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DEMOLITION is set to begin on the old Myer building at Coorparoo after Honeycombes Property Group teamed up with Australand Property Group to get the $232 million redevelopment of the site off the ground.
New life will be injected into the 1.2ha site, owned by the State Government on Old Cleveland Road.
The developers plan to deliver more than 360 apartments across three buildings on the high-profile site, as well as 7000sqm of retail services including restaurants, cafes and a 10-theatre cinema complex.
Work on the $232 million mixed-use re-development will start in February and the project will be delivered in multiple stages to be completed by the end of 2018.
The previous Labor Government acquired the Myer site in 2009 to build the Eastern Busway project however, the extension of the transport system was put back and the landmark building has remained dormant for years.
The development, to be known as Coorparoo Square, is expected to be one of Brisbane's most significant transport-orientated developments.
State Member for Greenslopes Ian Kaye MP says he has long campaigned for the project to go ahead and is excited about the opportunities it will bring for locals.
"For too long the people of Coorparoo have been forced to travel to other areas to shop and gather as a community," he says.
"This project will revitalise the community and provide residents with a focal point for gathering together.
"Not only will it provide a sophisticated precinct, it will also create a significant transport hub for passengers using the existing bus routes to and from Coorparoo."
Honeycombes Property Group managing director Peter Honeycombe says forging the partnership with Australand was a logical step.
"Coorparoo Square is a hugely significant project for Brisbane and together Honeycombes and Australand have the necessary experience to deliver what we believe will be one of the iconic redevelopment projects in Brisbane for many years to come," says Honeycombe.
Australand executive general manager Rod Fehring says the project reflects Australand's ongoing commitment to mixed use transport oriented developments around Australia.
"We're delighted to be adding to our Brisbane portfolio and to be working with Honeycombes who share a common vision to deliver a landmark development for the broader community," says Fehring.
"Both companies are excited to create what will be one of the city's most significant redevelopment projects over coming years and our collective experience in the delivery of major mixed-use projects makes for a powerful partnership."
As well as residential and retail elements, the project will include more than 640 car spaces, two large swimming pools, a tennis court, large recreation areas and green space.
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