23 Jul 2021
BRISBANE, 23 JULY 2021
Frasers Property Australia has secured a 3,016 sqm site in Newstead with direct access to Brisbane’s emerging James Street precinct. A mix of high-quality apartments, terrace home options, a new urban plaza and public realm improvements are proposed for the well-connected site.
On the corner of Chester Street and Morse Street in Newstead, the existing carpark site is in a prime location for Frasers Property to deliver enhanced links between Chester Street and James Street, a precinct gaining a reputation as Brisbane’s most cosmopolitan fashion and lifestyle hotspot.
Frasers Property will now apply its place-making and community development expertise to design a choice of new homes in a range of configurations and price points to create a diverse neighbourhood that complements the broader urban renewal taking place in this vibrant near-CBD pocket.
Based on the current schedule, Frasers Property anticipates finalising designs and obtaining approval over the coming 6-12 months. At this stage, the new homes are anticipated to be launched around mid-2022.
Cameron Leggatt, Executive General Manager Development, Frasers Property Australia says a site of this size in such a desirable location close to James Street was rare and provided the business with a unique opportunity.
“Not only is this site well-positioned to provide future residents easy access to James Street, but it is also located close to The Gasworks precinct and Brisbane River. It presents an opportunity to create a boutique, high quality project with a higher proportion of 3-bedroom apartments and terrace homes,” Mr Leggatt says.
“The revitalisation of the Newstead and Teneriffe precinct in recent years has made it one of Brisbane’s most desirable lifestyle areas. This strategic acquisition enables us to bring our expertise to enhance the precinct’s new future.
“Given the strong demand for homes in south-east Queensland, we look forward to creating a place that leaves a positive legacy in the community and brings much-needed housing choice to the locality,” he says.
The acquisition of the Newstead site will complement Frasers Property’s current development pipeline in Queensland, which includes residential projects at Brookhaven, Hamilton Reach, Keperra and Minnippi Quarter.
Additionally, near the Newstead site in Fortitude Valley, Frasers Property is currently delivering a new build-to-rent apartment development on Brunswick Street in partnership with the Queensland Government. The project is set to redefine renting, offering a convenient, modern lifestyle for people with access to exclusive facilities in a connected inner-city location.
The Newstead deal was brokered by JLL’s Elliott O’Shea, Tim Jones and Sam Byrne off-market prior to the launch of a formal campaign.
Mr O’Shea commented on the transaction: “This is one of the best remaining sites in the highly sought-after James Street precinct. We would like to congratulate both of our clients, the private vendors and Frasers Property, on the transaction and we look forward to seeing this exciting project come to life.”