Banyo Woolworths tipped to boost home values
BANYO and Nudgee homeowners could expect a boost to their property prices if the proposed Woolworths shopping centre won council approval, two real estate agents who know the north Brisbane area said.
UPDATE: The Banyo Woolworths will open on Tuesday, May 17, after a “launch event” at 5pm, a Woolworths spokesperson said.
Coronis Realty sales specialist David Olsen (left), who has sold property in Banyo, Northgate and Nundah for many years, said the site for the proposed development had acted as a drag on sales of nearby houses.
“There was uncertainty over what may go up on the site and that was a put-off to potential buyers,” Mr Olsen said.
“They were concerned about what may happen there.”
But a modern retail complex would be welcomed by buyers, he said.
Woolworths has applied to council to develop the site – former Queensland Rail workshop land – that stretches between 229 and 270 Tufnell Rd.
Proposed is a 5500sq m shopping centre to include a 3800sq m convenience store, 10-12 specialty shops, and 270 carparks.
$21,250 richer – thanks Woolworths
Nundah-based First National Northside sales specialist Clint Devereaux said he’d been selling real estate in the area for 10 years and in that time there were frequent whispers of a large supermarket development at Banyo, but if Woolworths did follow through it would be fantastic for Banyo and Nudgee.
Over time, the Nundah Woolies complex probably added about five per cent to property values in the area, Mr Devereaux (pictured) said.
A major real estate website puts the median house price for Banyo at $425,000 which would add $21,250 to Banyo values if the Nundah bump was replicated.
A major supermarket with specialty stores was “the missing piece of the puzzle” for Banyo and Nudgee, which boasted excellent access to Brisbane airport and the Port of Brisbane, Mr Devereaux said.
Closer to home
Local councillor Kim Flesser has welcomed the application, saying it would spare Banyo and Nudgee residents a trip to Nundah, Toombul, Chermside or Taigum to shop at a national supermarket outlet.
Mr Olsen agreed, saying this added convenience would make Banyo and Nudgee more desirable to buyers which inevitably puts upward pressure on values.
He agreed the existing two supermarkets in Banyo – Banyo Supermarket and 5 Star – would struggle against Woolworths, and he anticipated that those sites would be redeveloped, probably as apartment complexes with specialty retail on the ground floor.
Obstacles to overcome
Cr Flesser said he thought council would make a decision on the application within two months, and that he expected it would be approved.
He said, however, there remained sticking points between Woolworths and the Banyo C & K kindergarten. He said he had tried to broker a peace, which involved designated off-street parking for kindy drop-off and pick-up.
And he said he had advised the relevant council department that the kindergarten parking should be a condition of approval.
The site was zoned MP3, Cr Flesser said, which meant it would be impossible to appeal council’s decision.
Woolworths hoped to open in 12 months, he said.