A prominent luxury apartment developer has recently allocated a whopping $60 million towards the acquisition of prime sites in Woolloongabba, with a vision of constructing residential buildings that will accommodate thousands of residents.
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Sarazin, currently based at Chifley Square in Sydney, currently controls a parcel of land spanning nearly 1.4 hectares along a stretch of Wellington Rd. Situated between Overend and Hampton streets, it’s considered as one of Woolloongabba’s prime sites.
The developer has submitted a development application for two 20-storey residential towers at 6-18 Wellington Rd, which will offer a total of 368 apartments. Designed by Hayes Anderson Lynch Architects, the ground floors of each building will provide space for seven retail tenancies.
The properties, which are included in the Woolloongabba Centre neighbourhood plan, enjoy the advantage of having dual street frontage along Wellington Rd and Nile St, providing convenient access to important road networks.
Then, as part of a $7 billion funding agreement between the Queensland and Federal governments, Sarazin is also undertaking a three-stage apartment project situated across from the Gabba. The existing structure will be completely demolished and rebuilt.
In 2022, the first stage of the project, called “Silk,” was successfully completed on a 6,381 sqm site located on Stanley Street.
A real estate agent noted that the resurgence of large-scale apartment projects is a direct response to the current supply and demand dynamics, highlighting that there is a pressing rental crisis in the city and people require suitable housing options.
The Gabba, in particular, is highly desirable due to the upcoming Olympics and related infrastructure developments.
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A significant redevelopment project is underway at the Gabba Stadium, which will undergo a complete demolition and subsequent reconstruction in preparation for the 2032 Brisbane Olympics.
Published 11-May-2023
