Friday, March 4, 2011

Australand's New Riverfront Project

"LISTED property developer Australand will launch a $400 million riverside project in Brisbane’s Northshore precinct this month – the first major new development since January’s flood devastation.

The $55 million first stage of the Hamilton Reach project features 78 residential apartments across two five-storey buildings and will initially create up to 80 full time construction jobs. Once complete, the Northshore development will comprise around 800 apartments and townhouses across 530 metres of elevated riverfront living, about 6 kilometres from Brisbane’s CBD.

Australand has also commenced construction on its controversial $160m Yungaba development at Kangaroo Point last year and is close to releasing the first stage of luxury residences within the heritage-listed Yungaba House building.

The Promontory stage of Yungaba is around 60 per cent sold totalling $30 million. The project was initially met with some resistance from the community, particularly the Yungaba House Action Group who believed the redevelopment of the heritage building wasn’t in the interest of the public. Fulcher says the protests are well behind the company and the project will preserve the cultural value."

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