Melbourne’s Kokoda Group is shrugging off the woes of the construction sector and forging ahead with a $1.75-billion mixed-use masterplan in Brisbane.
The luxury developer has acquired 17-27 Skyring Terrace in Teneriffe, 2.5km north-east of the CBD, adding to its $2.5-billion pipeline of prime residential builds in the Queensland capital.
It has been reported Kokoda paid north of $100 million for the site, although the developer has not confirmed a price.
Kokoda plans to transform the 17,600sq m, which has more than 200m of direct river frontage, with plans that include a marina, waterfront office tower, luxury hotel in a retail precinct and high-end apartments.
Kokoda wants the development to play “a pivotal role in the revitalisation of the Newstead and Teneriffe Waterfront Neighbourhood Plan.”
The site in question has been called the last of substance in sought-after Teneriffe—plans for a section of it were approved in 2016 but did not move ahead.
Vendors Riverside Coal Transport Company put the site up for sale in 2022 as median house prices in the suburb climbed to $2.9 million.
Kokoda Property founder Mark Stevens said Brisbane was primed for rapid growth, and locations such as Teneriffe were becoming hot commodities.
“This site has been tightly held for nearly four decades and the potential it offers is unparalleled in terms of creating a major mixed-use waterfront development at a scale that is never to be repeated,” Stevens, who is also managing director, said.
“We are incredibly active in Brisbane and expanding our portfolio due to the surging population growth.
“Queensland has experienced the highest interstate migration growth in the nation and with the 2032 Olympic Games on the horizon, coupled with a buoyant jobs market, Brisbane is primed for a development of this scale.”
Earlier this year, Kokoda acquired a site in Milton, its second in the suburb, for $11 million and plans a 22-storey, 160-apartment multi-residential tower featuring a rooftop pool and gym. It will have a total value of $160 million upon completion.
“If you’re looking to get into the property market right now, buying apartments with high quality builds and materials by reputable developers is your best bet as they have undertaken their due diligence and have a commitment to deliver the project,” Stevens said.
Article source: Queensland Property Investor