Wollongong-based developer-builder Velcon Enterprises is making its first foray into Queensland with plans for a nine-storey, mixed-use development in one of the fastest-growing regions in the country.

A development application before Moreton Bay Regional Council seeks 14 three-bedroom apartments and two ground-floor retail tenancies about 150m from the beachfront on the Redcliffe Peninsula.

Velcon picked up the 1529sq m lot on the corner of Sutton and Creek streets in the popular seaside resort town in August this year, paying $1.85 million. Settlement on the sale is expected early next year.

The design, by Moreton Bay’s Brick Architects, calls for apartments of between 210 and 230 square metres. There will be two on each of the seven upper floors and all will have three bedrooms.

According to town planners Planvista, who lodged the application, the building will exceed the maximum allowable 27m height by about 2.3 metres.

“The rationale for exceeding the building height is partially to address raising the ground floor level to achieve appropriate flood immunity,” Planvista said.

“The taller building elements are well setback from road frontages ensuring the building maintains human scale at pedestrian level.

“The proposal is located within a purely commercial area, and therefore does not result in adverse overshadowing or overlooking of adjoining residential premises.”

Velcon development, QLD
▲ A render of the planned tower, the Wollongong builder-developer’s first project in Queensland.

Velcon managing director Stefan Vellar said he expected the apartments to sell from between $1.4 million and $1.6 million.

Moreton Bay Regional Council is one of the fastest-growing regional councils in Australia. Last month the council launched a bid to reclassify the region as a city.

Vellar describes Redcliffe as “the hidden gem of the outer suburbs of Brisbane”.

“Brisbane has obviously had a huge amount of development happening over the past couple of years and there are only a few developers that have really discovered Redcliff,” he said.

“A big trend that I’ve noticed in Redcliffe and the Moreton Bay Area at the moment is that there’s a huge unmet demand for large family-sized apartments, and the Moreton Bay is particularly in low supply.”

Vellar said he expected development approval in the first quarter of next year. A pre-sales marketing campaign would begin by March and a start to construction in July.

Article source: Queensland Property Investor

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