Homeowners and investors have bet big bucks on Albion, which they said could become the “Richmond of Brisbane”.
Newest development The Hudson dominates the Albion skyline, at 15 storeys high. Developers boasted the tower’s central location: steps from a train station, retail and restaurants.
David Stolz, who bought one of the million dollar-plus penthouse, championed the “Richmond of Brisbane” label. He said he bought the unit for the suburb’s growing reputation.
David Stolz celebrates the purchase of his penthouse apartment with a glass of champagne.
“I think we really saw the potential of Albion, we’ve lived in the area a long time,” he said. “There’s a lot of cafes and wine bars.”
The Hudson is a part of the planned Mill precinct, based around the site of the old Albion mill, which burnt down in 2011. Another two towers are slated for construction in the coming years.
Melbourne’s Richmond has seen huge apartment development in recent years, shaking off its industrial past to become an expensive and prestigious inner-city address.
Riverfire will be visible from Mr Stolz’s penthouse. Photo: Supplied
The precinct will change Albion into a more high-end postcode, said Twin Oceans developer Tim Jones.
“It’s going to transform the whole area … this is probably the key site,” he said. The Hudson is targeted at premium buyers, with some options for first home owners in the $400,000+ price range.
Domain Group chief economist Andrew Wilson
The building is expected to sell out within months. Photo: Supplied
predicted residents in Albion could expect to see more development construction.
“It’s becoming more and more that inner-city apartment market,” he said. “It’s evolved as Hamilton and New Farm has, more of a high density area.”
The developments have been a point of interest for the Albion community for some time, Ray White Albion Principal David Treloar said.
The Hudson as seen from the Albion train station. Photo: Jim Malo
“It’s been a long time coming and it’s been something that’s been planned for years,” he said. “It’s really exciting for the community to be able to walk through and touch it and see it.”
Mr Jones expected The Hudson’s units would be sold within months. He said the development had already sold about 80 per cent of its stock, despite being so close a noisy train line.
“It’s to the opposite, people really want that train,” he said. “It is so central to all of Brisbane.”
The apartments were built with special care to ensure the trains couldn’t be heard, said Hutchinsons site manager Jeff Miller.
“All up the building as we got our prototype units done we tested them again and again, to make sure we got the right glass and things like that,” he said.
Original Story: Jan 27, 2017 Jim Malo, Property reporter, Domain (https://www.domain.com.au/news/developers-pin-hopes-on-brisbanes-albion-becoming-a-highlysought-address-20170126-gtbsce/)