New 63-unit tower for Toowong revealed by Mosaic Property

A major Queensland developer has announced a 63-unit project for Toowong will be fast-tracked after an $80 million sister project sold out in just six weeks.

A major southeast Queensland developer has revealed a nine-storey luxury apartment project in Toowong after another of its projects sold out in just six weeks.

Apartments at the $50 million Kensington development by Mosaic Property Group will go on sale in coming weeks.

The property, at 36 Sylvan Road, will be the company’s eighth development in Brisbane’s inner west.

Another 62-unit Mosaic project in Toowong, the $80 million Patterson tower, will be completed in 2022 after all its units were snapped up within six weeks of being released in October.

.

A render of the new 63-unit luxury tower to be built along Sylvan Road, Toowong. Picture: Mosaic Property.

The average sale price was $1.3 million.

The announcements come despite a wave of protests by Toowong locals against other developments, such as the demolition of historical homes on Archer Street

Mosaic managing director Brook Monahan said he was hopeful the Kensington wouldn’t run into the same obstacles as previous proposals by other developers.

“The community gets upset if the development doesn't give back as much to the community as it takes,” Mr Monahan said.

“If you don’t do that, the community won’t trust you,” he said.

Mr Monahan said talking to locals had on many occasions allowed projects to proceed and even convinced some residents to buy units within his developments.

The Kensington will include a rooftop pool as well as a dining room. Picture: Mosaic Property.

Archer Street in Toowong, where Mosaic recently finished its Patterson apartment block, has been the site of controversy over changes to a student accommodation tower and the demolition of historical homes.

The Kensington would include two and three bedroom units aimed at owner-occupiers, as well as a single penthouse. There will also be a rooftop pool, dining and gardens.

Mr Monahan said despite initial gloomy predictions for the property market during the early stages of the pandemic, there was now “massive pent up demand” for luxury apartments.