Queensland-based developer Honeycombes Property Group has unveiled plans to deliver a $140 million mixed use development at Ferny Grove which will transform the area into a new suburban Transit Oriented Development (TOD) offering a range of residential, shopping and entertainment amenities.
The project has received DA approval from the Brisbane City Council and SARA, paving the way for the commencement of construction in the first quarter of this year.
Honeycombes, a Townsville-based company with long links to development in Brisbane, will undertake the project after being awarded preferred tender status in 2017 bringing on board MaxCap as its joint venture capital partner.
An extensive community consultation program, working along side all levels of government on operational and design elements of the project, was undertaken by Honeycombes.
Peter Honeycombe, Managing Director of Honeycombes Property Group, said “The community feedback received was an important part of our ongoing refinement of the approved development form, with our aim to reflect the needs expressed by the numerous interested residences in and around the area.
“We have held more than a dozen different public forums, door knocked hundreds of residences neighbouring the project, and letter box dropped thousands of information fliers to keep the local community in the loop. This level of communication will continue during construction to ensure that the community remains aware of the progress on site.”
The mixed-use development adjoining the Ferny Grove Station, will include Ferny Grove Central, a 12,000sqm retail centre together with retail parking, The Fernery featuring 82 apartments and recreational deck, and improved pedestrian and cyclist connections through the site.
“The development will breathe new life into the suburb, creating a neighbourhood village atmosphere. 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,” said Mr Honeycombe.
Passenger facilities will also be enhanced with the introduction a multideck commuter car park providing the convenience of undercover spaces.
“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 TOD for the residence of Ferny Grove and the wider community.
Peter further elaborated that “without the Queensland Government 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”.
Ferny Grove is considered an ‘end of line’ rail station catering for more than 5,000 passengers per day transiting through the transport hub. So as the broader community expands the additional commuter carparks and bus laydown areas have been designed within the development.
Honeycombes and MaxCap 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.
The joint venture partners are in the final stages of securing a head contractor for the project with construction set to commence in the coming months.
The Ferny Grove development adds to a reputation of creative and innovative projects by Honeycombes, who have a development portfolio totalling over $2 billion over 25 years.
The TOD comes off the back of HPG’s recent $252 million redevelopment of Coorparoo Square situated along Brisbane’s CBD eastern fringe, which featured 366 residential apartments and retail space delivered over three stages in a partnership with Frasers Property Australia. Maxcap provided debt funding to Honeycombes on the redevelopment project.
The precinct, completed in 2015, redefined the heritage rich suburb with the redevelopment of Queensland’s first Myer building awarded with the Best Mixed-Use Development by the Property Council of Australia.