BUILDING OUR FUTURE: Part 7 (THE SERIES)

PART 7: Fortitude Valley railway station gears up for $500m upgrade

For this chapter of the Building Our Future series we will be focusing on Fortitude Valley’s railway hub. Breaking down the ins and outs of this major 500 million-dollar development project by asking the tough questions to find out why this is one Brisbane project that investors cannot do without. 

What is the project?  

Plans have been lodged with Brisbane City Council to revitalise one of Fortitude Valley's most run-down locations with a $500 million residential, retail and business hub.

Upon approval, the hub is set to include two towers – a 30-storey residential and a 24-storey office tower – both of which plan tobe built adjacent to the Fortitude Valley railway station.

Designed by Architectus, the residential tower is expected tohouse 207 apartments, while anticipated that the commercial tower will include 35,067 square metres of office floor space and 1560 square metres of retail space.

If approved, construction was expected to begin in late 2017.

Why is the development needed? 

This major redevelopment is required in order to add a new lease of life to the existing space, which is currently described by many as tired and rundown. 

This includes LaSalle Investment Management’s International Director, Ian Mackie, who said he hoped the half-billion-dollar development would revitalise a tired precinct.

"We're looking to create a safer, more vibrant environment to breathe new life into the precinct," he said

"The Brunswick Street station is the gateway to the Valley for thousands of commuters a day, but the precinct around the station is in desperate need of renewal."

With so many commuters passing through on a daily basis, it seems that the Fortitude Valley development is probably well overdue. 

The benefits to Brisbane

Thanks to this new and much-needed injection of life into the precinct, hopefully it will create a safer and more family-friendly environment. 

In addition, Mr Mackie said LaSalle also hoped the integrated development would appeal to both commercial tenants and residents.

"Most of the commercial development in the Valley is up to a 15-minute walk from public transport, but we clearly don't have that problem," he said.

Commuters would see new entrances to the train station, with what LaSalle described as "natural light to create a light, airy environment, with family-styled entertainment, such as cinemas or bowling designed to create a seven day a week environment".

"The commercial tower on Constance Street would allow the creation of a new pedestrian entry to the site, with rail commuters currently having to walk through a multilevel car park to access the station.

"More than 15,000 commuters use the Valley Metro Station on week days, with more than half of those leaving via Constance Street rather than Brunswick Street.

"Soundproofing of apartments is planned to ensure the new residents and the Valley's nightlife can coexist peacefully."

 The good news for investors

Once completed one would assume that this new $500 million residential, retail and business hub will add significant value to local Brisbane real estate (both residential and commercial) and in return create high demand for Brisbane CBD property.  

 Plus, we cannot forget the advantage of a strong economic boost that a project of this scale will create during construction. When the economy goes up, it typically means that property sales and rental leases follow suit – and, in our experience, this is fabulous news for investors! 

 If, like Fortitude Valley, you would like to revitalise and transform your investment strategy, contact Hannah and the teamat HSBP on 0419 782 133. We can help get your portfolio on track… and going full steam ahead in the future!