Brisbane City Council has confirmed it will resume 2217sq m of land on the former ABC site at Toowong from Monarch developer Consolidated Properties Group.
CPG and Qualitas bought up the 1.2ha site at 600 Coronation Drive, in a $35.5-million deal with Sunland in 2021, with an understanding that this resumption would be going ahead.
The developer kicked off the sales campaign for its $400-million Monarch two-tower riverfront apartment project last weekend.
The project comprises 224 apartments, which includes eight rooftop penthouses and nine sub-penthouses as well as the renovation of the historic 1865 Middenbury House, which is slated to open to the public as a restaurant or retail offering.
CPG chairman and chief executive Don O’Rorke said it was disappointing to lose the riverfront land but said they were “committed to supporting the Brisbane City Council in their vision for the green bridge”.
“It undoubtedly provides a much-needed connection between the riverfront communities of Toowong and West End,” he said.
While negotiations on the price tag for the resumption of the land appear to be ongoing, it represents a 18.5 per cent portion of the $35.5-million site.
Brisbane Lord Mayor Adrian Schrinner said the application for the resumption of the land at the former ABC headquarters would go to the council for endorsement next week.
“Construction is under way on the Kangaroo Point and Breakfast Creek green bridges, which will be great assets for our city and important pieces of infrastructure during the Brisbane 2032 Olympic and Paralympic Games,” Schrinner said.
“We put the remaining two West End green bridges on hold after the devastating February flood so we could concentrate on Brisbane’s rebuild and recovery.
“However, it is important we secure this part of the former ABC site now, so we are ready to build the Toowong to West End Green Bridge in future with the support of other levels of government.”
CPG’s sales display suite opened at the weekend and chief operating officer James MacGinley said the repurposed site showcased the riverfront views.
“The sales display building is an amazing asset to have at our disposal and we are very fortunate that such a unique, well-positioned structure exists on the site,” MacGinley said.
“It will perfectly showcase the display kitchen, bathroom and living areas of the Monarch Residences and most importantly, the incredible river views.”
Article source: Queensland Property Investor
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