Melbourne-based property developer GURNER is working with Elenberg Fraser Architects and 360 Degrees Landscape Architects on a $600 million development in Brisbane’s Fortitude Valley precinct. The project includes a mix of residential, hotel, retail and commercial uses, which will be developed in different stages over the next seven years.
The recently submitted proposal, labelled ‘FV,’ comprises an entire block bordered by Brunswick Street, Alfred Street and Barry Parade and will see the development of a mixed use complex, including the construction of three towers above an integrated podium. The site is located only 50 metres from the Fortitude Valley Train Station and 800 metres from Brisbane’s CBD.
The project, designed by architecture firm Elenberg Fraser, has a maximum building height of 30 storeys and includes a total of 858 units. While two of the towers are proposed for residential apartments, the third building is slated to become a hotel.
Building 1 will feature 358 apartments, including one and two-bedroom units. Building 2 will feature 409 apartments, including one, two and three-bedroom units, with some of the apartments featuring a study room. Building 3 will accommodate a 91-apartment 4.5 star Hotel. A 5,000 square metre retail precinct on the site is expected to attract some of Australia’s best hospitality names and leading brands.
At street level, the project includes a range of social activities, including shops, offices, bars and restaurants, with a gross floor area of around 3,900 square metres. The ground floor will be populated by retail, including three levels destined for commercial uses and a 3.75-metre wide footpath on the boundary of Barry Parade and Brunswick Street.
A 3,000 square metre communal facility designed by 360 Degrees Landscape Architects will be located on the second level and will include a U-shaped infinity pool with an in-pool bar, a spa, massage rooms, sauna and steam rooms and a fitness club along with gardens and barbeque areas. There will also be an outdoor cinema, a karaoke bar, a sun deck, a library and formal dining rooms available for residents to book.
According to the developers, the proposal will become the western gateway to the valley heart precinct, playing a significant role in the rejuvenation of the western end of Brunswick Street and providing a catalyst for the ‘valley heart precinct’ to transition to a 24-hour activity hub, that will offer a broader variety of activities and retail engagement.
They explained that the site represents a huge opportunity to deliver the quality design-focused living the city needs to supply the growing population, which is increasingly demanding centrally located and design-focused residential apartments.
GURNER executive director Tim Gurner announced the first stage of the project will include 340 apartments. One-bedroom apartments will range in price from $380,000 to $415,000, while two-bedroom apartments will range from $480,000 to $650,000. Gurner is expecting more than half of the apartments to sell to local buyers.
“The inner city Brisbane market is very attractive for investors and owner-occupiers, with very low vacancy rates, great affordability and increasing rental yields," he said. "Brisbane prices are now around 40 per cent lower than comparable apartments in Sydney and over 20 per cent cheaper than Melbourne, while rents are not far behind. Brisbane has not had the amazing run that Melbourne and Sydney have had over the past 12 to 24 months. But we are very confident that the time has come for the Brisbane market to gain momentum over the next two to five years as investors grow wary of Melbourne and Sydney’s supply and growth rates.”