This article is from the Australian Property Journal archive
LUXURY developer Pikos Group has broken ground on its second riverfront project in as many years in Brisbane’s Kangaroo Point, with the new $620 million development to deliver 215 residences across two 15-level towers and the inner city’s largest private parkland.
The new project, named Gaia, takes group’s projects under construction in Brisbane to around $1 billion, and comes after the launch of its $250 million, triple-tower Skye project in the inner Brisbane south local two summers ago.
Pikos Group estimates Gaia will deliver 695 direct and indirect jobs over the next two and half years of construction, and circa $110 million in value to Brisbane’s economy.
Pikos Group founder and executive director, Pedro Pikos, said Gaia was more than a decade in the making. Since 2014, the group has amalgamated eight individual lots to open up over 5,300 sqm of pure river frontage, and “deliver an unrepeatable opportunity to create high-end apartments and sprawling green spaces that connect with their natural and urban settings,” Pikos said.
The project will deliver a mix of two, three and four-bedroom residences. Designed by architects DKO, both towers been oriented to capture sweeping views of the city and river. Amenities include an indoor and outdoor gym, rooftop entertaining spaces, garden workshop, yoga lawn, outdoor cinema, private dining room, and work-from-home lounge. The parkland will feature more than 20 wellness and leisure zones exclusively for residents.
“With today’s construction challenges, we are seeing large numbers of residential projects shelved and delayed until the construction challenges dissipate,” said Pikos Group CEO, Michelle Wooldridge.
Brisbane is facing a severe undersupply of apartments in the coming years. Charter Keck Cramer data shows that there is a requirement to build between 6,000 to 8,000 apartments each year to house Brisbane’s forecast 1.6% per annum population growth to FY28, and current trends suggest that only around 3,000 will be built annually over the next few years. There is a $7.1 billion venue infrastructure program in place for the 2032 Olympic and Paralympic Games which will see competition for construction labour and materials resources.
There were only 1,540 build-to-sell apartment completions, and 150 build-to-rent completions over 12 months, while apartment launches plunged 76% year-on-year to just 530.
“We are really proud of the fact that we are able to buck the trend, convert our projects into construction, and deliver much needed new housing supply for Brisbane,” Wooldridge said.
Pikos has teamed up with the Mastrocostas family, one of the top 25 builders in Australia who have been active in south-east Queensland’s construction industry for a quarter of a century, to deliver Gaia.
As a result of the partnership, newly formed company M2M Constructions has been charged with delivering Gaia.
Wooldridge said the site’s connection to the Brisbane CBD and beyond will appeal to buyers.
“The site itself is an incredibly tranquil and quiet pocket, which captures one of the Brisbane River’s widest aspects as it bends around New Farm,” she said.
“With the completion of the city’s newest green bridge, the Kangaroo Point peninsula will enjoy enhanced connectivity, providing effortless walking access to Brisbane CBD while maintaining its peaceful, secluded atmosphere.”
Elsewhere in Kangaroo Point, Mosaic Property Group last month acquired a 3,195 sqm site at 23-31 Ferry Street from Woolworths which has been dormant for over 30 years. Woolworths’ development arm, Fabot, had previously gained approval for a revised scheme for a 17-level tower with 128 two and three-bedroom apartments. Fabcot had paid $11 million for the site in 2020.
Mosaic Property Group already has big plans for the locale – it is proposing a 23-storey tower at 73-83 Linton Street with a total of 126 two- and three-bedroom apartments.
Meanwhile, revised plans were lodged in August to increase the 15-storey building proposed for the 2,788 sqm site at 51 Darragh Street to 22 storeys, and the number of apartments from 49 to 65.
In winter, four luxury whole-floor apartments at Fortis’ $100 million, 15-level River House at 44 O’Connell Street sold for a combine price of almost $30 million.
