130 luxury unit tower, Woolies site up for grabs in Kangaroo Point

A 15-storey tower site with approval for an inner-city suburb’s first supermarket has hit the market. SEE THE PLANS

A landmark Kangaroo Point development site with Council approval to build a 15-level luxury unit tower and ground-floor Woolworths has hit the market.

The 25-31 Ferry St and 16-30 Prospect Tce block was recently approved for what would the suburb’s first supermarket.

The development approval was for a mixed-use project with ground floor retail strata leased to Woolworths for 10 years, plus another 10 five-year lease options, as well as 130 luxury residential units.

In 2020, Woolworths’ development arm Fabcot Pty Ltd paid $11 million for the property.

But more than 60 formal submissions from local residents were lodged against Fabcot’s original, smaller devlopopment application for a 10-storey tower.

Most submissions raised concerns about noise, traffic and road safety.

Artist’s impression of the project.

The plans included a rooftop recreation area on level 15, with an infinity swimming pool, gymnasium, seating and BBQ area.

The building would have panoramic views of the CBD, Brisbane River and Bay islands.

Designed by Cottee Parker architects, the total retail strata area covered 2579 sqm and would include the supermarket and a BWS and cafe.

Colliers Queensland rirector of residential development sites, Troy Linnane, said inner-Brisbane had a critical housing supply shortage.

“There is exceptional demand for apartments, especially in the inner-city,’’ he said.

“This development will offer 130 luxury apartments, with over 90 per cent comprising two and three bedroom unit types.

“The huge demand for apartments both existing and off-the-plan has seen the weighted average sale price for Brisbane off-the-plan apartment stock hit $1,313,418.

Aerial view of the site.

“The riverfront nature and amenity of Kangaroo Point has seen some of the highest prices paid for apartments in inner Brisbane.’’

Colliers Queensland director of residential development sites, Brendan Hogan, said development-approved sites of such a large size were very rare, especially in Kangaroo Point.

“The site is within short walking distance to the Kangaroo Point Green Bridge which is currently under construction and due for completion next year, which will significantly enhance connectivity between the CBD and Kangaroo Point,’’ he said.

“The location has access to walking and cycling routes along the Brisbane River and links to ferry terminals that connect to the CBD and other inner-city suburbs.”

Mr Linnane said there was a significant under-supply of new apartments being delivered in inner Brisbane.

“The inner-east precinct has only 145 apartment completions forecast over the next two years,” Mr Linnane said.

“As a result of low future apartment supply and continued strong demand, despite recent interest rate rises, we anticipate good fundamentals for price growth and sales rates.

“The development site market in Brisbane has excellent fundamentals which are seen as having the best growth prospects of any city on the eastern seaboard of Australia.”

Expressions of interest close on November 21 at 3pm.