Woolworths to sell another prime Brisbane development site with apartment approval
Developers are set to queue up to grab the opportunity to redevelop the former Albion Flour Mill site in Brisbane's inner-ring.
There are approved plans for 456 studio, one, two, three and four-bedroom apartments above a full-line Woolworths. Woolworths development arm, Fabcot, is selling the 5,586 sqm site at 60-78 Hudson Road, opposite the train station, through Colliers.
The project, dubbed The Albion, has been designed by Cottee Parker and comprises two 18-level towers which will share a podium that will home retail spaces and give direct public access to the adjoining train station. There will be a BWS next to the Woolworths, as well as a cafe and several recreational and communal spaces.
Colliers Queensland Residential Director Troy Linnane said the record population growth being experienced in SEQ is driving exceptional demand into Brisbane’s apartment market making development site opportunities in key inner city locations highly sought after.
“Brisbane is now Australia's second most expensive capital city housing market, with limited new apartment supply despite acceptance of higher prices,” Linnane said.
“We are expecting to see strong interest from local, interstate and offshore developers, with a compelling opportunity for both build to rent and build to sell outcomes, as well as investors and high net worth individuals.
“The development site market in Brisbane has excellent fundamentals which are seen as having the best growth prospects of any city on the eastern seaboard of Australia. The average sale price for inner-city new apartment stock soared to a new peak of $2,083,000 in Q2 2024."
Colliers Head of Retail Middle Markets James Wilson said the site offered further retail amenity to the growing area, and on completion would offer a new Woolworths supermarket.
“Upon completion, the retail will comprise a full line 4,000m2 Woolworths Supermarket, BWS and a café that will provide much needed amenity to the rapidly evolving Albion precinct,” James Wilson said.
“Colliers recently transacted another Fabcot owned development site at Kangaroo Point for $18.25 million to Mosaic Property Group which has reported strong sales since it launched in late 2024, highlighting demand for these mixed use development sites underpinned by Woolworths supermarkets remain highly sought after.”
