November 3 2021 -
Construction to start on $850m Yeerongpilly Green Riverside
Consolidated Properties Group & CVS Lane Capital Partners today marked the official start of construction for its $850 million Yeerongpilly Green Riverside community, with commencement of both the first stage of residential and the Woolworths anchored retail centre.
Hutchinson Builders will begin construction of the 83 apartments and 10 luxury terrace homes, along with an expansive 8850sq m Woolworths-anchored retail centre, which will include a dining precinct, specialty stores, commercial offices and a health precinct – all set to be finished in mid-2023.
It follows Consolidated Properties Group selling 95 per cent of the stage one residences for a combined total of more than $77 million and with a top sale price of $1.395 million for one of the terraces.
Yeerongpilly Green Riverside, set to generate 631 FTE jobs during this first stage of construction alone, will upon completion include 1200 residences, commercial and retail businesses and close to two hectares of parkland in a masterplanned urban renewal project just seven kilometres from the Brisbane CBD.
Consolidated Properties Group Chairman and CEO Don O’Rorke said the start of construction follows years of hard work on approvals, design and community consultation.
“Yeerongpilly Green Riverside has been designed holistically to include everything a community could want from health and wellness services through to shopping, public transport, parkland and premium homes that complement the local environment,” Mr O’Rorke said.
“It delivers a destination on Brisbane’s southside away from the hustle and bustle of the CBD with well-known food and beverage operators creating bespoke dining experiences alongside Yeerongpilly Green’s heritage buildings.
“The residences have really resonated with buyers, which can be seen from the 90 per cent sales achieved so far.
“Buyers love the fact the community is being built opposite Yeerongpilly Station, with access via the Ashley Cooper Riverwalk to the Brisbane Tennis Centre through to the Ken Fletcher Park on the riverfront.
“We can’t wait for our first residents to move into what I believe will become south Brisbane’s urban heart. These residents – and the broader community – will also be able to enjoy a vibrant new retail centre and urban village, which will be finished at the same time as the apartments and terrace homes, meaning our first residents will be able to shop once they move in.”
“Importantly this first stage will generate 631 jobs during construction with hundreds of ongoing positions upon completion of the retail centre.”
Deputy Premier and Minister for State Development Steven Miles said he was pleased to see construction beginning on what will be an exciting urban village for the southside of Brisbane.
“Projects such as Yeerongpilly Green Riverside help address land supply challenges, catering for Queensland’s booming population,” Mr Miles said.
“We’ve seen a spike in interstate migration with more people choosing to live in Queensland, thanks to our strong health response to the COVID-19 pandemic.
“The Yeerongpilly Green Riverside master plan will not only create 1200 homes as well as retail and commercial space, but generate around 7,600 jobs over the next decade, providing a great economic boost for the local area,” Mr Miles said.
CVS Lane Capital Partners is a joint-venture partner in Yeerongpilly Green Riverside.
CVS Lane Chief Executive Officer Lee Centra said that the start of construction at Yeerongpilly Green Riverside was a major milestone for what is a nationally significant urban regeneration project.
“The vision for Yeerongpilly Green Riverside has been to transform an underutilised 14-hectare site, only seven kilometres from the Brisbane CBD, into a major residential, retail and commercial destination, and it’s very pleasing to see that vision taking shape.
“With Brisbane’s growth set to accelerate in the next few years in the build up to the 2032 Olympics we’ll see increased demand for quality mixed used lifestyle precincts and so the project is very well positioned.
“We offer sincere thanks to Economic Development Queensland, Hutchinson Builders, Consolidated Properties Group, and all our partners in bringing Yeerongpilly Green Riverside to fruition.”
Just a handful of residences remain for sale in Yeerongpilly Green Riverside’s first stage, which fronts the Ashley Cooper Riverwalk dedicated to the late Australian tennis great.
The residences will be built on a 7000sqm site, across two five-level apartment buildings called Park House and Garden House, with 31 and 52 apartments respectively, alongside 10 three-bedroom luxury homes at Green Terraces.
The retail centre will be anchored by Woolworths and include a dining precinct, specialty stores, commercial offices and health and wellness providers on an 8850sqm site at the heart of Yeerongpilly Green Riverside.
Consolidated Properties Group has secured a number of high-profile retailers for the precinct, set to be announced in the coming months.
JLL is handling the leasing campaign.