Kangaroo Point Peninsula in the heart of Brisbane. Picture: supplied
Plans for a 128-apartment mixed-use complex in the heart of Brisbane are attracting strong interest, the developers say.
Mosaic Property Group, bought the 3195 square metre (sq m) vacant site at 25 Ferry Street (Dockside), Kangaroo Point, from Woolworths but did not disclose the sum.
The developers say the new site will feature a full-scale, 2236sq m Woolworths supermarket, cafe, bottle shop and basement parking. Above that will ‘sit’ 16 levels of 128 two- and three-bedroom apartments, including penthouses.
Mosaic founder and managing director Brook Monahan believes the development may become a signature development for the company; the acquisition took 12 months to finalise, he says.
“This iconic site has been on our radar since 2016, known to many as a dormant opportunity burdened by years of challenges,” he says.
“The level of excitement around this development signals its potential to be one of Mosaic’s defining achievements to date.”
Mr Monahan points out that Kangaroo Point is one of the most tightly held and highly sought-after locations in Brisbane.
“It has one of the best, if not the best, walk scores in the city, made even stronger now with the completion of the green bridge and soon, with a full-scale grocery store on the horizon,” he says.
Mr Monahan also says the project is attracting strong interest, especially from their existing clients.
Colliers served as the sales agent between Woolworths and Mosaic.
Troy Linnane, Residential Development Sites Director, noted that development-approved sites of this scale are very rare, particularly in Kangaroo Point.
“It was a very successful campaign with strong interest from local developers,” Mr Linnane said.
“The attributes of this site being close to the Brisbane River, CBD, and soon-to-be-completed Kangaroo Point Green Bridge, which will connect the suburb to the CBD, offered a once-in-a-generation opportunity to change the face of inner Brisbane.”
Mosaic will oversee the entire development process — from detailed design and construction to long-term asset management.
Since 2012, Mosaic has completed over 65 developments valued at well over $2 billion, with an $2 billion currently in its pipeline.
“Mosaic is very grateful to continue moving forward in a market that continues to face serious headwinds, and the delivery of high-quality built form has ground to a halt,” Monahan says.
“It is by no means easy and we are in no way immune to the challenges.
“(But) we have completed every project we’ve ever taken to market, consistently reinforcing our customers’ confidence in our ability to see every project through including the management and care of our buildings well past completion.”
Mosaic will apply for a minor change to the existing scheme designed by Cottee Parker, in collaboration with Brisbane architects BDA.
Early works are due to start in 2025 and finish in 2027.
