Parkland Plans to Benefit Brisbane's West
Plans to transform Brisbane's old Milton Tennis Centre into parkland will benefit a new 30-level apartment block set to begin construction later this year, according to a leading property developer.
Matusik Property Insights Director Michael Matusik says council's plans to resume the 3.5 hectare site for suburban parkland would reduce the future supply of new apartments in the suburb by about 670, increasing the "scarcity value" of stock in the western suburb.
FKP's Transit Oriented Development (TOD) The Milton is currently the only apartment project selling off-the-plan in Milton and neighbouring suburbs Auchenflower, Paddington and Toowoong, and is located just 650 metres from the proposed park.
Matusik says, along with the reduction in supply, homes and apartments in Milton will benefit from a 3 to 5 percent price premiuim generally afforded to properties within a one kilometre radius of major parkland.
"People want to be close to quality, green open space," he says.
It is one of several major drivers in purchasers' decision to buy and, as a result, is a major benefit for property prices."
The single most common feature of any metropolitan area's position as a desirable residential address is trees, in Matusik's view, and while buyers want to be in close proximity to the city, public transport and amenities, they still want access to green open space.
"The parkland planned for Milton will also have a number of other positive impacts, turning what has become a run-down site into what could be something special for the community, and even potentially become an attraction for those living outside the immediate area," he says.
Brisbane City Council also has plans for further parks in the suburb, including a 1,500sq m parkland on Railway Terrace and opposite the site of The Milton.
The 30-level building, which is anticipated to begin construction this year, will feature 298 one and two bedroom apartments, most with views of the CBD or Brisbane River, along with a ground floor retail promenade and commercial office space.