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A proposal to transform a former Stockland retail and commercial centre in Toowong in Brisbane’s inner western suburbs into a $450 million mixed-use precinct has received the green light from the Brisbane City Council.
Local development firm State Development Corporation and White &Partners Sydney – the private investment arm of the White family, founders of real estate agents Ray White – acquired the site for about $40 million in March last year with plans to bring new amenities to the riverside suburb.
To be called The Aviary, the project, on a 9000-square-metre site on the corner of High Street and Sherwood Road, will offer 150 residential apartments, around 30 retail shops and a large office tower.
Based around an “open street theme” and taking its inspiration from Grove Shopping Centre in Los Angeles, The Aviary will also include a fresh food market, an elevated outdoor dining precinct, cinemas, and services such as a medical centre and childcare facilities.
State Development Corporation managing director Ross McKinnon said the project aligned with office tenants’ changing needs and complemented current trends in urban planning that are helping reshape Brisbane’s suburbs.
“The significant growth of mixed-used developments is a result of community demand for self-sufficient hubs based on walkability and convenience,” he said.
“If businesses have learned anything from COVID-19, it’s that we don’t all have to be working in the city to maximise productivity.
“While it’s still early days, we expect to see more office users make the shift to central hubs like The Aviary for the lifestyle benefits, where everything you need is at your fingertips and you don’t have to travel into the CBD.”
Dan White, partner at White & Partners, said The Aviary would be the third project undertaken in partnership with State Development Corporation in
“As a family business founded in Queensland, we are proud to be a part of a project that will create great local job and business opportunities and contribute to the continued growth of the Queensland economy,” Mr White said.
Construction on The Aviary is expected to start in 2021 and be completed in 2023.
The precinct has been designed by Brisbane architecture firm Nettleton Tribe.
Source: The Financial Review