Skyhold Property is placing a bet each way on low and high-density residential developments in Brisbane in the belief both will pay off. The Brisbane-based developer picked up a brick building with five units at 312 Bowen Terrace, New Farm, with frontage on Oxley Lane for about $5.2 million last year. It has now been demolished and construction is under way to replace it with four luxury houses for more than $5 million each. Meanwhile, work is expected to start on the former Balmoral quarry project after Skyhold secured a builder to construct the 167-apartment and 14-townhouse development. The plans for the 23,265sq m site were approved in May, 2023. The developer then moved ahead with the $27.5-million purchase of the site, which was settled a year later. Skyhold managing director Zhen Chen said that ultimately they were keeping their options open and moving quickly where they could. “My philosophy is to keep flexible—it’s important to understand the area and what the demand is,” Chen said. “Whether it is big or small they have different pros and cons and, also, because I’ve been doing high-end houses and apartments they’re quite similar. “For high-end apartments the return is higher but there are also risks associated, finding a builder is challenging at the moment. “In this sort of market it is from a risk point of view, in a good suburb and when you target owner-occupiers it is better.” ▲ The Balmoral quarry project includes a mix of three-storey townhouses and 167 apartments across three towers towards the back of the site. Chen said he was always dabbling in the New Farm area as he practically drove past it every day. It is suited to lower density in most areas. “When I came across this site, the location close to Howard Smith Wharves and New Farm Park, I thought it was an opportunity to do something special,” Chen said. “I’m familiar with the areas and the market product, that’s why I want to focus on developments around inner Brisbane. “It’s hard to find a brand new house in New Farm and also we have a four-car garage, guest ensuite, a lift and a pool and although the land is small that’s normal for New Farm.” ▲ The now demolished unit block at New Farm was called Noorla. Skyhold has adopted that name for its development on the site. Late last year Artemus Group shared its plans for the next stage of the Howard Smith Wharves development in the neighbourhood, which included a 77-room, nine-storey hotel, a music hall to replace Felons Barrel Hall, overwater pool, bar and dining area as well as new pathways and boardwalks.
