A RENOVATION and expansion project in Fortitude Valley provides public housing and commercial space in a trendy location.
Brisbane Housing Company has added the finishing touches to its heritage $30 million Church Street development (pictured).
The nine-storey project, designed by Cox Rayner Architects, includes 84 studio and one-bedroom apartments as well as 1200sqm of commercial space spanning the first two floors.
About 450 sqm in ground-floor office space is expected to fetch $1.8 million, while the 680 sqm on the first floor is projected to return $2.7 million.
Heritage-listed features from the original building have been retained including timber floors, high ceilings, internal staircases, exposed bricks and a mural restored by the Brisbane Youth Services community group.
Development director Bill McClanachan reveals most heritage features are located on the first two floors, making it an attractive proposition for commercial tenants.
He says an undersupply of CBD office space has also fuelled interest in available space within the development.
“We have received a moderate to high level of enquiries for commercial space. There has been interest from community organisations like welfare groups,” he says.
“However, we are also targeting professionals like architects, accountants and traditional business operators.”
Situated next to the $150 million Mosaic project, the Church Street development features card-swipe entry and remotecontrolled doors.
McClanachan says it offers a sense of prestige without a hefty price tag.
“The residential floors have wonderful CBD views and are fully tenanted using the public housing waiting list,” he says.
“Our rental rate is discounted by 25 per cent [through public housing assistance], making it an attractive proposition for single people and couples without children.
“Every residential floor has a break-out space with tables and chairs for socialising. Some floors have barbecue areas and balconies offer privacy.”
McClanachan believes Fortitude Valley continues to be popular among resident and commercial tenants thanks to its location and numerous public transport options.
“With significant development underway or planned, it will continue to stake its claim as one of the city’s most vibrant and popular centres,” he says.
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