Former Albion Flour Mill development up for grabs

An artist impression of the development planned for the former Albion Flour Mill site, which is on the market in Brisbane. Picture: Supplied

The former Albion Flour Mill site will hit the Brisbane market on February 18 with plans for a two-tower mix-use development including more than 450 apartments, retail space and supermarket.

Going on the market through Troy Linnane, Robert Papaleo and James Wilson of Colliers on behalf of Woolworths, the 5586 sqm site, ‘The Albion’ is 5km north of the Brisbane CBD and will have direct public access to Albion Train Station.

The mix-use project has been designed by Cottee Parker Architects and includes two 18-storey towers, incorporating 456 residential apartments, set on a common podium to allow integrated retail space.

Colliers head of retail middle markets, James Wilson said upon completion, the retail would comprise a full line 4000 sqm Woolworths supermarket, BWS and a cafe that would provide much needed amenity to the rapidly evolving Albion precinct.

“Colliers recently transacted another Fabcot owned development site at Kangaroo Point for $18,250,000 to Mosaic Property Group, which has reported strong sales since it launched in late 2024, highlighting demand for these mixed use development sites underpinned by Woolworths Supermarkets remain highly sought after.”

The development will feature more than 450 apartments across two towers. Picture: Supplied

Colliers Queensland residential director, Troy Linnane said the record population growth being experienced in southeast Queensland was driving exceptional demand into Brisbane’s apartment market, making development site opportunities in key inner city locations highly sought after.

“Brisbane is now Australia’s second most expensive capital city housing market, with limited new apartment supply despite acceptance of higher prices,” he said.

“This development located in Albion’s urban renewal precinct will offer 456 studio, one, two and three-bedroom apartments.

“We are expecting to see strong interest from local, interstate and offshore developers, with a compelling opportunity for both build to rent and build to sell outcomes, as well as investors and high net worth individuals.”

Mr Linnane said the development site market in Brisbane had excellent fundamentals, which were seen as having the best growth prospects of any city on the eastern seaboard of Australia.

“The average sale price for News Release Page 2 inner-city new apartment stock soared to a new peak of $2.083m in Q2 2024,” he said.

The development will feature a Woolworths supermarket. Picture: Supplied

Colliers Residential Capital Markets National Director Robert Papaleo said the Australian Build to Rent (BTR) market was still growing and rapidly evolving with an influx of both domestic and international capital seeking opportunities to diversify their investment into key locations that remain under supplied.

“New BTR projects in key Brisbane locations, especially those benefiting from accessibility to key transport and retail infrastructure and de-risked by inclusion of leased retail amenities, such as a Woolworths at this site, will attract strong purchaser interest,” he said.

“A growing number of development applications have emerged in inner-Brisbane that highlight the increasing confidence in the Brisbane market.

“The Brisbane BTR market until recently has been driven by private operators and capital delivering smaller projects whereas Brisbane is now on the national radar with the attraction of sophisticated institutional capital.”