Queensland developer Honeycombes Property Group has unveiled plans for a $140 million mixed-use development at Ferny Grove train station, in Brisbane’s north-western suburbs.
Honeycombes, in partnership with Melbourne-based real estate financier MaxCap, will deliver Ferny Grove Central, a 12,000sq m neighbourhood village and an 82 apartment residential building, dubbed The Fernery.
Honeycombes, led by Peter and Vanessa Honeycombe, secured the development rights to the site in 2017 following a competitive tender process run by the Queensland government.
“We have already received a high amount of unprecedented interest from the local market, highlighting the level of demand for both residential apartments and retail opportunities,” Honeycombes managing director Peter Honeycombe said.
The joint venture partners are expecting to announce a number of major tenants in coming months with a mix of high-profile national retailers including supermarkets, fitness centres, child-care and cinema providers expected to be secured on long-term leases.
Honeycombes is also in the final stages of securing a head contractor for the project with construction set to commence shortly.
“We have built a very strong relationship with the Queensland state government during the formation of the development and will continue to be committed to the delivery of the transit oriented development for the residence of Ferny Grove,” Honeycombes said.
“Without the government’s contribution of $9 million and the federal government’s $11 million in funding contributions for additional park ‘n’ ride spaces planned for the project could not have been achieved.”
The development adds to Honeycombes development portfolio which totals over $2 billion in delivered projects over the last 25 years.
Non-bank lender MaxCap has previously partnered with Honeycombes, providing debt funding to its $252 million Coorparoo Square development in Brisbane in 2015.
Last year, MaxCap partnered with Melbourne developer Troon Group on several commercial projects including the development of a new 3000sq m BMW car dealership in Berwick for Jowett Motor Group in the city’s south-east and an office redevelopment in Mont Albert.
It has also provided the construction facility for JD Group’s $250 million residential development in the city’s inner-eastern suburb of Hawthorn.
Funding has also been agreed for a $120 million 20-storey mixed-use residential building in South Melbourne being developed by Milbex Group.
Article Source: theurbandeveloper.com