The Kokoda Property Group have added a prime apartment site to their portfolio in Milton Brisbane, in a deal reported for $11 million.
Located on Crombie Street in the city fringe suburb of Milton, the site spans over 1640sqm. The site has been earmarked for a 160-apartment project over 22 storey’s, worth over $160 million for the group.
The project acquisition comes on the back of their recent build “The Ambrose” in neighbouring McDougall Street, that delivered a 19-storey apartment tower to the suburb. No doubt the confidence of developing within the evolving inner-city suburb of Milton was attractive for the group, as they add this to their huge pipeline of projects throughout Australia worth over $2.5 billion.
Cottee Parker, the architectural firm that designed The Ambrose, will likely head up the ultimate design for the project. The tower will feature luxury amenities including, rooftop area with pool, gym, wellness space and private dining for the residents.
Apartment projects are proving to be difficult to launch for developers currently, with the build costs rising so dramatically that rumours of mass abandonments flourishing throughout the industry. Rental vacancy rates around Brisbane have dropped a new low, highlighting the need for further apartment stock in the market. Without the large apartment projects coming to fruition to knock out large chunks of supply pressure, the outlook is becoming very strained for the government. Demand is only getting stronger with interstate migration to South-East Queensland overflowing, according to the ABS reports.
Milton is part of a handful of city-fringe suburbs that developers are trying to gentrify to add quality apartment stock into currently. Woolloongabba, Newstead, Toowong West End and Albion are all receiving strong activity from developers currently, however proceeding through to the build phase is proving to be a sticking point due to supply chain issues and the enormous costs that are not easing. With the huge $7 billion infrastructure investment about to be delivered into Brisbane ahead of the 2032 Olympics, further stock wll be needed to meet the ever increasing demand for quality property to be delivered within Brisbane.
Kokoda’s new apartment project is a welcome sign for an industry struggling to meet the needs of the market.
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