Sherpa secures second Brisbane site
GreenFort Capital with two offshore investment partners has sold the site it bought four years ago for its maiden build to rent investment.
The partnership is well in the black following the sale of 2 Cordelia Street, South Brisbane, for $27 million.
It paid $19m.
That seller was Melbourne based Accord Property Group which outlaid $20m in 2016 and won permission to replace the 2309 square metre site with a 30-level apartment building (artist’s impression, top).
The incoming owner, Sherpa Group, will proceed with a project this height, but for its affordable apartment model, Flourish, which reserves a proportion of units for first home buyers.
It is the Gold Coast based outfit’s second Brisbane residential project.
The other is set for a 1366 sqm block at nearby at 23-29 Cordelia St, purchased last year for $14.9m.
A 28-storey tower with 146 residences is planned.
Branded Symphony, Sherpa said 114 sold off-the-plan.
Construction recently started.
Completion is scheduled in 2028.
What is planned and when
Sherpa is planning 186 dwellings at 2 Cordelia St.
The complex will also include a gym, pool, wellness and work-from-home spaces.
There will be a ground floor commercial tenancy too.
HAL Architects and Finegrain are the designers (continues below).
An application will be lodged with the Brisbane City Council next month.
Marketing is expected to start next year.
GreenFort held the property with Canada’s BentallGreenOak and Partners Group of Switzerland.
It is expected to recycle capital into other projects including a modular home project on a Northern Rivers site bought three months ago.
The group also bought two land lease community sites last year, one in Toowomba.
$1.7b pipeline
The end value of the 2 Cordelia St project is put at c$320m.
With Symphony (c$255m) the group’s development pipeline value circles $1.7 billion.
“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” founder Christie Leet said.
“The success of Symphony has guided us into what will be our second project and we look forward to
submitting our plans with council soon so we can deliver yet another quality project to the inner-city residential market,” he added.
“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market,” according to the executive.
“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward”.
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