Brisbane architect-turned-developer Joe Adsett has launched his next project, submitting an application to the Brisbane City Council for a six-storey apartment building in New Farm.
In a joint project with Purdy Developments, Adsett is proposing 20 residential units, each comprising three bedrooms ranging between 132 and 201 square metres.
Located at 130-134 Sydney Street, the developers acquired the two adjoining lots earlier this year for $5.3 million, amalgamating them into a 1,265sq m site.
Currently occupying the site are two post-war dwellings that will make way for the new $30 million proposal.
According to Adsett, they were immediately drawn to the site knowing it was the last medium-density residential zoned site in New Farm with park frontage.
“After further investigation, we also realised the incredible city views from the rear of the property.”
The decision to carry out a development mix consisting solely of three-bedroom apartments stems from Adsett's experience on his previous project in Teneriffe, which he states “experienced an overwhelming demand for large circa 200sq m apartments.”
On the recently completed Brick Lane, in the neighbouring suburb of Teneriffe, Adsett recounts the need to amalgamate smaller apartments to cater for this demand.
“This increasing demand tempered with the recent changes to the superannuation legislation will see an influx of these buyers freeing up equity in their principal place of residences and downsizing to the inner city.”
“These buyers are seeking a lifestyle as their main decision on where to buy and we saw that the amenity of New Farm and the immediacy of the riverside park as a significant influencer.”
The proposal states each unit will have private open space in the form of a balcony or outdoor terrace ranging in size from 28 to 145 square metres.
Other amenity includes communal open space on the ground level offering a gym, swimming pool, day spa facilities and an ancillary terrace for all occupants.
Sydney Street follows on from Brick Lane, Adsett's first project wearing both hats as architect and developer.
According to Adsett, combining the differing skill sets of he and equal partner Craig Purdy has proven pivotal towards the success of their development company.
“Craig has an extensive background in finance and development as well as management and running of some very large corporate entities,” Adsett said.
“On reflection of our partnership it is only the combination of our differing skill sets and experience that have led to our success in property.”
Combined the two have one completed project, another in planning and have just hit pre sales targets on nine freehold residences in Hamilton called Jardin Residences.
Jardin is set to commence construction later this month.
The coming together of an architect and financier to develop is not an unusual union as proven by Melbourne’s David Lee and Dean Lefkos who formed Chapter Group.
According to Adsett he and Purdy are currently seeking more sites and opportunities for downsizers within Brisbane's inner city.