Kokoda Settles Teneriffe Banks as Melb Project Completes

Kokoda Property Group has settled its Teneriffe Banks site in Brisbane, paving the way for construction of the luxury riverfront precinct to begin.

And in Melbourne, the developer has completed Malvern Collective, a $450-million mixed-use precinct and picked up a new Richmond site as part of its expansion plans for the Victorian capital.

The settlement establishes the foundation for Teneriffe Banks, a $1.5-billion luxury residential development of four residential buildings along Brisbane’s most sought-after riverfront stretch.

The Kokoda Property Group founder and managing director Mark Stevens said the milestone was a pivotal moment for the company’s expansion strategy “made possible through the dedication and expertise of many collaborators who have contributed insight, rigour and a shared commitment to our vision”.

The Teneriffe Banks precinct would comprise luxury two to four-bedroom homes priced from $1.9 million. The development also includes 10,000sq m of landscaped grounds, boutique retail laneways, world-class hospitality venues and a Kimpton Hotel.

A builder announcement is expected soon as the project moves from planning into construction phase.

Malvern Collective is the company’s largest Victorian project to date.

Designed by Jackson Clements Burrows with interiors by Carr, the project comprises two residential towers of 205 apartments alongside ground-level retail and dining spaces.

The development is at the intersection of Glenferrie and Dandenong roads, 8km south-east of the Melbourne GPO. It also includes new laneways that provide connection to Malvern Station.

▲ A rendering of Malvern Collective designed by Jackson Clements Burrows.

The precinct centres around The Angel of Malvern, a heritage hospitality venue opened in 1856 as The Gardiner, which would reopen in early 2026 as a three-level venue.

Resident amenities include a New York-style concierge service, wellness centre with hot and cold plunge facilities, outdoor swimming pools, and a private cinema.

Kokoda Property Group founder and managing director Mark Stevens said the completion signalled confidence in Melbourne’s market recovery.

“We’ve spent the past few years building momentum in Queensland, but this project represents a major commitment to Melbourne,” Stevens said.

“The fundamentals that make this city so liveable are strengthening again, and Malvern Collective stands as both a response to and a reflection of that renewed confidence.”

The development targets two primary buyer segments: downsizers seeking three and four-bedroom residences, and young professionals drawn to the site’s connectivity.

▲ Planned for Kokoda’s newly acquired Bridge Road property are midrise residential with wellness amenities and retail spaces.

Building on that momentum, Kokoda has acquired 487-495 Bridge Road, Richmond, a 1650sq m site with 50m of dual frontage across Bridge Road and Palmer Street.

A midrise residential development with integrated wellness amenities and ground-floor retail and dining spaces is planned, Stevens said.

He said the Bridge Road acquisition was part of its broader Melbourne expansion plans.

“Melbourne is regaining momentum,” Stevens said. “After a cautious period post-Covid, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects.”

The Richmond project would be designed as an “urban lantern” featuring a sculptural retail frontage that honoured the street’s heritage character.

Kokoda’s current portfolio spans $2.5 billion in projects in Melbourne and Brisbane.