Kokoda Property, a prominent development firm, has made a groundbreaking acquisition in Teneriffe, Brisbane. The company purchased the last significant available riverfront site in the exclusive Tenerife River front area for over $100 million. The 17,600 sqm site at 17 and 27 Skyring Terrace includes a 6,000 sqm wet lease and boasts more than 200 meters of direct river frontage.
Kokoda has ambitious plans for the site, envisioning a $1.75 billion mixed-use precinct featuring luxury apartments, townhouses, an office tower, a high-end hotel operated by an international brand, a retail precinct with luxury stores and dining options, and a large-scale marina connected to the expanding Brisbane riverwalk. Mark Stevens, the founder and managing director of Kokoda Property, believes this development will contribute significantly to the revitalization of the Newstead and Teneriffe Waterfront Neighbourhood Plan.
With Brisbane experiencing a surge in population growth and a buoyant job market, combined with the upcoming 2032 Olympic Games, Kokoda sees immense potential in this project. The completion and commencement of apartment developments in Brisbane have reached an all-time low, creating a demand-supply gap that Kokoda aims to address. The Kokoda development Tenerife looks to be a project that could provide a huge influx of quality housing for Brisbane as it continues it’s huge growth currently.
Kokoda Property has a strong presence in Brisbane, having successfully completed projects like Chester & Ella and The Ambrose. They also have other projects in progress, including Refinery House and the recently acquired site on Crombie Street in Milton. In addition to their Queensland projects, Kokoda has a $2.5 billion pipeline of developments in both Queensland and Victoria, with the Malvern Collective in Melbourne being one of their notable projects.
Kokoda Development Tenerife, the Skyring Terrace deal, brokered by Elliot O’Shea and Seb Turnbull of JLL, marks a significant milestone in Brisbane’s property market. Kokoda Property is currently in the planning and design phase for Skyring Terrace and anticipates launching an expression of interest campaign in late 2023.
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