Melbourne-based Kokoda Property has acquired a residential tower development site at Milton in Brisbane’s inner-west in a deal worth about $11 million.
Spanning more than1640sq m in Crombie Street, the parcel is earmarked for a $160-million, 22-storey apartment tower with 160 apartments.
The addition of the city fringe holding to Kokoda’s $2.5-billion pipeline of projects is its third development play in the river city. It follows the recent completion of its Cottee Parker-designed $150-million, 19-storey tower The Ambrose in nearby McDougall Street.
Cottee Parker also has been tapped for its latest project, which will feature high-end amenities, including a rooftop pool, private dining, health and wellness space and gym.
Kokoda Property managing director Mark Stevens said all indicators pointed towards a robust Brisbane market going forward.
“Brisbane is a market primed for growth,” he said. “[It] is rapidly transforming into a new world city.
“Its culture, business centre, technology, and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design.
“High-end developments with a design-led approach are contributing towards this transformation so we are proud to be actively developing in what is one of the most exciting times in Brisbane’s modern history.”
The Crombie Street project is due to launch to market with an expression of interest campaign in late March.
Meanwhile, The Ambrose—comprising 181 one, two and three-bedroom apartments—is about 98 per cent sold with pending sales of four remaining penthouses.
Kokoda Property’s workbook across Queensland and Victoria includes 1600 apartments under development.
Another Melbourne-based developer Goldfields Group and Icon Developments have approval for an 18-storey, 131-apartment tower on a 1600sq m block at 33 Manning Street in Milton. The amalgamated site was secured for almost $9 million.
The Rothelowman-designed tower will comprise predominantly two-bedroom apartments with 170 car parking spaces and a rooftop pool.
