BRISBANE developer Di Carlo Property Group has finalised its $11.5 million purchase of a site earmarked for a luxury residential project at riverside Bulimba.
This week’s settlement paves the way for construction to start on its $50 million TriBeCa Terraces development, which has been granted council approval.
The 6827sqm property, stretching an entire block from Banya St to Johnston St, is occupied by a Fort Knox self-storage facility, which is due to be demolished in November, shortly after which construction of TriBeCa Terraces will begin.
The development is inspired by the upscale urban neighbourhood of TriBeCa, in New York City.
Di Carlo Property Group director Joshua Di Carlo said the project, comprising 53 two and three-level terrace houses, had been buoyed by encouraging pre-launch sales activity led largely by local owner-occupiers.
“TriBeCa Terraces is destined to become a landmark project for Bulimba,” he said.
“We have taken a distinctive design approach to meet the standards of existing luxury freehold residential offerings in the area.”
It is due to be officially launched to the market next month.
Mr Di Carlo said 90 per cent of the pre-launch sales had been to owner- occupiers in a 5km radius of Bulimba.
He said he expected this market segment to dominate at TriBeCa Terraces, compared to other projects undertaken by the group in surrounding suburbs, which had delivered an even split of investor and owner-occupier buyers.
“We designed TriBeCa with owner-occupier buyers in mind, especially given where we are in the property cycle right now,” he said.
“TriBeCa Terraces is also leveraging off Bulimba’s status as a coveted lifestyle destination.
“The terraces concept is about delivering the space and scale of freehold home ownership in the context of an inner-urban development and all the advantages this entails.
“The ongoing level of demand for quality product in Bulimba is one of the reasons why we have focused on this area of late.”
Originally published by:
17 Aug 2017