Springfield mixed-use project seeking strategic development partner

8 March 2023

An opportunity is being offered to the market for a strategic development partner to partner with Springfield City Group to deliver the balance of a premium masterplanned project in Queensland’s Southeast.

Situated on a 6,694sq m site in the heart of Springfield, southwest of Brisbane, at 7001 & 7004 Barry Alexander Drive, the four-stage development is known as Park Avenue.

Stage 1, which is sold out and has been completed by Springfield City Group, the owner of the entire site, consists of 66 apartments and 319sq m of retail space.

The remaining three stages will deliver a total of 254 dwellings and 632sq m of retail and commercial space.

Knight Frank’s Christian Sandstrom is taking the opportunity to develop these stages – Stages 2, 3 and 4 – to the market via an Expressions of Interest campaign to purchase outright or strategically partner with the developer to deliver the final development product.

Stage 2 will consist of 74 apartments and 196sq m of commercial gross floor area, while Stages 3 and 4 will consist of 180 apartments and 436sq m of commercial gross floor area.

Mr Sandstrom said the opportunity presented a developer or investor with a chance to capitalise on a tested residential market, with the established Stage 1 already sold out and many units having experienced a healthy growth in value on the secondary market.

“The greater Park Avenue masterplan adopts a unique design that incorporates surrounding parklands,” he said.

“Springfield is strengthened by robust demographics and supported by an estimated $20 billion in project investment to date.

“It is an enviable community with undeniable attraction, and the Park Avenue development enjoys immediate proximity to the Orion Shopping Centre, education and medical precincts and has ease of access to the Robelle Domain Parklands.

“The land offering is well suited for a strategic development partner that shares the Greater Springfield long-term vision.” The Expressions of Interest campaign for the opportunity closes at 3pm (AEST) on Thursday, April 13.