Construction crisis ‘short term’: Developer expands in Brisbane, sells 15 penthouses in 1 yr

Luxury apartment developer Kokoda Property is expanding its footprint in Brisbane, acquiring a new site and actively looking for more, describing the construction crisis as “short-term”.

The view from one of the penthouses for sale in The Ambrose in Milton. Image supplied by Kokoda Property.

Luxury apartment developer Kokoda Property is expanding its footprint in Brisbane, acquiring a new site and actively looking for more, describing the construction crisis as “short-term”.

Kokoda Property founder and managing director Mark Stevens says the developer has sold 15 penthouses in the past year in Brisbane, and he expects its newest project in Milton to be sold out by the end of September.

The Ambrose in Milton by Kokoda Property. Image supplied by Kokoda Property.

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Ruby Ruby in Milton is Kokoda’s most prestigious project yet, offering 145 apartments and exclusive amenities.

“We’ve already got indicative prices,” Mr Stevens said. “In six weeks, we’ve sold nine of the apartments, so there’s been an amazing take-up.”

When it comes to building in the current construction climate, Mr Stevens is optimistic.

Rooftop amenities at The Ambrose in Milton by Kokoda Property. Image supplied by Kokoda Property.

“We take a short-term focus on what’s happening,” he said. “When the demand for building drops off, so too will prices, so I think it comes down to timing. It won’t last forever — history has shown that.”

It’s been two years since Kokoda completed its first Brisbane project, Chester & Ella, a $300m residential development in Newstead, and it recently called for settlements at The Ambrose, a $165m residential project in Milton.

The view from the balcony of one of the penthouses for sale in The Ambrose in Milton. Image supplied by Kokoda Property.

But a select few penthouses have been held back for sale in each development, offering buyers luxurious amenities, quality finishes, and prime inner-city spots.

“Brisbane’s really coming of age,” Mr Stevens said.

“I’m hoping (the penthouses are) received well. There’s such amazing amenity in those precincts, and they will appeal to professionals who want luxury and amenity close by.”

The view from one of the rooftop pools in the Chester & Ella development in Newstead. Image supplied by Kokoda Property.

Four penthouses in The Ambrose are on the market, ranging in price up to $7m. The four-bedroom, four-bathroom sky homes offer panoramic views, 290sq m of exceptional living space, a multi-purpose room, and three carparks.

Down the road in Newstead, a small number of penthouses have just been released to the market in Chester & Ella.

The Ambrose in Milton by Kokoda Property. Image supplied by Kokoda Property.

Also offering four bedrooms and four bathrooms, these are a moodier design, with charcoal herringbone flooring and dark kitchens featuring integrated appliances and butler’s pantries.

Mr Stevens said he had also “actively been looking” for sites for a build-to-rent project in the city.

“I think that’s an emerging market in Brisbane,” he said.

The kitchen and dining area in one of Chester & Ella's penthouses, which are for sale. Image supplied by Kokoda Property.

“I think you’ve got some amazing amenity in the city and... an amazing climate. Those things make it a desirable place to live and I think that’s becoming more and more known, particularly to the southern states.”

In May, Kokoda bought the last remaining riverfront site in Newstead in a deal understood to be worth more than $100m.

The view from one of Chester & Ella's penthouses, which are for sale. Image supplied by Kokoda Property.

The 17,600sq m parcel of land at 17-27 Skyring Tce, Teneriffe was previously owned by the Riverside Coal Transport Company and includes a 6000sq m wet lease and more than 200sq m of direct river frontage.

Kokoda plans to transform the site into a $1.75bn mixed-use development, which will include luxury apartments and townhomes, a waterfront office tower, a luxury hotel, a retail precinct, and food and beverage, along with a large-scale marina.

The living area in one of the penthouses for sale in The Ambrose in Milton. Image supplied by Kokoda Property.

Mr Stevens said the design of the apartments would be a modern take on Newstead’s iconic woolstores.

“It’s still a work in progress, but we’re working up plans at the moment,” he said. “It will be a mix of lofts and townhouses.”

He said he hoped to make the marina accessible to the public to “add back to the community”.

This 1.76ha site on the Brisbane River at 17 Skyring Tce sold to Kokoda Property for north of $100m. Image supplied by JLL.