Urban village plan for inner Brisbane

From: Tom Moschitz

Interesting story in today's AFR

Urban village plan for inner Brisbane
Kathy Mac Dermott

The Queensland Government and the Queensland University of Technology yesterday unveiled their master plan for a $400 million urban village on the inner-Brisbane site of the former Gona Barracks.

The 17-hectare aggregation in Kelvin Grove is earmarked to accommodate a mix of educational, residential, commercial and cultural precincts.

About 7ha of the prime site is to be sold off to private developers.

Its release comes as the boom in Brisbane's fringe-city apartment sector shows no sign of abating.

The Queensland Government bought the Gona Barracks from the Defence Department two years ago for $6 million.

The Government's partner in the Kelvin Grove Urban Village project, QUT, will build its Creative Industries Precinct for 3,000 students in the village.

Another feature will be a 400-seat theatre in the round for Brisbane's La Boite Theatre company.

The Queensland Premier, Peter Beattie, said the development would link in with Brisbane's established South Bank and Roma Street Parklands projects, as well as the planned North Bank mixed-use development at West End.

Next month, the first residential parcel within the Kelvin Grove Urban Village is expected to be released and marketed jointly by Jones Lang LaSalle and PRDnationwide.

This site has approval for a 20,000squaremetre unit development and 6,000sqm of retail and commercial outlets.

Industry analysts expect this initial offering could attract a price between $9 million and $10 million.

Recent land offerings in nearby suburbs have attracted fierce competition. These include a 1.35ha site within the Government's Roma Street Parklands that was secured by the Pradella Group in September last year for a $150 million unit project, after attracting bids from Multiplex, the Stockland Trust Group and Urban Properties.

A 2,650sqm parcel within South Bank on Brisbane's riverfront attracted a similar level of interest. That field of contenders included Multiplex, Mirvac and Australand. This site was eventually snared by Townsville's Honeycombes Property Group for $6 million.

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This story was found at: http://afr.com/premium/property/2002/06/18/FFXAY4S8J2D.html
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