Source: The Urban Developer
Melbourne-based property investment specialist and fund manager OpenCorp has acquired sites to develop an estimated $360 million in Queensland projects.
Land has been purchased for two new projects located in Albion and West End.
The Albion site was recently purchased for $11 million, inclusive of existing development approval for 154 apartments.
Hayes Andersen Lynch Architects were involved in the design the development that will encompass a mix of one, two and three bedroom apartments worth an estimated total of $89 million.
OpenCorp foresee Albion’s housing values to rise significantly in the coming years, being located just five kilometres from the CBD and bordering on the blue-chip areas of Ascot, Hamilton and Clayfield.
Construction has recently commenced on Citro – another OpenCorp development located in Brisbane’s development hub of West End.
This project will comprise of 106 apartments with an end value estimated to be in excess of $50 million.
Prices for the remaining 33 apartments start from $369,000 (one bed, one bath, no car) with two bedroom apartments (one bath, one car) starting from $499,000.
Both unit typologies offer considerable value for money, being priced below the suburb’s median price and located in an area that continues to evolve. The median one-bedroom unit price in West End is $375,000 or $552,000 for a two-bedroom.
A high proportion of those who have already purchased in Citro are interstate investors entering the Queensland market for the first time.
These investors have been attracted by Brisbane’s low prices comparable to Melbourne and Sydney, as well as the high rental returns.
The development embraces the Brisbane environment with a roof terrace complete with an infinity edge pool and cinema that offer views across the CBD.
Construction of Citro is scheduled for completion in early 2017.
OpenCorp is fast becoming one of Australia’s most recognised developers. Since forming in 2005, the company has expanded its offering from property investment to developing.
Funds for development sites are crowd sourced from OpenCorp’s clients, who can invest as little as $10,000.
The OpenCorp team manages these passive investments and use them to develop the underutilised land into subdivided apartments to be sold for investor profit.
The model has shown to be extremely successful for OpenCorp clients, who target an annualised compounded return of 20 per cent.
OpenCorp ensure their crowded sourced developments mutually benefit both investors and the needs of their communities by enlisting quality architects to design each project and positioning properties near existing amenity.
Citro is located within walking distance to the Brisbane River and future City Cat Ferry terminal, is two kilometres from Brisbane CBD, 50 metres to the nearest Aldi and CityGlider bus service, and is within the Brisbane State High School catchment.
OpenCorp’s other existing Brisbane projects include the Aston Apartments located Nundah and Evolve and Hemingway in Chermside.
Hemingway, worth an estimated $70m, will set a new benchmark for design living in Chermside and will hit the market in February 2016.