The Central corridor encompasses a dynamic mix of suburbs including, Kedron, Lutwyche, Nundah and Aspley. The precinct also includes Chermside - a thriving commercial, retail and residential precinct that has proven to be an active development area.
Chermside is referred to by the Queensland Government as a “Principal Activity Centre”. This means that over the next 20 years there is a prerequisite for the area to accommodate substantial commercial, residential and employment growth. As a result, significant spending on improving local infrastructure has been planned. This will attract major developments in the precinct and further establish Chermside as the CBD of the North.
Many higher density developments have been constructed over recent years. Chermside residents have witnessed a renewal phase in the suburb’s lifecycle assisted by the development of retail shopping facilities along Gympie and Hamilton Road and the relocation of the Australian Taxation Office as well as the development of the Northern Busway. Westfield Chermside, the largest suburban shopping centre in Queensland, is the major retail anchor for all the surrounding suburbs and is the location of a major busway station.
Developers continue to seek parcels of land within the Central corridor for future redevelopment. This is largely due to the numerous future changes to zoning and increase to height restrictions within areas such as Chermside, Kedron, Lutwyche, Nundah and Windsor. Developers are favouring sites with sufficient holding incomes so they are able to buy and hold for a few years prior to future redevelopment.
Gympie Road’s popularity within the retail/commercial sector is evident by the high volume of deals that have recently transacted.
Overall there has been an increase in activity within the precinct and enquiry levels appear to be remaining consistent in all suburbs.
The Central Corridor is set to continue to see this steady growth over the coming years.