Developer set to reveal update to coveted inner Brisbane site

A developer with more than $2.7b in projects under its belt is set to release new details on plans for a coveted Kangaroo Point site where 200 apartments in three towers have already been approved.

La Storia by Pikos Group. Picture: La Storia/Pikos Group

A developer with over $2.7b in projects completed is set to release new details shortly on plans for its coveted La Storia site in inner Brisbane.

The location in Lambert St, Kangaroo Point – where the Pikos Group has approval for a triple storey project with as much as 200 apartments across three towers – was due to see builders move in this year after facing down opposition by community groups and winning a Planning & Environment Court appeal in May 2021.

“Pikos Group remains committed to developing this iconic site,” the company said in a statement to The Courier-Mail.

“Like many developers in this market, we are working with key consultants and builder partners to deliver the project.

“As a developer of Brisbane’s most iconic locations, with 35 years of operation and some $2.7 billion in projects successfully completed, Pikos always remains focused on delivering the right projects for the destinations in which we operate.”

The statement said “the market is more dynamic than it has ever been and we will continue to explore the best possible solutions for all stakeholders”.

It’s unclear at present how many presales have occurred in the luxury La Storia development, but its first six weeks on the market last year saw $40m in apartments contracted, averaging $2.15m for the first tower Una. At the time the group was tossing up releasing 42 more apartments in a second tower called Due, averaging $1.7m each.

A buyer told The Courier-Mail they were yet to receive progress updates on the development. They put down a deposit on a La Storia Una apartment in October last year.

Marketers Gap Development Sales describe the La Storia site as “the last undeveloped riverfront site in inner city Brisbane and represents the culmination of four years of complex land accumulations”.

The La Storia website has the price of a two bedroom luxury apartments starting at $1.1m and three bedrooms from $1.6m.