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A new $180 million international university campus and 30-storey tower comprising student accommodation, co-living and co-working space is planned for Brisbane’s inner suburb of Fortitude Valley.
The development application for the major project will be lodged this month by Sydney fund manager Millinium Capital, with the first stage slated for completion by the end of 2020, pending approvals.
A 12-year lease agreement has been signed with the international NASDAQ-listed Torrens university for its new Fortitude Valley based campus, with its fit-out designed by Brisbane firm Arkhefield.
The development of the Waltons site, at 240 Brunswick Street and 11 Overells Lane, will span two stages with plans to transform a vacant building into an educational and residential hub on the 3489sq m site, furthering the regeneration push and growth of the higher education sector in the area.
Millinium Capital Managers, through its Millinium Alternatives Fund, said it has secured debt finance and “received firm interest from equity investors” for the first stage of its Waltons development project.
A project manager has been appointed for the project, but Millinium says it’s still in talks with tier one builders on the multi-million-dollar development.
Millinium, which has experience purchasing and managing hospitality assets including Sydney’s Four Seasons Hotel, says it aims to maximise returns from the project’s second stage.
The Waltons site comprises several interconnected buildings located above Fortitude Valley’s train station.
The project’s first stage, expected to be completed by the end of 2020, will involve refurbishment of the heritage-listed Overells and Lincoln Mills buildings, and a university-owned restaurant will be established on the lower ground floor.
The second stage will involve the demolition of the former Waltons store and part of the Braggs building, retaining their facades, with a 30-storey tower proposed on the Waltons site, with the tower offering a mix of student and co-living accommodation and co-working space.
Expressions of interest will be sought to manage the student accommodation.
Millinium confirmed the development application and concept drawings will be lodged with council this month.
Brisbane’s Fortitude Valley
The area, which has been undergoing transformation, is one of Brisbane’s fastest growing areas with forecast population growth of 4.5 per cent per annum over the next decade.
Developer Silverstone this week announced it would be working with state government to deliver a revamp of the PCYC at 458 Wickham street.
The $43 million Fortitude Music Hall at 312 Brunswick Street, with a capacity of 3,300 opened this year, while a new cinema complex in the Valley Metro Centre recently received approval.
The Sydney fund manager describes the project as a “significant further step in the regeneration of the Fortitude Valley precinct”.
“The project will be transformative for Millinium’s Alternative Fund which is considering the acquisition of other quality property assets,” Millinium said in an announcement to the ASX.
“The fund intends to divest its non-property assets progressively and has appointed Boutique Global Securities Pty Ltd to manage these and the fund’s other assets, including the capital raised to fund the Waltons project.”
Source: Urban Developer