A Tasty New Life for Milton
PROPERTY Group FKP has unveiled its plans to extend the Park Road restaurant and cafe precinct in Milton.
The company has released 1200sq m of retail space at street level for its $210 million mixed-use development The Milton.
The retail space will front Railway Tce, with construction scheduled to start early next year and be completed in 2015.
The precinct will have five tenancies, ranging from 60sq m to 450sq m.
CBRE managing director Jonathan O'Brien said the surge in commercial and residential development had driven demand for new retail in the area, particularly new dining, shopping and services.
"The expansion of neighbouring business park precincts is driving demand for new dining options and, while The Milton is currently the only major residential development on offer, the area is earmarked for significant residential growth in future," he said.
"The level of commercial development in Milton has jumped 25 per cent, in terms of net let-table area in recent years, with 135 Coronation Drive, 19 Lang Parade and Petrie Barracks contributing to a total 235,000sq m of office space."
Mr O'Brien said the area was considered a key location for businesses in engineering and related services, I.T., finance and insurance. "Milton is constantly evolving. Starting out as an industrial hub on the Brisbane River, it has reinvented itself as one of the best renowned near-city office market precincts, and over the years it has seen an influx of quality retail, which is only going to increase," he said.
The ground floor retail promenade will add to an existing 60 cafes, bars and restaurants. 75 fashion boutiques and 60 speciality stores, all within a 1km radius of The Milton.
FKP executive general manager Gary Kordic said along with adding retail, The Milton development would also include a multimillion-dollar upgrade of Milton railway station.
"This will not only have a positive affect on the aesthetic appeal of the station, but improve its accessibility, which in itself will help to attract more visitors to this part of the city,"he said.
The Milton is the first major integrated Transit Oriented Development to be released under the southeast Queensland Regional Plan, with more than $100 million of sales already secured off-the-plan.
Mr Kordic said the inner west suburb was set to emerge as a new destination, with the 30 level tower paving the way for significant transformation.
"The area is on the cusp of a major rejuvenation that will see it become one of the city's most contemporary residential and lifestyle addresses."