Melbourne-based developer Goldfields Group and Icon Developments have won approval for their 131-apartment tower in the city-fringe suburb of Milton in Queensland.
The 18-storey apartment tower will sit on a 1600sq m block at 33 Manning Street after the developer pieced together four adjacent sites for almost $9 million.
Goldfields Group is expecting to break ground on the project early next year with plans to launch to the market before the end of the year.
The tower would comprise predominantly two-bedroom apartments with 170 car parking spaces and a rooftop pool.
The RotheLowman designed 33 Manning will have river and CBD views and heralds a new era for the emerging hot-bed of redevelopment in Milton.
Goldfields Group chief executive Lachlan Thompson said it would add to the undersupplied Queensland apartment market.
“We are excited to re-imagine the traditional Queenslander for the 21st century with this landmark new project that allows us to bring over a decade of built form experience across Australia into the rapidly growing and undersupplied Queensland market,” he said.
The development will be delivered by Goldfields and joint venture partner Icon Developments Australia.
Goldfields chief executive Lachlan Thompson told The Urban Developer that since entering the Queensland market four years ago with its $350-million, 1000-lot master-planned community at Ripley, Goldfields had been seeking opportunities within the inner suburbs of Brisbane.
“As a national property developer, we are constantly looking for areas that offer strong development potential and we were impressed with Milton’s amenity and connectivity to all things lifestyle related,” Thompson said.
“We are of the strong opinion that Milton, as a suburb, is on the cusp of significant capital value growth due to limited supply and its proximity to the bustling Park Street retail strip.”
Earlier this year Goldfields returned to the greenfield market to splash $17.8 million on a site on the Bass Coast near Grantville.
“This site was reflective of [Goldfield’s] belief in Australia’s regional housing markets,” Thompson said.
“We’re always searching for growth opportunities and are bullish on regional markets in areas with a diverse economy, healthy government infrastructure spend and good local amenities.”
The 13ha site, on the east coast of Western Port about 100km south-east of Melbourne, will become a masterplanned residential community of 160 lots and communal open space under Goldfield’s plans.
