Pikos Group fast-tracks second tower at Kangaroo Point’s LaStroria

South East Queensland’s Pikos Group has fast-tracked the development of a second tower in its luxury Kangaroo Point residential project, LaStoria.

An artist’s impression of the LaStoria development at Kangaroo Point in Brisbane.

South East Queensland’s Pikos Group has fast-tracked the development of a second tower in its luxury Kangaroo Point residential project, LaStoria, after exceeding more than $40m worth of sales in just six weeks for Stage 1.

GAP Development sales director Grant Plummer, who is in charge of marketing for the project, said the response to the off-the-plan sales for the tower in the popular Brisbane waterfront suburb had been overwhelming.

When completed, LaStoria will comprise three towers overlooking the Brisbane River to New Farm.

“Building one, called UNA, has already seen more than $40m in sales over a six-week campaign, at an average price of $2.15m,” Mr Grant told The Weekend Australian.

“Stage one has been hugely popular among owner-occupiers who are downsizing as well as couples with one or two children still at home.”

Mr Grant said LaStoria appealed to buyers looking to lock in an apartment to capitalise on the likelihood of prices moving up over the next two-to-three years due to housing undersupply and steeply rising building costs. Rising weekly rents were also a factor.

“We are seeing many buyers happy to hedge their bets, keeping their existing home with the view to gaining another two years growth,’’ he said.

Mr Grant added that interstate interest, particularly out of Sydney, was strong.

“With a prime riverfront position close to the CBD at prices equal to $15,000/sq m, compared to new Sydney apartments off the plan ranging from $45,000/sq m to $100,000/sq m, Brisbane prices seem unbelievable in their eyes.”

LaStoria development by Pikos in Brisbane’s Kangaroo Point.

The success of UNA has prompted Pikos Group to fast track the launch of building two, to be called DUE, catering for buyers seeking three-bedroom apartments under the $2m mark.

Comprising 42 apartments, DUE will feature three, three-bedroom luxury residences per floor across 14 floors ranging in size from 135sq m to 151sq m, averaging $1.7m in price each and starting at $1.25m.

The tower will offer an exclusive residents-only pool deck and relaxation area, views over Brisbane River, the city skyline and the Story Bridge, as well as providing a “beautiful entry statement’’ and two car spaces per apartment.

Pikos Group managing director Pedro Pikos said LaStoria presented one of the last opportunities to secure a brand new riverfront residence at Kangaroo Point.

“LaStoria occupies one of the last remaining vacant sites overlooking the Brisbane River, providing a rare opportunity for buyers,’’ he said.

Meanwhile, after years of struggling to gain development approvals, Pikos Group recently sold the heritage-listed Goldicott House in up-market Toowong for $17m, having purchased it a few years earlier for less than half that amount.

Wealthy Queensland private school Brisbane Boys College purchased the 1800s homestead planning to retain it as an education asset in a deal negotiated by Mr Pikos after various plans for the development including aged care and residential housing of the 1.23ha site failed to gain planning ­approval.

Brisbane Boy’s Club, which controls adjoining property, will be the fourth owner of the 137-year-old Toowong property that was built in 1885 and has been subsequently identified as a state and local heritage-listed item of significance.

Mr Pikos paid $8m for the Grove Crescent site several years ago.

His plans had, however, attracted the ire of neighbouring residents.