BREAKING NEWS FOR TENERIFFE: last major waterfront site sold
In breaking news for Teneriffe, the last major waterfront site available has been sold with a development approval (DA).
Kokoda Group, a luxury developer based in Melbourne, has recently acquired a riverfront site in Teneriffe, Brisbane for a mixed-use masterplan worth $1.75 billion. The site, located at 17-27 Skyring Terrace, covers an area of 17,600 square meters with over 200 meters of direct river frontage. The development plan includes a marina, waterfront office tower, luxury hotel, retail precinct, and high-end apartments.
Although Kokoda has not confirmed the price of the site, it has been reported that the developer paid more than $100 million for it. The acquisition is part of Kokoda’s $2.5 billion pipeline of prime residential builds in the Queensland capital. Kokoda founder, Mark Stevens, believes that Brisbane is primed for rapid growth, especially with the surging population growth, buoyant jobs market, and the upcoming 2032 Olympic Games.
Stevens also stated that the Teneriffe site had been tightly held for almost four decades and the potential it offers is unparalleled in terms of creating a major mixed-use waterfront development at a scale that is never to be repeated. Kokoda’s acquisition of the Teneriffe site is a significant move for the developer, as it is considered the last of substance in sought-after Teneriffe. Plans for a section of the site were approved in 2016 but did not move ahead.
Kokoda is already active in Brisbane, with plans for a 22-storey, 160-apartment multi-residential tower featuring a rooftop pool and gym on a site in Milton, which was acquired earlier this year for $11 million. The developer also recently completed The Ambrose, a 19-storey residential tower in Milton, which reportedly sold 95% of its 174 apartments at a value of $165 million.
The acquisition of the Teneriffe site is a testament to the resilience of the property market, as Kokoda is shrugging off the woes of the construction sector and forging ahead with a significant development plan. Stevens believes that buying apartments with high-quality builds and materials by reputable developers is the best bet for those looking to enter the property market right now, as these developers have undertaken their due diligence and have a commitment to deliver the project.
In conclusion, Kokoda Group’s acquisition of the Teneriffe site is a significant move for the developer and is expected to play a pivotal role in the revitalisation of the Newstead and Teneriffe Waterfront Neighbourhood Plan. The mixed-use waterfront development plan is set to transform the site into a hot commodity and provide a major boost to Brisbane’s property market.
Read more on the Brisbane City Council website here.