Woolloongabba’s historic Broadway Hotel will be redeveloped in a $260 million joint venture arrangement with the building’s owner and Brisbane developer Majella Property Developments. Under the proposed redevelopment the site will feature a 24-storey apartment tower featuring 280 one, two and three bedroom apartments. The development will also incorporate a three-level commercial and retail podium which will incorporate the heritage-listed hotel. The hotel on Logan Road at Woolloongabba was extensively damaged by fire in 2010. The hotel and land is owned by Brisbane doctor Malcolm Nyst. Majella Group founder Professor Frank Monsour said, “We’re delighted to be able to bring back the glory of the Broadway Hotel. “The hotel has always helped define the character of the precinct and we are keen to bring back the local markets and for the area to become vibrant again. The hotel will be a big part of this. “It has always been the soul and an inviting gateway to the area which is why we’re retaining it. “Malcolm had been looking for a developer to join with who appreciates the heritage quality of the building.” Majella Property Developments will use some of the development profits from the apartment tower to restore the hotel which otherwise has been deemed to be economically unviable as a restoration project on its own due to the extensive damage suffered. Majella is basing its plans for the precinct on a laneways concept with the Broadway’s Gothic appeal influencing the style along with elements from New York. A Development Application is anticipated to be lodged with Brisbane City Council in August. When approved construction would expect to start in 2017 and be completed in 2019. The hotel which was completed in 1890 was designed by prominent architectural firm John Hall & Son. Majella Property Developments has completed its 91-apartment Radius Apartments development at O’Keefe Street in Woolloongabba and will soon start construction on Mountview Residences, featuring 15 stylish apartments over 12 levels at Spring Hill.
Moffatt Property Development Group has seen early success in its decision to target the fast growing corridor north of Brisbane around North Lakes. Its Parkside Alma Heights town house development in Dakabin has almost sold out with construction now underway and with completion expected in June 2016. Parkside features 21 three-bedroom town houses with prices ranging from $355,000 to $375,000. Moffatt Property Development Group’s Don Moffatt said, “This boutique development has resonated with investors and first home buyers due to its location and quality finishes. “This location is greatly sought after due to its proximity to transport, shopping and schools. “There are three supermarkets – Coles, Woolworths and Aldi with specialty retail shops being built adjacent to this precinct. “With two major transport corridors providing easy access to both the Sunshine and Gold Coasts, as well as Brisbane, Parkside Alma Heights’ accessibility is proving one of the main drawcards. “We’re very pleased with this result having just commenced marketing in November and have confidence in bringing our next development forward.” Experienced Sunshine Coast-based builder Vantage Building Group is constructing the town houses. “Vantage’s track record ensures the quality of construction and finishes that we are bringing to Parkside,” Mr Moffatt said. “Suitable development sites are difficult to come across, so we’re fortunate to have a pipeline of quality product in this area.” Parkside is only 35 minutes to Brisbane CBD, close to Dakabin train station and near the expanding Westfield North Lakes. Data released by CoreLogic RPData showed North Lakes as the standout performer for total house sales in the greater Brisbane region for the 12 months to September 2015 with $236 million in sales. Westfield are spending $140 million on an extension to link the North Lakes mall with the new Ikea store currently under construction. The Westfield extension is expected to be completed by the end of 2016. Due to the success of Parkside Alma Heights Moffatt Development Group will soon be launching another development in the area. For further information on Alma Heights please visit: www.almaheightstownhouses.com.au