The Fernery - 47 Conavalla Street, Ferny Grove

Ferny Grove Station TOD - 1340-1348 Samford Road, Ferny Grove

The $140 project, Ferny Grove Central, in Brisbane&rsquo;s north-west has seen 70% of its apartments sold two months after its construction began.

The Fernery comprises of 82 apartments featuring 1, 2 and 3 bedroom apartments in the low rise project.

Some 85% of the buyers come from surrounding suburbs through Colliers since the April launch.

Some 70% of the sales have been to owner-occupiers. For investors, based on an appraisal by local agents, the yield is likely to be circa 5%.

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Apartments prices at The Fernery start from $349,000.&nbsp;

There will be a resort-style rooftop recreational deck with 15-metre pool set among landscaped sub-tropical surrounds.

The Fernery is a joint venture project by Honeycombes Property Group and MaxCap Group.

The Fernery is the residential centrepiece of Ferny Grove Central, the $140 million landmark urban renewal project, which has been almost eight years in the making.&nbsp;

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It will transform the northern Brisbane suburb with a new Transit Oriented Development (TOD) which combines apartment living, a major retail centre and an entertainment precinct .

Its construction contract is with builder Broad Construction, a subsidiary of CPB Contractors, part of the ASX-listed CIMIC Group.

Peter Honeycombe is managing director of Honeycombes Property Group, which has over 25 years had more than $1.5 billion in projects that are either completed or&nbsp;under construction.

More than 800 full time jobs are being supported by the development, including about 285 jobs directly tied to the construction project.&nbsp;

Construction of Ferny Grove Central is expected to take 28 months with completion set for late-2023.

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The most high-profile example of Honeycombes&#39; urban redevelopment projects is the award-winning Coorparoo Square, a $252 million urban renewal development completed in 2018.

With property projects at the fore, MaxCap Group has invested more than $11.5bn across more than 450 projects since its inception in 2007.

The Fernery comprises of 82 luxury apartments at 47 Conavalla Street, Ferny Grove, with a resort-style rooftop recreational deck for residents 

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The Fernery, Brisbane apartments in Ferny Grove, hit 70% sold

Brisbane is seeing continued growth in its apartment market, but&nbsp;Colliers Director of Residential Andrew Scriven says there&#39;s not been the same strength in the capital&nbsp;yet compared to the booming Gold Coast market just an hour south.

&quot;It&#39;s a more solid market in Brisbane at the moment, with good sales to owner-occupiers,&quot; Scriven says, and suggests for Brisbane to grow, they need investors to come back.

&quot;There&#39;s a bigger pool of people throughout the rest of Australia,&quot; Scriven said, highlighting the four million residents in SEQ and 21 million or so across the rest of the country. That&nbsp;investor pool is ultimately the most important&quot;.

Interstate investors are starting to come back in to the market, but only slowly, Scriven says.

&quot;The yields in Brisbane are&nbsp;still the highest out of all three states [Sydney, Melbourne and Brisbane], with some of the lowest vacancy rates in the country. Prices are half that of Sydney, and 30 per cent less than Melbourne.&quot;

Scriven noted that there&#39;s been a high price differential over the last year&nbsp;between established and off the plan apartments, which is offering further opportunity for value.

&quot;Over the last 12 months, the established apartment median&nbsp;has risen may be 10 per cent,&quot; Scriven says.

&quot;New apartments haven&rsquo;t risen at all over that time. There&#39;s a bit of a price differential which is starting to look like an opportunity for investors.&quot;

With limited action from interstate investors, sales have picked up to owner-occupiers, no more evident than at&nbsp;The Fernery, the mixed-use project in Ferny Grove in Brisbane&#39;s north.

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&quot;There&#39;s been overwhelming success since launch in April&nbsp;from the local market, looking to either downsize, invest or secure something for the children. Most of them have come from a couple of kilometre radius.&quot;

&quot;Locals have really embraced the project. They&nbsp;haven&rsquo;t really had that offering ever.&quot;

The bureau^proberts-designed project, developed&nbsp;by the Townsville-based Honeycombes&nbsp;in partnership with their financier MaxCap, will comprise the 82 apartment block The Fernery, as well as&nbsp;a 12,000 sqm retail centre set next to the Ferny Grove train station.

