townhouses, and communal spaces include rooftop gardens, dining rooms and media rooms.
bureau^proberts are continuing their association with Australia’s leading landscape architecture practice TCL (Taylor Cullity Lethlean) who are designing extensive landscaping including a lush riverine podium deck that spills down onto two street frontages as waterfalls.
The stand-out design and close proximity to Southbank’s cultural and entertainment precincts are set to create a prominent landmark that will lead the push for more significant projects in the Brisbane market.