According to The Australian Financial Review, developer Morris Property Group has obtained dual development approval for a residential and a commercial development on the same site in the Brisbane CBD as it weighs up its plans against the cooling Brisbane residential market.
Brisbane City Council's seamless development approval process allowed Morris Property to quickly apply for a 27-storey commercial tower at 152 Wharf Street, Spring Hill, earlier this year, where it already had an approval to build a 197-apartment tower with ground-floor retail space.
The move serves as a natural "market correction" because it allows developers like Morris Property to opt out of the residential market, which is facing slower sales and oversupply concerns, and move on to profitable commercial developments that will service business demand particularly A-grade or premium office spaces, director Barry Morris said.
"Whether residential or commercial, it will be subject to market demand," Mr Morris said.
If you want to read this article in Japanese, please see the following link:
Subscribe to our English Newsletter