A new up market apartment complex is the frontrunning proposal to breathe new life into two properties at Athena Grove in Springwood.
The two blocks are for sale separately or as a package that comes with the DA approvals and plans for an 11-storey block with 60 apartments.
Site agent Johnson Teo, of Ray White Springwood, said the package deal including both blocks and the DA approval is around $3 million – a far cry from the asking price of $2 million for the blocks alone.
“Interest is coming more from interstate developers at the moment, but there’s a couple of local developers as well, thinking what they want to do, whether they develop it straight away or land-bank it for a little while,” he said.
The current owners of both properties intended to develop the properties themselves before choosing to sell.
The Springwood area is a key location in plans to revitalise the city in line with council’s planning vision.
“The Springwood CBD has a lot of potential, the greater master plan for Springwood talks about changing it into the biggest CBD behind Brisbane and Mt Gravatt, where everyone can work, play, and live within 15 minutes of that,” Mr Teo said.
Others feel Loganholme may have stolen the CBD dream away from Springwood, however council is investing heavily in liveability infrastructure such as parks, gardens, roads and bikeways.
The development is pitched as being upmarket while affordable. Mr Teo said the developer, if they followed existing plans, would install good quality finishes while maintaining affordability.
“This development being right in the heart of Springwood, is itself an upmarket opportunity already. So the developers would build this place and they aren’t going to go too cheaply on the finish,” he said.
In terms of price, he said an apartment with two bedrooms plus a study would likely start at $300,000, while a three bedroom and study option would hover around the $400,000 mark.
“That’s still very affordable, but for first homeowners you’re probably not in the price range as Springwood has gone up a lot,” Mr Teo said.
“You can buy a three-bedroom, one-bathroom house around Springwood for – you can’t get anything below $600,000 at the moment, so that $400,000 mark for the apartments is considered quite cheap.”