Prices start from $352,500 for the one bedroom apartments, $399,000 for the two bed units and $620,000 for the three bedrooms.

Scriven says the mixed-use retail precincts is what buyers want in this day and age.

&quot;They&#39;ve got the butcher, the baker, the candlestick maker, all at their doorstep,&quot; Scriven says.

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&quot;It&#39;s away&nbsp;from that investment grade apartment development to more quality schemes. Good architecture and good place&nbsp;to live that will increase in value.&quot;

On the level of finishes and designs of the apartment development, Scriven suggests what The Fernery is offering is&nbsp;what you would typically find in the more premium apartment&nbsp;market areas such as Newstead and New Farm.

Construction is due to commence of the residential and retail components in the coming months, with Broad Construction appointed to handle the build. Completion is slated for late 2023.

Scriven suggests that construction dates, completion dates and builder appointments are&nbsp;what people want to hear when it comes to buying off the plan developments, particularly mixed-use precincts.

&quot;They want to know timelines and when they are being delivered.&quot;

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There&#39;s been a bit of expat interest&nbsp;across Brisbane, but that&#39;s primarily been focused on the housing market.

&quot;What we have seen is expats have come back, particularly Australian&nbsp;citizens in Sydney and Melbourne.&nbsp;There&#39;s been around 440,000&nbsp;Australian&#39;s come back from overseas over the 12 moths to Feb or March. All those people are living someone, or they&#39;ve bought.

&quot;A lot of expats have a lot of wealth and have been leaning&nbsp;towards the housing market in SEQ which has been well documented&quot;.

There was a bit of expat interest in the boutique St Lucia riverfront, 160 Macquarie Street.

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Now over 70 per cent sold, 160 Macquarie is&nbsp;St Lucia&#39;s first riverfront apartment development in more than a decade.

The development by&nbsp;QM Properties, led by horse enthusiast and managing director&nbsp;Jon Haseler, has been designed by the architecture firm&nbsp;Rothelowman&nbsp;and only homes 34 riverfront apartments.

Scriven suggested that as a city and potential place of residence,&nbsp;Brisbane has come out of the COVID pandemic as well as any other capital.

&quot;If&nbsp;you don&#39;t need to be in the office, there&#39;s worse places you can be than Brisbane,&quot; Scriven says.

&quot;We didn&#39;t have a lock down as long as anyone else and that has certainly been an attraction to the city. People can work a little bit longer from home, a bit more mobile. There&#39;s regionalisation or mobility in the work force.&quot;

Joel Robinson

Locals snap up apartments in The Fernery, but Brisbane needs investors to grow: Five minutes with Colliers director Andrew Scriven

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Broad Construction have won the contract to deliver the $140 million development of Ferny Grove Central in Brisbane's north-west.

Broad Construction, a subsidiary of CPB Contractors and part of the ASX-listed CIMIC Group, look set to commence construction of the project, which will turn the Ferny Grove Railway Station precinct into a vibrant suburban Transit Oriented Development (TOD) with a range of residential, retail and entertainment, by May this year.

Construction of Ferny Grove Central is expected to take 28 months with completion set for late 2023.

The TOD is being developed by the Townsville-based Honeycombes, in partnership with their financier MaxCap. The project has been in the planning phase for the past seven years.

The Ferny Grove project will comprise a 12,000 sqm retail centre with a new multi-level parking facility for retail customers and commuters. There will be 82 apartments and a recreational deck for residents in the residential building known as The Fernery.

<a href="https://www.urban.com.au/new-apartments/ferny-grove-central-1340-1348-samford-road-ferny-grove"><img alt="" height="500" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/ferny_grove_apartments_0.jpg" width="1200"></a>

CPB Contractors said it was pleased to be working with the Honeycombes Property Group on the landmark urban redevelopment. 
“The experience of our team means that we have the capability to provide safe and certain delivery to our clients. Broad’s inclusive procurement strategies will also provide opportunities for local workers and businesses," CPB Contractors managing director Jason Spears said.

