An opportunity to acquire or take a joint venture position in one of Brisbane’s most prominent residential development sites is to be offered to the market through CBRE.
The Fortitude Valley site is located at 188 Wickham Street site, in the city’s bustling Chinatown precinct. It has development approval for 324 apartments in a twin-tower project known as the W188 Towers.
Interested parties will have the ability to acquire the site outright or take a joint venture position to develop the site alongside Singaporean based investment and development company, Heeton Holdings.
CBRE’s Darren Collins, Michael Platsis and Mike Walsh have been appointed to steer the campaign, which is expected to attract wide ranging interest.
“We expect buyer interest will come from both onshore and offshore developers looking to acquire one of the last large infill sites in the heart of Fortitude Valley’s Chinatown precinct,” Mr Collins said.
“The approved scheme offers ultimate flexibility, with the option to deliver the project over two or three stages while targeting the most active buyer profile with a mix of one and two bedroom apartments.”
The Wickham Street property was purchased in 2013 by Tim Jones, of Twin Ocean Corporation Pty Ltd, with Heeton Holdings and two other parties taking an equity position in the site the following year.
The joint venture partnership, which is controlled by Heeton Holdings, also has development approval for 198 room hotel on the adjoining site, which is not included in the sale.
Mr Collins said the decision to sell 188 Wickham followed a change in direction by some of the equity partners.
However, he noted that Heeton was proceeding with the neighbouring hotel project and would also have a strong interest in joint venturing the 188 Wickham Street development if the right opportunity arose.
Designed by leading Australian architects Nettleton Tribe, the W188 scheme provides 28 metres of frontage to Wickham Street. It is opposite Chinatown Mall and within a short walk of the Fortitude Valley railway station.
CBRE’s Mr Platsis said the existing planning approval would be one of the key buyer draw cards, providing planning certainty and offering speed to market.
“Whilst the Brisbane high density market is currently in the process of absorbing a substantial amount of supply, this presents a rare opportunity to acquire a substantial Chinatown site in the heart of Fortitude Valley,” Mr Platsis said.
“188 Wickham is a highly accessible site that benefits from its proximity to existing retail amenities and major projects which are soon to commence, such as the redevelopment of the Howard Smith Wharves.”
The first stage of W188 consists of 187 apartments and the second is comprised of 137 apartments plus 297sqm of prime ground floor retail. The towers will offer city views to the south and Storey Bridge views to the east and will provide parking for 316 cars.
The project is also designed to incorporate substantial communal space for residents, with a pool, lounge and gym areas, function space and garden areas.
An open-air plaza at ground level is designed to draw pedestrians across the site with the inclusion of retail space, bars and restaurants – tapping into the existing laneway culture of Fortitude Valley.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
