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The 103-unit project will be delivered by BPG Developments
Brisbane-based builder-developer BPG Developments has secured development approval for a $250m apartment tower close to the Brisbane River in the inner-city suburb of Newstead.
BPG paid over $16m to amalgamate the 2,430 sqm industrial site that spans three titles from 16-22 Maud Street about 4km northeast of the Brisbane CBD. The 15-storey project, which will be the developer’s largest to date, comprises 103 luxury residences (including a penthouse) plus a 1,380 sqm wellness facility on the roof and a ground-floor retail tenancy.
It takes the value of BPG’s portfolio to around $500m. BPG’s portfolio includes the sold-out Sable on Palm Beach and the under-construction The Victoria Collection in Herston, Brisbane.
BPG was founded by former DTZ commercial leasing and sales agent Nick Parr and builder Glen Williams.
“Brisbane is in a bit of a sweet spot currently in that construction prices have stabilised and demand has continued to climb, which means the market is tightening up,” Parr said. “The Brisbane market is unique in that there is no shortage of sites with existing development approvals, the issue is around the availability of builders who can deliver such projects. We are one of the few builder-developers who can build our own projects at scale so we are able to move quickly into delivery mode, which gives confidence to our purchasers.”
The Newstead project comprises two- and three-bedroom apartments designed to appeal to the owner-occupier market. It’s due to launch early next year.
