John Van Lieshout buys Newstead Federal Boot Factory apartment development site
The Brisbane billionaire John Van Lieshout has paid $5.7 million for a Newstead apartment development site.
The 1821sq m site at 14 Maud Street has approval for a nine storey residential tower with 52 apartments.
It will be integrated with the old Federal Boot Factory on its heritage 1012 sqm lot, with the retention and adaptive reuse of the Goldsworthy and Perkins Boot Factory heritage building into ground floor retail.
Known as Federal Residences, the development was designed by Joe Adsett Architects.
The plans for Federal Residences. Source: Joe Adsett Architecture
The development approval was for an upmarket boutique 2 and 3 bedroom residential apartments in a precinct popular with both young professional and downsizer markets.
The split was aroound 30 × two (2) bedroom apartments and 22 × three (3) bedroom apartments.
The application sought 89 car spaces – 79 resident spaces and 10 residential visitor spaces in four basement levels
There was bicycle parking for 77 bicycle spaces.
The application sought a residents' rooftop recreation deck with a pool, lounge area, outdoor dining, lawn area, cinema projection wall and decked auditorium seating.
"It was an excellent opportunity to capitalise on a market with diminishing forecast unit supply and located in one of Brisbane's most exciting precincts underpinned by strong fundamentals and demographics," the marketing advised.
The plans for Federal Residences. Source: Joe Adsett Architecture
The Ray White marketing campaign generated 70 buyer inquiries from local and interstate developers and investors.
The site was previously sold for $4.18 million in July 2017 by Aspire HP which then secured the development approval.
It had been tightly held having sold at $135,000 in 1981.
Currently in the market in Newstead is Bide, the luxury owner-occupier development from Dibcorp.
