This article is from the Australian Property Journal archive
MAKING its move into the sunshine state, Fortis has secured approval for a collection of 14 full-floor Kangaroo Point residences with 20 metres of absolute Brisbane River frontage, while a 3,069 sqm site nearby approved for a Woolworths and 130 luxury apartments has hit the market.
The Woolworths at the 25-31 Ferry Street and 16-30 Prospect Terrace site would be the suburb’s first supermarket. Woolworths has a 10-year lease with multiple decade-long options at the 2,579 sqm retail strata component, and go in alongside a BWS and café.
Above, the 15-level tower will have 130 apartments, with over 90% comprising two and three-bedroom unit types.
Colliers has the listing. Expressions of interest close Wednesday, 21st November.
Colliers Queensland director residential development sites Troy Linnane said there was a significant undersupply of new apartments being delivered within inner Brisbane, with the inner east having only 145 apartment completions forecast over the next two years.
“As a result of low future apartment supply and continued strong demand, despite recent interest rate rises, we anticipate good fundamentals for price growth and sales rates.
“The development site market in Brisbane has excellent fundamentals which are seen as having the best growth prospects of any city on the eastern seaboard of Australia,” Troy Linnane added.
Demand for apartments both existing and off-the-plan has seen the weighted average sale price for Brisbane off-the-plan apartment stock hit $1,313,418.
Fortis gets the green light
Construction at 44 O’Connell Street will commence in the June quarter of 2024 after Brisbane City Council gave Fortis the green light for “River House”.
Each of the three-bedroom residences will have an exclusive north-east aspect and panoramic views to Story Bridge to the north, while the Plus Architecture-designed development includes an infinity-edge pool, sauna, steam room, gym, generous gardens that step down to the river’s edge, a communal lawn perfect for entertaining and a private pontoon.
River House will be built on an elevated 1,196 sqm site just 12-minutes’ walk to the Brisbane CBD via the new Green Bridge.
“A site with profound historic and environmental significance, our design, a slender tower with a curved sculptural form, seeks to exude elegance and establish a harmonious connection with its surroundings. Imbued with understated luxury, the design has residents’ comfort, privacy, but also connection, with both one another and the river, at its heart,” said Danny Juric, director, Plus Architecture.
Interior design studio Mim Design has been appointed as the interior architects on the project, with landscaping by local landscape design practice, Lat Studios.
Fortis acquired the Kangaroo Point site last summer, at the same time it picked up a Newstead property where it is planning a $65 million office building with ground floor retail that will also become its parent company Pallas Group’s Queensland headquarters.
Dan Boman, associate director, Fortis, said the developer has always had its sights set on Australia’s sunshine state.
“Kangaroo Point stood out as the perfect site for our inaugural Brisbane project, representing the city’s finest.
“These homes offer the first north-east aspect in over a decade, ensuring uninterrupted riverfront views.
“With an expected end value of $110 million, we envisage that the project will be celebrated for its contribution to the iconic Brisbane riverfront and local surrounds.”
Early interest has come from downsizers and young families, signifying that the top-end of the market in Brisbane remains strong.
Kangaroo Point is located 800 metres east of the Brisbane CBD and is renowned for its iconic Story Bridge and Kangaroo Point Cliffs, adjoining parklands, and riverside access. The site itself is located one kilometre from the upcoming $190 million Green Bridge under construction by Brisbane City Council, directly linking Kangaroo Point to the CBD.
Fortis has a string of residential and commercial projects in Sydney’s sought-after eastern suburbs – where it recently got the go-ahead for a $134 million Bronte high-end residential project – as well as multiple projects in Melbourne.
