Geon Property will by the end of this year start work on the first stage of its $750 million Albion Exchange project in Brisbane’s inner north, after winning approval for the two-tower, mixed-use development.
The Brisbane-based developer and fund manager had to cut the maximum height to 81.5 metres from 108.4 metres and the number of apartments to 253 from 333 to get the plans for the 6000sq m site approved.
“Green and open spaces are so important in urban areas, and we are proud that the approved design includes 3691 square metres of public green and open space – covering 61 per cent of the site area,” said Geon Property senior development manager Tim Rossberg.
The original plan envisaged 4935 square metres of public open space.
“For those who will call Albion Exchange home, we have also retained a significant amount of communal open space – just under 2000 square metres – and have reconfigured the building layouts to improve internal circulation and maximise outdoor balcony spaces,” Mr Rossberg said.
The approved plans for the Hames Sharley-designed project, which will also improve access to the Albion Train Station, reduced the number of car parks to 481 from 573. They also increased the retail component to 2632 square metres from 2140 square metres.
Tenancies for the retail and other commercial spaces will be confirmed this year, the company said.
The population of the inner north-eastern suburb is expected to more than double from the 2300-odd it registered in the 2016 census with the addition of another 4000 people by 2036.
Approval of the first of ten stages of development for the site comes almost two years
since the state government announced Albion station would get an upgrade under the development agreementto make it accessible by anyone in a wheelchair, with a pram or mobility handicap.
Almost half of Queensland Rail train stations are not fully accessible.
The transit-oriented development will also replace the existing park-and-ride car parking, build new ticket and office facilities and amenities and integrate with the future North Brisbane Bikeway.
The state-owned site covering four hectares is bordered by Mawarra Street, Albion and Hudson Roads.
“We are confident that Albion Exchange will truly set the standard for transit-oriented developments in this city, across the state, and across the country,” Mr Rossberg said.
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