[+] Behind Brisbane’s ‘Unrepeatable’ Cityshaper Project: Teneriffe Banks

As soon as the gravel crunched beneath his feet, Kokoda Property founder Mark Stevens had a vision for what the former sand quarry on the edge of the Brisbane River would become. It was not a bargain but it was “unrepeatable”, he says of the parcel in prestigious Teneriffe, a gentrified suburb about 2.5km from the CBD. Kokoda spent more than $100 million, a record price, to acquire the 17.5ha waterfront site that neighbours an electrical substation and significant pylon linking the suburb to Bulimba across the river. The industrial precinct at 17-27 Skyring Terrace was once a WWII submarine base, and will now be transformed into a $1.5-billion mixed-use precinct that comprises four buildings, including a Kimpton hotel, commercial, food and beverage, retail and 212 apartments. The seller was the Riverside Coal Transport Company, linked to the Campbell family who control Riverside Marine. Teneriffe Banks’ residential offerings are due to be launched to market in September but Stevens is expecting a swift sell-out with more than 1800 reservations made and just 212 apartments on offer, with an average price of $2.5 million and the penthouse expected to transact for more than $20 million. Stevens is also working with the Queensland Government on a marina concept that would feature a pool and pond, and restaurant floating in the river. “It was pretty obvious for me to see that a 17,500sq m [site] on the river is a very compelling piece of property to have,” Stevens says. “For me it was about working out what do we put on the site and who is the customer. “I was pretty clear about the residential component. I was less so on the hotel, I needed a bit more time to percolate on the hotel. It was about what brand to use, off the back of the success of the Calile Hotel down the road.” ▲ Resort-style amenities and an in-river floating pool and marina cap off the cityshaping Teneriffe Banks project. Indeed the Richards and Spence-designed hotel at James Street has won acclaim nationally and internationally with room rates to match. And it might be some of that magic that Stevens is looking to capture by the river. Stevens says 20 food and beverage and boutique retail businesses will move into the precinct to underpin the site and ensure the success of the mixed-use precinct. “It’s the largest infill site that was available on the river, it’s the last one,” he says. And while the site requires some significant ground works to get ready for construction, Stevens says it’s one of the easier ones his team has contested with. “We’ve had much harder sites to remediate, there’s no ground contamination so this one’s pretty easy,” he says. The neighbouring electrical substation and pylon, less so. Stevens says he has been liaising with Mirvac, whose build-to-rent and build-to-sell precinct is also impacted by the power tower, and the State Government to look at options for getting the infrastructure underground. But Stevens says it is probably many years before there will be change on that front and he is eager to press ahead. Kokoda is talking to builders and Stevens says there are a few options on the table right now to build out the staged $1.5-billion precinct. The ground-floor plane will be significant with $100 million in food and beverage offerings and plans for a fine-dining institution. Stevens confirms he is talking to some “well-known” restaurateurs about his 200-plus-seat signature restaurant and bar, while he had inked a deal for a 168-key Kimpton Hotel this year. “This is our first hotel,” he says. “There were three hotel brands we were looking at but the Kimpton in each of its locations around the world, it has a personality, and I knew that we could create something that was uniquely Teneriffe for this hotel. “Some of the other brands are fixated on the way the hotel looked and felt, and the consistency. But the Kimpton will be bespoke.” Kimpton is part of the British IHG Hotels and Resorts ’ stable of 16 hotel brands that also includes InterContinental, Crowne Plaza and Holiday Inn. At the time of the deal being announced, IHG director of development for Australasia and the Pacific Cameron Burke said the vibrant and trendy suburb of Teneriffe was a good fit for the Kimpton brand. “[It’s] a strategic location that aligns to the aspirational ethos of the brand,” Burke said. The site underwent some planning changes to address concerns around height and intensity of development on the site, Stevens says, which he says was a “really good evolution with a team of architects and interiors and placemakers”, he says. “We got feedback from council that they were unhappy with the height.” The approved revised plans scaled back the height of the three towers, and changed up the scheme to include five buildings, which provided a wider variety of housing product, Stevens says. ▲ Kokoda Property founder Mark Stevens says building heights were cut from 30 storeys down to 19, and the proposal now comprises five buildings instead of three. Stevens says the plans were originally for a stacked hotel and residences tower, but says the hotel would now be a standalone offering, while the balance of the remaining four buildings would comprise different residential typologies, including loft-style and warehouse apartments, reminiscent of Teneriffe’s industrial past. “It provides a mix of product that is trying to cater to people’s budgets from the downsizers to the younger professionals,” he says. “The majority of the people will be in the older demographic, the professional downsizers. There will also be some younger people, our residential offering will be from one and two bedrooms up to five-bedroom apartments. “But I think the majority of residents will be in that mid-40s to late-60s age bracket.” The five buildings now comprise the Kimpton Hotel in the Interloom North building, modernist homes with high ceilings in the Ferry Building, warehouse residences in The Store Houses (north and south) in an homage to Teneriffe’s industrial past, and the Interloom South which will comprise luxury apartments and penthouses and resort-style common amenities. Teneriffe Banks is a collaboration between design partners Cottee Parker Architects, Carr, and Urbis Town Planning and Landscaping. “The advantage of working with two architectural practices is that they both feed off each other, finding strengths in their respective niches and harmoniously bring them together. I believe we have successfully combined the best of both worlds,” Stevens says. “It’s an unrepeatable site and opportunity,” he says and the developer is on the hunt for more golden opportunities in the Sunshine State. The Campbell family ’ s Riverside Marine had their own plans for the site a decade ago that included a 25-storey building, which received pushback from Brisbane City Council, Energex and the community.

[+] Behind Brisbane’s ‘Unrepeatable’ Cityshaper Project: Teneriffe Banks

Get the full story.

Borger Warns Sydney’s Olympic Park Risks Missing Housing Moment

‘Maybe in a Decade’: Metricon Chief Executive’s Big Bet

Beyond the Building: Guest Experience Firms as Hotel Gamechanger

‘Fortress’ Retail Draws Investors Back to Shopping Centres

‘Units Falling Flat’: Sydney Developer Delivers Blunt Warning

Sydney Developer Outlook Lunch Series | Panel | Jessica Kelley, Ben Finger & Pierre Sleiman

Sydney Developer Outlook Lunch Series | Keynote | Terry Rawnsley

Brisbane Developer Outlook Lunch Series | Panel | Michael McNab, Alex Levy, Julian Simmonds & Christie Leet

Brisbane Developer Outlook Lunch Series | Keynote | Terry Rawnsley

Setback for Harbour Housing at WA’s Booming Albany

Multiplex Tops Out $194m Student Tower in Melbourne

The Hotel Developer Summit: Two Weeks Left to Register

Epping TOD Highrise Plans Redrawn Eight Years On

Perth Developer Symposium

Hotel Developer Summit

The Urban Developer Awards for Industry Excellence