Toowoomba’s FKG Group proposes luxury residential apartment tower near Queens Park in CBD

Developers and real estate agents will be closely watching the market’s response to a planned set of 19 luxury units, proposed near the heart of Toowoomba’s CBD.

The success of a proposed new luxury residential tower near the heart of the Toowoomba CBD will become a litmus test for developers, according to the real estate industry.

Toowoomba firm FKG Group lodged plans with the council last week to build a seven-storey, 19-unit residential tower on Kitchener Street in East Toowoomba, overlooking Mothers Memorial and Queens Park.

Along with two floor of penthouses, the roof will be a private terrace and wellness retreat, featuring a pool, spa, gym, yoga room and entertainment area.

Daniel Burrett.

This marks the second time FKG has attempted to build high-end units on the site, having scuppered a $45m apartment block nearly a decade ago due to a lower-than-anticipated take-up.

But Real Estate Institute of Queensland’s Toowoomba chair Daniel Burrett said he saw the city’s unit market maturing based on recent results.

“I was fortunate enough to attend the Grosvenor’s penthouse auction, and there were three or four who were putting their hands up for more than $2m,” he said.

“Toowoomba has come ahead in leaps and bounds and the money being spent here to purchase property is significant.

“We’ve had two East Toowoomba properties sell for more than $4m in six months (and) when East Toowoomba people sell their properties, they want to stay but they don’t want the land so there is a market for some of these high-end units.

“I just rang a mate of mine and he was looking forward to it, because these are not around.”

Mr Burrett said he expected the city’s development sector to be watching the turnover and sale prices of FKG’s units closely.

“Prior to this, high-rise apartment buildings just weren’t desirable (but in recent years) Barry Bernoth (Toowoomba developer) has built a few and they’re all occupied,” he said.

“People coming from Brisbane and Sydney are used to this kind of product, they’re used to the price and the type of housing.

“It’s ballsy (from FKG) but the fact that they’re local, they would know half a dozen of people they could pitch this to — a few people might be knocking on their door already.”

Toowoomba's FKG Group has lodged plans to build a new seven-storey apartment tower along Kitchener Street, overlooking Mothers Memorial. Designs by Feather and Lawry.

Luxury tower planned for site near CBD

One of Toowoomba’s largest companies will turn a prime block of vacant land in the CBD into a “luxury” residential tower that it believes will open up the city’s unit market.

FKG Group on Friday lodged plans with the Toowoomba Regional Council to build 19 units along Kitchener Street in East Toowoomba.

The project, which has been designed by local architects Feather and Lawry Design, will feature four apartment levels and two penthouse floors, with the top floor to become Toowoomba’s only private roof terrace and wellness retreat.

Toowoomba's FKG Group has lodged plans to build a new seven-storey apartment tower along Kitchener Street, overlooking Mothers Memorial. Designs by Feather and Lawry.

This would include a pool, spa, gym, yoga room and entertainment area, which FKG Group has argued would create “a haven of relaxation”.

It is understood construction could start in the next financial year, pending approval from the council.

The proposal is a change of direction again for FKG Group on the site, which was slated to become a $45m apartment block in 2010 (dubbed Eastpointe Apartments) before the company secured new approvals for a four-storey office building.

Toowoomba's FKG Group has lodged plans to build a new seven-storey apartment tower along Kitchener Street, overlooking Mothers Memorial. Designs by Feather and Lawry.

Company chairman Gary Gardner said three of the units had been secured by eager buyers.

“Toowoomba’s luxury housing market has continued to grow from strength to strength, with houses in our premier suburbs now selling for millions of dollars,” he said.

“Three of this development’s executive residences are already pre-committed.

“Now is the time for a new level of quality residences in the heart of the Toowoomba CBD, giving downsizers and city lifestyle seekers the best of both worlds, luxury and convenience.”

Feather and Lawry’s Tess Lawry said she believed the project would find a foothold in Toowoomba’s emerging unit market.

“This luxury development is the first in more than a decade for Toowoomba, providing a new benchmark for inner-city living with its scale and quality of design and finishes,” Ms Lawry said.

“We’re proud to have brought this project to life, working closely with Toowoomba’s leading family-owned construction and engineering company, FKG, to make this a reality.”