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Chinese developer R&F has unveiled plans to develop an amended $502 million mixed-use precinct and public riverside space for its 1.6-hectare landholding at Brisbane's West End.
The developer's offshoot, R&F Property Australia, said it would undertake the approved masterplan development of more than 1000 apartments, while seeking changes to expand the public plaza. The site originally had an approval for seven buildings and 981 apartments.
It would also have river homes or lower level terraces along the Brisbane River as well as new retail and commercial space for shops and restaurants.
The developer would also reinforce the east-west public connection from West End to the riverside parkland and the Brisbane River.
"The project presents an important opportunity to transform one of Brisbane's under utilised inner city former industrial riverfront sites into a desirable, integrated urban precinct," R&F Property Australia senior development manager Rodney Chadwick said.
"The development will create a new architectural and cultural landmark for West End, focusing on public enjoyment and the opportunity to promote and enrich public access along the Brisbane River between Southbank and Orleigh Park.
"Our current plans show a series of public accessible, open spaces comprising of shaded landscaped courtyards, activated laneways and major plaza, spilling down riverside walkway."
The development will be staged over six years.
Fronting the Brisbane River, the site between Hockings and Donkin Street is one of five landholdings that R&F has in Brisbane. It has two more in Melbourne.
While the developer had previously sought sites in Sydney, as most developers often do, it said the cost of land has made it difficult to buy the right property.
"We will continue to focus on developing our existing land over the next few years," R&F Property Australia general manager David Wei told the Australian Financial Review exclusively.
"Australia is a good market particularly with its rising migration."
He also said the group would consider hotel development and further diversification away from residential development but not in the immediate future.
The Guangzhou-headquartered and Hong Kong-listed developer is renowned for its large international portfolio stretching from housing to hotels. In recent times it was in the spotlight for snapping up 77 hotels from Chinese juggernaut Dalian Wanda for more than $3 billion, as part of Wanda's selling spree.