Latest twist in plans for Kangaroo Point’s first supermarket

One of Brisbane’s busiest developers has snapped up a prime site, vacant for three decades, vowing to open the suburb’s first supermarket by 2027.

Artist's impression of an earlier version of the project which has now been snapped up by Mosaic.

Mosaic Property Group has snapped up a prime Kangaroo Point site, vacant for three decades, vowing to press ahead with plans for the suburb’s first supermarket as well as 128 luxury highrise units.

It was revealed four years ago that Woolies had paid $11m for the 25-31 Ferry St site.

Two years later developer Fabcot Pty Ltd lodged plans to expand a smaller, limited line Woolies approved by Council into a “near full line’’ outlet.

Fabcot said at the time it would be a two-stage project, with an enlarged four-level basement, services and the supermarket to be built first.

Residential parking would not be opened until the second stage, involving a taller unit tower above, was finished.

Artist's impression of an earlier version of the project.

It featured an extra seven levels, including a rooftop garden, BWS liquor store and a cafe fronting Deakin St.

Marketing finally began in November last year for the 15-level version with 130 luxury units, recreation area with infinity swimming pool, gymnasium, seating and BBQ.

At the time, residents lodged more than 60 formal submissions including concerns about noise, traffic and road safety.

The Cottee Parker architects-designed building would have panoramic views of the CBD, Brisbane River and Bay islands.

Mosaic this week announced it had bought the site for an undisclosed sum.

It has been busy in the past five years with upmarket mediumrise unit projects across the inner city including in Indooroopilly, Toowong and East Brisbane.

Mosaic confirmed it would go ahead with 128 large, luxury two to three-bed units, including penthouse-style “sky homes’’ spread across 16 levels.

Mosaic founder and managing director, Brook Monahan, said the site had been on his radar since 2016.

Artist's impression of an earlier version of the project.

“It’s known to many as a dormant opportunity, burdened by years of challenges,’’ he said.

“After a thorough 12-month process, we are honoured to have been entrusted by Woolworths to bring this landmark site to life. It is a truly special location.”

He said the project would not only revive an inactive site, it would create “lasting value’’ for Kangaroo Point.

“We are looking forward to engaging with the local community to ensure they are well informed of our plans and how we seek to complement and add value to the area,’’ Mr Monahan said.

Colliers, which began marketing last year when Woolies owned the site, served as the agent for the sale to Mosaic.

Aerial view of the Woolworths-owned site now snapped up by Mosaic.

Since 2012 Mosaic has completed more than 65 projects worth $2b, with another $2b in its pipeline.

“We have completed every project we’ve ever taken to market,’’ Mr Monahan said.

Mosaic would manage the building upon completion, a strategy it had taken with its other recent inner-city developments.

It would submit a “minor change application’’ to Brisbane City Council but expected early works to start next year, with completion due by 2027.

Brisbane-based architects BDA had also been taken on board to fine tune Cottee Parker’s initial designs.

Originally published as Latest twist in plans for Kangaroo Point’s first supermarket