Bigger apartments, more office: Sekisui’s quick moves pay off

Japanese developer Sekisui House has upped the valuation of its inner-city Brisbane West Village project in response to strong demand across the mixed use precinct.

Built into and around two heritage listed buildings – the original Peters Ice Cream Factory and Factory 2 – the developer has adapted to changing market demands since ground was broken on the Boundary St site in 2018 to stay competitive and take advantage of new opportunities.

Sekisui House’s project director for Queensland and West Village, Harrison Phillips, said the majority of the masterplan remained the same, but there have been some key changes, including fewer apartments in favour of larger layouts and a more substantial commercial offering.

“The density is generally unchanged from the original master plan,” Mr Phillips said.

“We’ve done more commercial and retail in our West Village master plan than we originally set out to do. That’s been very much a market led response and it’s about getting the balance right.

“The daytime economy is important in mixed use precincts and office and retail very much helped the daytime economy and they’re synergistic, they work together. That’s the point of difference here at West Village – it’s the synergy of all the uses.”

On the back of strong conditions, the end value of the bustling mixed-use development has recently been revised up from $1.1bn to $1.2bn.

As the project moves into its final stages, the developer recently topped out its $76m “Greenhouse” office tower and has already fielded significant inquiry. The A-grade tower has 6500sq m of space with a grand foyer with Japanese-inspired water feature, to be complemented by a bespoke 6m x 6m Shoji lantern being designed for the space.

Not only will it be a have a six-star green star rating, the Blight Rayner designed tower looks to make the most of its position with a rooftop garden and function space that overlooks the CBD alongside outdoor workspaces and premium end of trip facilities.

Sekisui House will be moving its headquarters to the site, alongside Frasers Property which will relocate in August on a 10-year-lease.

Residential has also received a strong response. Alturia was the latest tower to sell out, with the $140m complex capped by the penthouse selling for $4.935m. The Arcadia South + Gallery achieved $83.6m in settlements last December. A development application will soon be lodged with council for the final tower within the complex called “Callista on Park”.

“By demand and by nature of the marketplace and very strong owner occupation, our units have grown in size,” Mr Harrison said.

“We’ll end up delivering about 935 apartments at West Village in our state. Our original concept was probably closer to 1200. We’re finding people want a home rather than apartment. This is about lifestyle.”

The residential is built around a core retail component anchored by Harris Farm’s flagship Queensland location and a Woolworths.

Sights are currently set on Sekisui’s next moves in the Queensland market. Mr Phillips said the developer is planning to move away from large masterplanned communities, akin to its Ecco Ripley project near Ipswich, and focus on inner-city precincts more like West Village, with a fresh project in nearby Kangaroo Point on the cards.