Unit tower boom on the way as westside suburb hits top gear
A new eight-storey residential tower has been proposed for a busy westside suburb, as potential buyers line up for one of the last large riverfront development sites in Brisbane.
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The Toowong unit market has hit top gear as a developer unveiled plans for an eight-storey tower on Sylvan Rd and potential buyers line up for the old ABC site.
Mosaic Property also revealed this week that it was fast-tracking its sleek 16-storey tower, Patterson, on the corner of Archer St and Coronation Drive, claiming units are likely to be 90 per cent sold by October.
“We’re already 65 per cent sold (in pre-sales),” Mosaic founder and managing director Brook Monahan said of the tower’s 66 units.
The news comes after plans were revealed in June for a multi-tower, 25 storey cinema, commercial and residential project, Toowong Town Centre.
The $450 million project would be built over two years on the Woolworths site.
But despite that confidence another eight-storey unit tower on Sylvan Rd looks like being put on ice for up to four years, with the owners citing a slowdown in the local market and COVID-19 impacts.
For sale signs went up last week at the former ABC studios site after developer Sunland announced it would offload the property, which it bought off the Federal government for just over $20 million five years ago.
The official State Government land valuation for the site is $31.5 million, as of October last year, although its actual worth to a developer is unknown.
Colliers International director (development sites), Brendan Hogan, who sold the site to Sunland, is leading an expressions of interest campaign for “Grace on Coronation”, closing on September 30.
“There has been exceptional interest locally, interstate and overseas,’’ Mr Hogan said.
“Obviously it’s an iconic site. There are no other sites like this left in Brisbane.
‘We’re not putting a value on it, we’re instead asking the market to tell us what it’s worth.
“But we think the market has improved significantly since 2014/15, particularly for absolute river frontage.’’
Colliers has also had record buyer interest in another riverfront luxury tower, 1km away at 160 Macquarie St in St Lucia, with 40 per cent pre-sales despite the impacts of the lockdown.
Local Greens MP Michael Berkman has been pushing hard for council or the State Government to buy the ABC site for a regional park and/or pool or indigenous cultural centre.
Any commercial development would be code assessable, meaning residents would have no right to appeal it in the courts, or even the right to be told what was being proposed.
“Toowong is growing fast, and as a central hub that makes sense – as long as development is balanced with appropriate public space and infrastructure.
“In the past few decades half the public space in Toowong has been privatised, which means thousands of new residents are moving in without enough public transport, cycling infrastructure, parks or facilities like a public pool.
“This is why I think Council and the State government should work together to buy back the ABC site on Coronation Drive and create riverside public green space with shared amenities like a pool, gardens, and community centre.
“We can’t miss this chance to reclaim it for the people of Brisbane, especially while it’s on the market for probably the lowest price it’ll ever be.
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“Right now within a 200m radius of that site we have more than 3500 apartments existing, approved or in construction — now is the time to invest in long term infrastructure for our growing suburbs.
“With the site on the market for probably the lowest price it’ll ever be, this may be our last chance to reclaim it for the people of Brisbane
“More apartments also means more traffic, which is why I want to see greater investment in public and active transport infrastructure, including free public transport for school kids and safe separated bike lanes on Sylvan Rd.”
Standring Pty Ltd lodged a development application (DA) recently for an eight storey, 43 unit residential tower at 36-38 Sylvan Rd, about 400m from the ABC site.
The proposal includes a rooftop communal open space area with a pool, BBQ and seating area, pergola and landscaping.
The rooftop space has been stepped in from the boundaries of the site to “limit adverse amenity and privacy impacts to adjoining properties’’, the DA said.
There would be basement carparking for 61 resident cars and six visitor cars.
It said the development complied with the Brisbane City Plan 2014 and neighbourhood plan.
But going against the positive vibe for the area, planners John Gaskell submitted an application in late July asking for an extension on a DA over a 16ha site at 58 Sylvan Rd.
Neighbours objected to the 118 unit, eight storey tower when it was proposed in 2016, citing numerous concerns including inadequate setbacks, bulk, lack of privacy for neighbours and traffic issues.
The latest application asks council to extend the “currency period’’ for the DA, which was due to lapse on august 26, until 2024.
“In recent years, demand for units in this locality has declined in line with a general decrease in demand across Brisbane and southeast Queensland for unit development,’’ the planners said.
“Changes in the market and economic climate since the approval was granted has required the landowner to adapt and change the scope of the development approval.
“Changes in the market and economic climate is further compounded by circumstances relating to COVID-19, which has further delayed the ability to carry out the development approval and progress the project on the subject land forward.’’