A $102 million joint venture project between David Devine’s Metro Property Development and Pearls Australasia in Fortitude Valley has sold $10m worth of apartments.
The 14-level Brooklyn on Brookes (pictured) has been labelled a New York-style apartment project, offering apartments ranging from $305,000 to $750,000.
According to a report for Metro Property by Resolution Research Strategists, an extra 22,000 people are expected to move to Fortitude Valley by 2030, sparking strong demand for accommodation compatible with the area’s cosmopolitan lifestyle.
The launch has sparked plenty of enquiries, according to executive chairman David Devine.
“With its close proximity to the Brisbane CBD and Fortitude Valley’s vibrant shopping, restaurant and entertainment precinct, it’s extremely attractive to individuals and couples looking for an exciting inner-city lifestyle,” he says.
“Given the success of our apartment buildings The Chelsea Bowen Hills and Madison Heights, we are expecting sales for Brooklyn on Brookes to be extremely strong (also).”
Brooklyn on Brookes will be built at 116-128 Brookes Street in Fortitude Valley, adjoining the popular Emporium complex, featuring 35 retailers and Gregory Hall.
Architects Woods Bagot has created a contemporary development, featuring modern glass and textured concrete. Principal Mark Damant says the design remains ‘sympathetic to the surrounding community’, with a subtropical boulevard and lush gardens designed to add green space to the Valley neighbourhood.
“Born from a desire to celebrate the surroundings and its inhabitants, the design for Brooklyn on Brookes is a direct response to its immediate urban landscape,” he says.
“The acknowledgement of the wider block and its urban context inspired the ‘New York’ approach to the design – presenting the building as a series of closely related individual towers, rather than a microcosm of a city. Brooklyn on Brookes exudes cosmopolitan flair yet embraces the raditional rustic feel that is akin to Fortitude Valley’s urban footprint.”
Brooklyn on Brookes will feature a high speed fibre optic network, providing access to telecommunications, broadband and pay TV services.
The Brookes Street apartment tower is the third Brisbane joint venture with Pearls Australasia, following the Chelsea and Madison Heights apartment projects. Pearls and Metro are also combining to deliver a land subdivision north of Melbourne.
Metro Property Development was created in early 2010 by Devine Limited founder David Devine and business partner Ken Woodley and recently merged with Luke Hartman’s Hartman Corporation. The company has a portfolio of projects concentrating on residential highrise projects and broad acre land development in Queensland and Victoria.
Pearls Australasia entered the Australian market in 2009 with the cash purchase of the Sheraton Mirage Resort and Spa on the Gold Coast for a reported $60 million. The company has promised to restore the Main Beach resort to its former glory after unveiling a $30 million renovation package.
Pearls Australasia is backed by India’s largest private land owner, the diversified Pearls Global, which employs 1.6 million people.