PERTH-based consortium, Twin Ocean Group and Sunfire Asset will start construction of a new $250 million mixed-use development in Brisbane's Fortitude Valley.
The Singapore-backed Twin Ocean Group and Sunfire Asset obtained development approval from the Brisbane City Council in late May for a triple tower residential, hotel and retail development.
The 3,000 sqm vacant site at 188 Wickham St is adjacent to Chinatown Mall and has laid dormant for over 20 years.
The development will comprise two residential towers, a high-rise hotel and a retail arcade linking the three buildings from Wickham St to Ranwell Lane.
Twin Ocean Group managing director Tim Jones and Sunfire Asset director Ralph Nunis said the project has received a number of international hotel chains to manage the 4.5 star 25-level, 198-apartment hotel ahead of a formal marketing campaign.
“Being located on Fortitude Valley’s southern perimeter, 188 Wickham St will not only be a landmark development but act as the focal gateway into the Valley and Chinatown Mall.
“Our location is also very convenient being within walking distance to Brisbane’s business district and within a 200-metre radius of bus and train networks. It will be an attractive proposition for Brisbane’s professional rental market,” Jones said.
The three towers will be built in stages with the first being a 30-level residential building fronting Wickham St, comprising 187 units.
The final two stages will feature the 25-level hotel and a 24-level residential tower comprising 135 units.
Upon completion in 2016, the development will comprise 520 apartments and hotel rooms, as well as 2,000 sqm of ground level retail and public arcade space.
Colliers International director of residential, Andrew Roubicek is heading the sales division and is expecting strong interest from local, interstate and SMSF investors.
“188 Wickham St ticks all the investment boxes offering residents, retailers, tenants and visitors a sophisticated European-inspired development with easy access to public transport, Brisbane Airport, the Storey Bridge and CBD.
“It is arguably positioned in one of the best locations in the Valley from both investment and liveability perspectives,” Roubicek said.
Property Review
