9 posts tagged “albion”

The rumor around town is that the Mill at Albion development, by FKP, has been shelved and will not go ahead.

"FOUR years after Transit Oriented Developments were touted as key to housing thousands of people around transport hubs, building is yet to start on any.

Instead projects designed to create a self-contained living, working and leisure environment in Brisbane have been blocked by red tape, rising headworks charges, financing issues and business woes.

It's not that the concept has no appeal. FKP's The Mill project in the inner northern Brisbane suburb of Albion has had strong pre-sales.  But in light of changing market conditions, FKP is still awaiting approval after reconfiguring some plans.

The company has also spent years developing plans for another TOD over the railway station at Milton, in the city's inner west, and has revised plans awaiting approval from the Brisbane City Council.

But without approvals in place yet there is no certainty as to when construction will start."

Courier Mail

"National Property Research managing director Matthew Gross said the area surrounding Sherwood in Brisbane's west will also be a future hot spot.  The combination of continued population growth and an undersupply of residential stock will lead to increased prices in the long-term, Mr Gross said.

Pradella's large-scale Parklands at Sherwood development is also likely to underpin growth, with stage one of the $150 million project nearing completion.

"As new, quality stock hits the market, it is anticipated the median rental figures for apartments in Sherwood will also grow significantly, providing investors with exciting purchasing opportunities," Mr Gross said.

See Brisbane Times

"A 30-storey highrise with 210 units, hotel, and a 10 storey office tower over Milton railway station will be built within the next three years after receiving the greenlight from Brisbane City Council."
See Courier Mail
I wonder if the fumes and smoke output from the brewery will impact those living in the apartments?

The article also mentions the Mill at Albion:
"FKP is also building another transit oriented development at Albion, which was approved by the council in April.

Mr Miller said so far 120 of the 140 units averaging about $650,000 each had been sold."

Milton

Google has an interesting service, that allows you to see what people are searching for on Google.

It is called Google Insights.  It is helpful when making investment decisions.

For example, when looking at searches conducted in Australia over the past 12 months, the following are relative rankings of various searches:

The Mill development by FKP at Albion went on sale today in public release.  There had been about 4 weeks of pre-release sales to people who had pre-registered or who were on the FKP database.  It was reported that more than 70% of the 143 apartments had sold in pre-release.

The development consists of 4 new buildings -- 2 which are residential, and 2 are commercial.  There is also an old flour mill on the site, which will be renovated.  One residential building is 10 floors high, and apartments in this building  look south to the city or east over Albion.  This building has a lap pool on a podium deck.  The second building has apartments that mostly look east, but some weird shaped apartments look north.  (One line of apartments looks directly into two old silos, which will remain on site.)  People living in the second building have access to the pool in the first building, but will have to cross a road to get to that building.

Most of the apartments have 2 bedrooms and 2 bathrooms.  All the one bedroom apartments are reported to be sold.  There are also some three bedroom apartments.

Most of the 2 bedroom apartments range in size from 85 sqm to about 92 sqm internal, plus a balcony.  The pricing for 2 bedroom range from $660,000 to mid $700,000s.

The site is located on or adjacent to the Albion railway station.

I would be concerned that the views from the apartments could be built out.  The current aspect is not attractive -- the views are of or over warehouses, a pub car park and an adult shop.  The area is mostly light industrial.

The most common two bedroom design is called a 2F.  It is 92 sqm internal, with a 15 sqm balcony.  It is a good size overall, and the rooms all are a good size too.  The front door of the apartment opens into an open "mud room".  There are glass sliding doors from the "mud room" to the dining room.  There is no separate kitchen -- a wall kitchen is located on the side of the dining room.  The second bedroom is an "internal" room -- it has a high window onto the hallway and a window into a "mud room".   The apartment has showers but no bath.  I was offered one of these apartments, on a low floor looking east, for $685,000 (or about $6400 a sqm).

The Mill

Ten News Video

FKP has an interesting project planned for Albion, called the Albion Mill.  See http://www.themillalbion.com.au/ and
http://skyscraperlife.com/showthread.php?t=7627