Green Light on The Lane

Mary St Mall High Exterior

The $325 million mixed-use fusion of 184 luxury apartments, a five-star hotel and high-end retail was expected to deliver a new type of lifestyle in Brisbane’s CBD.

The Mary Lane development at 111 Mary St was given the green light by the Brisbane City Council within four months of a revised development plan being filed in June, with construction set to begin early next year.

The project’s most prominent back, Queensland rich-lister Sam Chong, was said to be worth $387 million last year.  Mr Chong’s fortune was made after founding the Jellinbah mine in Bowen Basin in the late 1980’s with businessman Ken Talbot and Jim Gorman.  He also owns the Felicity Hotel Group, which developed the site of the Four Points by Sheraton – also on Mary St.

Mary Lane development manager, Ian Pert of GMP Management, said the property would consist of 38 levels, including a 286-room hotel.

“A lot of things council wanted to see we incorporated into the design.  We were on the same page.  We wanted to see activation of the laneway and the streetway.  We wanted the food and beverage and laneway to create a destination atmosphere.  You want it to be a real hub and also a happening place,” he said.

The Park Royal in Singapore and St Regis in San Franciso provided inspiration for the development, he said, but it was also “a nod to Melbourne’s famed laneways”.

“As cities mature that’s where people will want to be – the inner city – because they will want that convenience and level of service that you get there.”

Colliers International director residential Andrew Roubicek, who is marketing the project, said the apartments were designed to appeal to the owner-occupier end of the market with the two-bedroom apartment larger than what was in the Brisbane market generally.  ” there is a significant appetite for apartments from empty-nesters, students and professional,” he said.

Among key features was the option on some apartments for exclusive use of storage units on 5-10sq m on the same floor.

Asked to comment on oversupply concerns raised by commentators in the past two weeks, Mr Roubicek said “Brisbane is not one market”.

“There are five markets in Brisbane – north, south, east, west and CBD.  Right now there is no CBD project for sale other than Brisbane Skytower, which is a totally different offering of over 1000 apartments, whereas there are less than 200 apartments in Mary Lane. It’s a very unique and smaller offering than Skytower and for me that’s a good thing. . . Our location, design, inclusions, there’s nothing else for sale in Brisbane CBD at all like it.”

Mary Land will have one, two and three-bedroom apartments, with prices ranging $460,000 to $2 million+.  Features include a level-37 recreation deck with resort-style pool, gym, barbecue and function area.  There would also be a day spa, lobby bar and restaurant.

Key Points:

Project:  Mary Lane
Location:
 111 Mary Street, Brisbane CBD
Value:  $325million
Developer: Mary 111 Pty Ltd
Design:  Woods Bagot
Marketer:  Colliers International

Details:

Mixed Use: 286 room 5-star hotel, 184 executive residences, restaurants and bars
Residential Offering:  1, 2 and 3-bedroom apartments, on-floor storage, rooftop pool, BBQ area and gymnasium.
Apartment Price:  From $460,000 to $2m+

 

24 October 2015, Courier Mail Brisbane