Honeycombes Property Group lodges development application for Ferny Grove Central

Queensland developer Honeycombes Property Group (HPG) is set to embark on its major transformation of Ferny Grove Train Station next year, recently lodging the development application with Brisbane City council.After formally being appointed by the Queensland Government in April 2016 to design and deliver the Transit Oriented Development, HPG has proposed a retail, residential and leisure precinct to revitalise the existing train station carpark and create a purpose-built community hub.According to AEC Group, who undertook the economic impact study, Ferny Grove Central will have an economic output of $287 million during construction and a further $199 million per year on an ongoing basis.The mixed-used Ferny Grove Central already has formal expressions of interest in place for almost 90 per cent of its retail and commercial premises, subject to the DA approval.HPG Managing Director Peter Honeycombe said the high level of early interest being shown in the site from major supermarkets, national retail chains and allied health providers confirmed the project’s outstanding potential.Ferny Grove Central will provide 7425sq m of retail floor space, anchored by a 3400sq m supermarket.Majestic Cinemas will take up an additional 2117sqm to open an eight-screen complex while a national fitness centre has provided a formal expression of interest to occupy 1995sq m and terms have been agreed in principle with a child care centre to operate a 123-place facility from a 1820sq m space. There will also be 600sq m of allied health usage.The residential component comprises a four-level, 64-apartment building in a mix of one, two and three-bedroom designs and offering a residential buffer to neighbouring homes.On completion, there will be a total of 2200 car parks in the project, including an upgrade of the current commuter parking from 973 to 1732 spaces. A further 383 basement car parks will be provided for the retail centre with 85 spaces for the residential units.Mr Honeycombe said the main trade area had a current estimated population of 33,940, with projections putting the figures at almost 40,000 residents by 2031.“The current provision of retail facilities within this trade area is relatively limited – mainly consisting of a small supermarket and convenience-based shopping centres,” he said.“When existing market supply of retail floor space is compared with the existing demand, there is an identified market gap of almost 43,400sq m of total traditional retail space. This means that only 20 per cent of traditional demand being generated by trade area residents is now being catered for in the local area.“Clearly the majority of retail expenditure is presently escaping the main trade area and being met by surrounding larger supermarket facilities and higher-order centres.”Mr Honeycombe said Ferny Grove Central would focus on flexibility and convenience for local residents and commuters.“Given the co-location of the proposed development with the Ferny Grove bus and rail interchange, we expect commuters will also be key users of the retail site,” he said.“Our proposed plans include commuter parking upgrades and an increased number of parking bays, of which 80 per cent are under cover.“Community feedback has played a big part in our ongoing adjustments to the proposed development, to help meet the needs expressed by the various community interests in and around Ferny Grove station.”Mr Honeycombe said HPG was well placed to deliver the Ferny Grove project, having already completed the Transit Oriented Developments Coorparoo Square – a $255 million joint venture with Frasers Property Australia in Brisbane’s inner east – and the $450 million multi-staged, master planned re-development of Townsville rail yards.Both projects involved the transformation of former industrial or under-used sites into vibrant lifestyle destinations with a sophisticated blend of residential, retail and entertainment.“The Ferny Grove TOD is designed by Brisbane-based architects bureau^proberts and cements the practice's position as one of Queensland's leading urban designers,” Mr Honeycombe said.Townsville-based Honeycombes is a leading and long-established private developer that has delivered an array of mixed-use and staged urban renewal projects in key locations throughout Queensland.Construction of Ferny Grove Central is expected to commence in early 2019, subject to securing BCC development approval.