Interstate developerers are circling residential sides within Aveo Group's 6.4 hectare Gasworks urban renewal precinct inner Brisbane. Combined, the sites could net the group about $110 million. The AFR understands that Sydney based Crown Group,the listed Payce Consolidated also from Sydney,and the entrenched Brisbane apartment developer Metro Property Development,have run a ruler over one or more of the sites within the Gasworks project on Breakfast Road in Newstead. Three of the sites,which have the capacity for more than 750 apartments are currently in due diligence closing at the end of February. Metro Property chief executive Luke Hartman said he could not comment on any specific acquisitions but confirmed the group was always looking at "opportunities where it can add value".Aveo declined to comment. About $30 million is expected for the air rights above Gasometer 1, known as Longland Towers,which has approval for 226 apartments.A second site to be east of Gasometer 1 known as Towers B,C and D is priced at $40 million.A third site fronting Longland Street suitable for a hotel or residential development is priced at $16 million. Although not yet in due diligence,a fourth site up for sale,known as Gasometer 4,has an asking price of $24 million and is suitable for 320 units.
AOG Price at posting:
$2.08 Sentiment: Hold Disclosure: Held
