The last parcel of direct riverfront land at Newstead has been sold for $64.5 million to Consolidated Properties Group (CPG) which plans to build 200 “landmark” luxury apartments.
The 9,368 sq m site at 47 Skyring Terrace was purchased in an off-market deal from Mirvac Group.
It has the potential for up to 42,000 sq m of total floor space, and a maximum building height of 25 storeys under the Brisbane City Plan.
CPG CEO and chairman Don O’Rorke said the site, which features 47 metres of direct river frontage, offered a rare opportunity to deliver a “super-premium” luxury residential apartment building in a prime inner-city location.
“Sites like this are as rare as it gets,” Mr O’Rorke said.
“This will be something elevated in every sense, something truly special.”
CPG plans to lodge a development application later this year with award-winning architects Woods Bagot who are already working on concept plans. Hutchinson Builders will construct the project.
The development will include a mix of boutique riverfront villas and 2- and 3-bedroom apartments with north-east views towards Hamilton.
Colliers Queensland Residential Director Brendan Hogan said demand for prestige development opportunities in Brisbane was outpacing supply.
“Opportunities like this simply don’t come up anymore. This is the last of its kind on the Newstead waterfront, and arguably the best-located residential site in the city,” Mr Hogan said.
“We’re seeing exceptional demand in the premium apartment market, with off-the-plan riverfront apartments achieving prices over $35,000/sqm of net (internal) saleable area.
“The surge in apartment prices is largely driven by the demand from owner-occupiers who are seeking premium and larger apartment stock, which has accounted for the majority of sales in the market over the past two years.”
