Brisbane Apartments Tipped to Stay Strong
Veteran Queensland developer Don O’Rorke’s plans for a three-tower, $375-million project on the former ABC Toowong site in Brisbane’s inner-west have been approved by the Brisbane City Council.
Consolidated Properties Group, in a joint venture with the fund managed by the Qualitas Group, purchased the 1.2ha site at 600 Coronation Drive in Toowong for $35.5 million in early 2021.
The Brisbane-based developer lodged plans for a 290-apartment project, to be known as Monarch, in November, outlining designs for one, two, three and four-bedroom apartments, river villas and penthouses.
The site had previously belonged to developer Sunland, who had engaged Zaha Hadid Architects to design a $500-million, triple-tower project that would have reached up to 27 storeys, well above the 15-storey limit for the area.
Sunland’s application was thrown out after a court appeal and the developer listed the site it bought for $20 million in 2013 in August 2020.
Shortly after its acquisition, Consolidated Properties Group enlisted John Wardle Architects, with support from local Brisbane architects Cottee Parker Associates, to design its project.
Consolidated Properties Group head of residential James MacGinley told The Urban Developer the developer was preparing to break ground on the project within six months as demand for high-end apartments in inner Brisbane continued to pick up.
▲ The site has been vacant since 2006, when the ABC decommissioned its operations. Image: John Wardle Architects
“The Brisbane apartment market appears to be insulated currently from the general national slowdown and as we’ve seen in previous cycles there will always be a market for the best projects, no matter what the broader economic environment,” MacGinley said.
“At Monarch Residences, we already have a large database of engaged and interested buyers and we haven’t commenced any marketing of the project yet.
“Over 85 per cent of the database are Brisbane buyers with the majority from Brisbane’s western suburbs so they really understand the value of the project, location and views.”
Consolidated Properties Group said it was now readying the launch of the project’s first two towers, comprising 130 apartments in the Coronation Drive Tower and 100 apartments within the River Tower, with more than 300 people having already registered their interest.
Residences within the project will be priced from $550,000 for the one-bedroom apartments through to $8 million-plus for the penthouses.
The developer has signed on Hutchinson Builders to construct the project with early works on site planned in the first half of 2023.
“Construction market conditions remain very challenging, and we are fortunate to be partnered with Hutchinson Builders who have been able to navigate the conditions well,” MacGinley said.
▲ Only two towers would go ahead if the council’s West End-Toowong green bridge is built.
“Monarch Residences is a premium project with regard to location and views, as well as product size and quality.
“This has provided a buffer to accommodate the rising construction costs without having to compromise on the quality.”
The development approval includes an extension of the Bicentennial Bikeway, a riverfront park and the restoration of the heritage-listed Middenbury House.
Upon completion, Middenbury House will be accessible to the public for the first time since it was built in 1865. Its refurbishment will include a conversion into a cafe and restaurant.
The apartment project will sit above three basement levels to accommodate 550 vehicles and will be topped with rooftop pools, bbq facilities, outdoor dining areas and gardens. Residents will also have access to shared lounges, work spaces and wellness centres.
The project will also feature 12,500sq m of landscaped gardens—3000sq m of which are public parkland and pathways connected to the riverfront.
It is not yet fully understood how the Brisbane City Council’s Toowong to West End Green Bridge, unveiled late last year, will affect this development.
According to Consolidated Properties, it is anticipated that a third 15-storey tower, comprising a further 60 apartments, could make way for the new pedestrian bridge.
Despite the development approval, Brisbane City Council said the bridge was still going ahead, albeit behind schedule due to February’s floods.
If the third tower was to go ahead and the bridge scrapped, the gross development value of Monarch would be closer to $520 million.
The new bridges will also benefit many developers pushing projects in West End including Manly Properties’ residential dual-towers, Crown Group’s 400-plus dwelling plans, and Sekisui House’s mixed-use development.
Brisbane City Council is planning to build five pedestrian bridges across the river during the next 10 years including the $190-million Kangaroo Point bridge and Breakfast Creek bridge.
*This post was originally published on https://www.theurbandeveloper.com/articles/consolidated-properties-group-600-coronation-drive-toowong-development-application-approval
