OpenCorp crowd-funds developments in Albion and West End
Two new residential projects are slated for development in Albion and West End, with funds for development sites being partially sourced by crowd-sourcing methods.
OpenCorp is a Melbourne-based property investment firm and fund manager, which has recently purchased a new development site in Albion and commenced construction on a new apartment complex in West End. By crowd-sourcing funding from its clients and investors, OpenCorp uses these initial funds to develop the land into apartments to be sold for investor profit, which reportedly offers a compounded return of 20 per cent. The Albion site will feature a complex of one, two and three bedroom apartments, to be designed by Hayes Anderson Lynch Architects.
The West End development, named Citro, is located within the Brisbane State High School catchment and will comprise of 106 apartments. Set for completion in 2017, Citro will include a rooftop terrace complete with an infinity pool and cinema, offering views of the Brisbane CBD. Prices for Citro’s apartments start at $369,000 for a one-bedroom unit, with two-bedroom apartments starting at $499,000. OpenCorp is responsible for three other developments in Brisbane including the Aston Apartments in Nundah and Evolve and Hemingway in Chermside. Hemingway will hit the market in February 2016.