Developer buys ex-substation for student towers
Centennial is pocketing an impressive capital gain selling a former substation to a developer planning to raze it for two 15 level student accommodation towers.
Brisbane Substation No 1 at 22-26 Constance Street, Fortitude Valley, collected $14.575 million including GST from Arklife after a campaign launched in August.
An application was lodged two months prior to settlement, in March, for two towers containing 312-rooms (122 in what will be known as Building 1 and 190 in Building 2) and an enclosed pedestrian laneway connecting to Ballow St.
The proposal also includes a ground floor with a commercial kitchen and lounge, gym, co-work spaces, a shop and food and drink outlet (likely a café, bar or restaurant).
The rooftop will be activated too.
No heritage overlay
On 1539 square metres zone PC1, 22-26 Constance St is not heritage protected; it has been code assessable for up to 15 floors, for years (continues below).
Centennial paid $9m in 2019; it was the first time the property had been offered in two decades.
The building, with 2573 sqm of A-grade area, had just undergone a $250,000 revamp.
The Little Pub Group had also just signed a five year lease for a ground floor space.
Rothelowman penned the replacement.
MP Commercial’s Mike Walsh and Peter Court with Chesters Real Estate’s Tim Jones represented Centennial.
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