Vertically integrated Brisbane-based Mosaic has broken ground on two projects in its home state.
The first Woolworths supermarket at Kangaroo Point is included in Mosaic Property Group’s luxury apartment tower, the 17-storey Bedford.
The tower will also comprise 128 two and three-bedroom apartments, and a cafe and a liquor store on the ground floor.
Valued at $310 million, it is reportedly the first luxury apartment tower on the peninsula of more than 20 apartments in more than a decade.
Mosaic has sold more than 90 per cent of the project since its preview late last year.
Construction is being done in-house.
“This is a cornerstone site that has sat idle for decades,” Mosaic founder Brook Monahan said.
“This is one of Brisbane’s most iconic inner-city suburbs, yet it’s lacked new residential supply for over a decade.”
Off the back of demand, Mosaic said it was fast-tracking the preview of its next Kangaroo Point project, the $240-million The Carter.
Mosaic has completed The Mowbray at East Brisbane and The Prescott at Toowong. Its The Manning at Milton is due for completion in July.
Meanwhile on the Gold Coast, Mosaic said local and interstate owner-occupiers were driving demand for its Glitter Strip projects.
The developer now has The Sophia, on a 20m beachfront site at the northern end of Palm Beach, under way.
The nine-storey project comprises 31 apartments plus wellness amenities.
Valued at $140 million, 75 per cent of the apartments have sold for a total of $105 million.
Architects Bureau Proberts designed the project.
Monahan said interest had been overwhelming.
“Demand is being led by owner-occupiers ... who recognise the scarcity of true beachfront offerings and the enduring value of owning on the sand,” Monahan said.
Mosaic is a fully integrated developer with site acquisition, design, construction, management and building care all done in-house.
It has $1.4 billion in active and completed projects across the Gold Coast and more projects are scheduled to launch this year.
These include a site acquisition and planning permission for a $250-million 37-storey Masterpiece Series tower at Mary Avenue of 59 apartments for its third Broadbeach project.
Its fifth site at Burleigh Heads has been secured and plans are under way for a $185-million project.
Mosaic has recently completed Marella at Broadbeach. Other projects include Lily in Broadbeach, which will be completed in late 2025 and Isabel in Burleigh Heads, which will be completed in early 2026.
The developer has completed more than 65 projects across South-East Queensland since 2012 with $2 billion in residential and mixed-use projects either under construction or in the pipeline for the next five years.
