Investa Commercial Property Fund (“ICPF” or “Investa”) has received planning approval from the Brisbane City Council (“Council”) for the redevelopment of the Kings Row commercial complex at 40–52 McDougall Street, Milton (“Kings Row”). The approval is in line with the State Government’s intention to increase residential densities in areas close to the CBD and recent redevelopment in and around the Milton train station precinct.
Located in a prime waterfront location just 2.5 kilometres from the CBD, it is an ideal site for a mixed-use re-development, providing unobstructed views of the Brisbane River and city skyline for both office and future residential occupants.
Stage 1 works will include construction of two residential buildings comprising 293 apartments, new landscaping and the restoration of Milton House. The planned re-development is a long term project to be conducted over approximately 10 years, with later stages to incorporate office and further mixed uses.
Central to the redevelopment plan is the protection and enhancement of the setting of the historic Milton House, the provision of new public open space, increasing the site’s connectivity to the centre of Milton and the Brisbane River and delivering a mix of uses more suited to the location.
Commenting on the Stage 1 approval, Mark Tait, General Manager Commercial Development at Investa said: “We are excited at what this development can bring to Milton and, in the context of the Milton Neighbourhood Plan, we have worked to develop a scheme which will activate and add value to the area.
This includes better integration of the site with key surrounding transport links, the creation of increased housing and business opportunities, an increase in the public open space and plaza area and significant streetscape improvements,” said Mr Tait.
The Kings Row redevelopment will provide a significant economic injection both to the immediately surrounding precinct and the wider Brisbane area. With construction valued at more than $350 million, the redevelopment will create over 850 direct construction jobs over the 10 year program with approximately 350 of these jobs being generated during Stage 1. It is anticipated that local business and those providing support services to the development will receive economic benefit exceeding $100 million.