The Brisbane City Council approved the latest integrated mixed-use project in the city – the $750 million worth Albion Exchange. This Transit-Oriented Development project aims to make the Albion Exchange the heart of the inner-north suburb. The site will be composed of two towers, a 20-storey tower and a 19-storey tower after completing all ten stages of the development.
The transformation will deliver transport, retail, accommodation and lifestyle improvements not only to the suburb of Albion but to those residing north of the Brisbane River. It also includes a 3691m2 of open space and public green.
The Queensland Government considers this project as a great opportunity to improve public transport facilities and connectivity for the benefit of the local community. In 2018, the lodged plans had $28.7 million allotted for public access and transport facilities upgrades. There are still no updates if there is a budget change in the approved plans.
One of the top objectives of this project is to improve people’s safety and accessibility to the train station. There will be more space to accommodate multiple prams, bikes and wheelchairs. Stairs and paths expansion is also a factor in the project for more movable space.
Better and safer cyclist access is also within the project’s vision. There will also be bike parks for residents, professionals, commuters and visitors. This will complement the North Brisbane Bikeway as it nears completion.
Retail, Accommodation, Recreation And Lifestyle
The Albion Exchange will revitalise the suburb’s local conveniences, recreation and lifestyle – elements that are lacking in Albion. The updated masterplan has an increased retail component of 2632m2 from 2140m2. Retail and commercial spaces will provide food, beverage, wellbeing and health offerings.
The Albion Exchange is tipped to be one of the most sustainable infrastructures in Queensland. The current design has 3,691 m2 of “public green and open space.” According to Geon Property, leading the project, sustainable elements of the project will play a vital role for the future of Brisbane.
“Green and open spaces are so important in urban areas, and we are proud that the approved design includes 2,391 square metres of public green and open space – covering 61 per cent of the site area, “ Geon Property Senior Development Manager Tim Rossberg said.
New Job Opportunities
The first stage of development will start later this year. Back in 2018, it was reported that it will take 15 years to complete the transformation. There are no new information about changes in the project’s timeline. Changes or no changes, Brisbane is already expecting a number of new jobs during and after the project.
By 2036, Albion’s population will increase by at least 4000 residents. The Albion Exchange will support the growing population in many aspects including transportation, local conveniences, health and employment. The project is sustainable with more than half of the site incorporated with greenspace. Albion Exchange is not the only project with strong sustainable efforts. Just 15 minutes away by car from the station, is the Victoria Park also to undergo major redevelopment. The park will be a natural sanctuary of greenspaces as well as areas for farming and gardening. Feedback from residents show the need and demand for more greenspaces.
Impact on Brisbane’s Property Market
The Albion Exchange will benefit Brisbane’s economy with new infrastructure and job opportunities. It will also give way for new and existing businesses in the area. With all of these, we are expecting a surge on demand and investment in Brisbane’s property market. Investors and owner-occupiers are taking advantage of affordable housing in many Brisbane suburbs. Not to mention record-low interest rates and loosened lending restrictions. The city is forecast to a 13 per cent property price growth next year and will continue to do so in the next couple of years.
If you are planning to enter the property investment market, Brisbane offers a lot of value with favorable predictions of future growth. Contact Gallery Group today for more information.