Luxe Kangaroo Point tower will worsen rental crisis: Councillor

It will boast sweeping river views and loads of luxe features from units which take up an entire floor. But a councillor says this inner-city tower will make the affordability crisis even worse.

Plans for a luxury new Kangaroo Point tower with jaw-dropping views from 14 units spread over 15 levels has been lodged with Council.

The impressive 44 O’Connell St tower, designed by Joe Adsett Architects, comes complete with pool, large verandas to enjoy river views and a very generous 39 car spaces.

But local Councillor, Jonathan Sri, feared projects including O’Connell St were worsening the affordability crisis in his ward, which has struggled with relentless gentrification and rising rents and house prices.

Aerial view of the site, currently occupied by an older unit block.

He was also concerned ratepayers would receive just $72,000 in developer infrastructure charges for a project where each unit would likely fetch well over $1 million.

“The developers want to knock down an existing six-storey apartment block containing 13 lower-cost apartments and replace it with a 15-storey block that has just 14 luxury apartments,’’ Cr Sri said.

“I strongly doubt any of the renters being displaced by this development would be able to afford the new apartments that are proposed to replace their current homes.

“If other similar recent luxury apartment developments in Kangaroo Point are a reliable indicator, we may well find that fewer total residents will end up living in the 14 new apartments than in the existing apartment block.

Artist's impression of the O'Connell Tce tower.

“This is because the type of wealthy investors who are drawn to these new developments often prefer to leave apartments empty rather than rent them out cheaply.

“They often live elsewhere and own properties in multiple cities, keeping them primarily as a long-term investment, but also for the convenience of having somewhere to stay for a few weeks when they occasionally visit the city.

“There’s also a higher likelihood of these new apartment being rented out as short-term accommodation via platforms like Airbnb rather than long-term to local residents.’’

Cr Sri said the landowner had also made a huge windfall profit, at least on paper, after Council recently rezoned the site from a maximum height limit of 10 storeys to 15 storeys.

He said $72,000 paid for virtually nothing and, as a comparison, a single set of traffic lights proposed for nearby River Tce would set ratepayers back about $1 million.

The planned Kangaroo Point riverwalk would cost an estimated $70 million, in comparison.

“Developers are making a lot of money from gentrifying this neighbourhood, but they’re not putting enough money back into the local community to improve the quality of life for residents and workers in the area,’’ Cr Sri said.

Mewing Planning Consultants said in the DA documents that the project should be approved, partly because it did not increase density and therefore pressure on roads and other facilities.

“The development has a total of 14 residential units, which is only marginally greater than the 13 units accommodated within the existing multiple dwelling over the site, thereby representing a modest increase in density,’’ it wrote.

Mewing said the proposal complied wit the Neighbourhood Plan, was more modest in scale than a nearby, highly controversial three-tower projec tin Lambert st and would have a site cover less than the 45 per cent requirement.

How the project might look if approved.

It also said the slender design allowed for light and breeze peneration to neighbouring, existing and future, buildings.

“The proposed development represents a high quality and contemporary architectural design,’’ Mewing wrote.

“The design and built form has been guided by the concept of a sculptured concrete form, and a recessed glazed living environment, which maximises access to natural light and ventilation, encourages views towards the Brisbane River and recesses the living environments to the side boundaries.’’

To date, there has been only one objeciton lodged, which read:

“Do not get rid of the existing building. New builds ruin the character and also are not as sturdy as the older 70s build,’’ the anonymous submitter said.

“Have a look at Mascot Towers in Sydney. We do not want that in Brisbane.

“Stop selling the city to property developers who are not making things any better for citizens or the city.

“The current block is affordable housing and you want to replace it with luxury apartments?’’

More details can be viewed on Council’s online Da portal developmenti. Search for application A005871704

The tower would boast impressive river views.