Shayher Expands South-East Qld Footprint in $250m Deal

PROPERTY DEVELOPMENT TARYN PARIS 14 NOV 22 The Urban Developer

Shayher Group has inked a $250-million deal to deliver the Capalaba Town Centre project after the recent approval of its 850-home Bulimba Barracks development application.?

The Taiwanese-backed developer owns the Capalaba Central sub-regional shopping centre which makes up part of the 2.05ha town centre site and is slated for renewal from next year.?

The $250-million town centre project would incorporate a commercial precinct, new civic centres, and a green public realm that connects with dining and retail to create a day/night economy.

The deal paves the way for a more detailed design and development applications for the site next year, according to Redlands City mayor Karen Williams.

Williams said Shayher Group had experience in delivering mixed-use developments, including the Brisbane Quarter precinct, the redevelopment of the former CSIRO site in Indooroopilly and Northshore Hamilton.

Shayher Group is also delivering a heritage renewal precinct at Pentridge in Melbourne as well as its ambitious?20ha riverfront site at Bulimba, which the group acquired for $63 million.?

“The Capalaba Town Centre Revitalisation Project, which will accommodate employment uses supported by a diverse mix of dining, retail and entertainment uses to create a day/night economy, will also deliver improved pedestrian and vehicular connectivity in the urban heart,” Williams said.

“This will be complemented with a renewed public realm that is activated and innovative, using best practice architecture and sub-tropical design.”

Shayher Group managing director John Lin said they were proud to be part of the landmark project in the Redlands.

“We envision bringing the Redlands Coast community together by accommodating major employment and community facilities, complemented by an innovative and high-quality public realm and village green,” Lin said.

The 2.05ha site is within the commercial hub of Capalaba and includes enhancing the entertainment and restaurant precinct, as well as the Capalaba Bus Interchange.

The interchange is a key transport node providing connectivity to the inner and eastern suburbs of Brisbane, and the corridor is now part of a study looking at extending the Metro from Coorparoo out to Capalaba.?

Brisbane City Council, the Queensland government and Redland City Council will all contribute funding towards the Eastern Metro Study, which will investigate options for extending the existing busway from where it currently ends at Coorparoo through to the Capalaba business district.

The Eastern Metro route would service seven sports as part of the Brisbane 2032 Olympic and Paralympic Games, but would also provide long-term connectivity between the two regions.?

Redlands Investment Corporation chief executive Peter Kelley said Capalaba had been identified as an important gateway hub for the region and following a lengthy expressions of interest campaign, Shayher Group had been selected to partner the project.?

“The key areas included an active town square, a need to improve pedestrian movement and repositioning Capalaba as a primary employment, transit, and mixed-use development centre,” Kelley said.

“Shayher Group presented an exciting and dynamic proposal that will bring much-needed infrastructure and improve connectivity, creating a mixed-use precinct in Capalaba.”

The project will include mixed use residential and commercial developments, a new library, customer service centre and community hall, and an entertainment precinct and village green.?

Meanwhile, Shayher Group will now forge ahead with plans for its 850-home redevelopment of the former 10ha Bulimba Barracks.?

Plans were filed last year for the project and following a lengthy planning-approvals process the project has been given the green light by the Brisbane City Council.

Touted as the biggest residential masterplan?since Northshore Hamilton,?the 855-home project will include a mix of houses, townhouses and unit buildings up to five storeys.?

AUTHOR Taryn?Paris