Broad have a reputation primarily across Queensland and Western Australia for their commercial developments. In Queensland they transformed 155 Queen Street Mall and 170 Queen Street Mall in to multi-use developments, as well as the 14 storey office tower The Annex. 
Honeycombes Property Group’s managing director Peter Honeycombe has welcomed Broad Construction as a key partner in the success of Ferny Grove Central.

<a href="https://www.urban.com.au/new-apartments/ferny-grove-central-1340-1348-samford-road-ferny-grove"><img alt="" height="1000" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/ferny_grove_central_0.jpg" width="1600"></a> 
“Broad Construction is the perfect partner for us to deliver Ferny Grove Central, with a depth of experience and a commitment to quality that is second to none,” Honeycombe said. 
“As a landmark project for Brisbane’s North West that will define the urban landscape for decades to come, we’re pleased to bring this vital urban renewal project to fruition in collaboration that has a proven record of project success over the past 30 years.” 
The Townsville-based Honeycombes has an extensive portfolio of developments in Queensland totalling $2 billion over the past 25 years. 
Ferny Grove Central comes off the back of the company’s award-winning $252 million redevelopment of Coorparoo Square situated along Brisbane’s CBD eastern fringe. Coorparoo Square, built on the site of Queensland’s first Myer building, featured 366 residential apartments and retail space which was delivered over three stages in partnership with Frasers Property Australia. 

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Construction of Ferny Grove Central is expected to take 28 months with completion set for late 2023

Broad Construction win $140 million mixed-use Ferny Grove Central contract

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Queensland developer Honeycombes Property Group has unveiled plans to deliver a $140 mixed use development at Ferny Grove in Brisbane's north-west.

Part of the project, which will include a new shopping centre called Ferny Grove Central, will be an apartment complex called The Fernery, which will have 82 apartments and a recreational deck.

Construction of the development which adjoins Ferny Grove Station is expected to commence in the first quarter of 2021.

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The Townsville-based Honeycombes won the contract in 2017. The property financier MaxCap is its joint venture capital partner.

The project will transform the area into a vibrant suburban Transit Oriented Development (TOD). /in urban planning, a transit-oriented development (TOD) is a type of urban development that maximizes the amount of residential, business and leisure space within walking distance of public transport.

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Honeycombes have previously success in a TOD. In 2015 they completed their award-winning $252 million redevelopment of Coorparoo Square, along Brisbane’s CBD eastern fringe, which featured 366 residential apartments and retail space delivered over three stages in a partnership with Frasers Property Australia. The redevelopment of Queensland’s first Myer building awarded with the prestigious Best Mixed-Use Development by the Property Council of Australia. 
Peter Honeycombe, managing director of Honeycombes Property Group, says the Ferny Grove development will breathe new life in to the suburb and will create a neighbourhood village atmosphere.

"We have already received a high amount of unprecedented interest from the local market, highlighting the level of demand for both residential apartments and retail opportunities,” Mr Honeycombe said.

Honeycombe says the community feedback received has been an important part of their ongoing refinement of the approved development form.

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“We have held more than a dozen different public forums, door knocked hundreds of residences neighbouring the project, and letter box dropped thousands of information fliers to keep the local community in the loop.

"This level of communication will continue during construction to ensure that the community remains aware of the progress on site.” 

Honeycombes and MaxCap are expecting to announce a number of major tenants in coming months to the 12,000 sqm shopping precinct, with a mix of high-profile national retailers including supermarkets, fitness centres, child-care and cinema providers expected to be secured on long-term leases.  
Ferny Grove is considered an ‘end of line’ rail station catering for more than 5,000 passengers per day transiting through the transport hub.
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Construction of the development which adjoins Ferny Grove Station is expected to commence in the first quarter of 2021.



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