Melbourne-based Kokoda Property plans to deliver 60 high-end, luxuriously sized apartments to the prestigious Brisbane suburb, St Lucia, in conjunction with the outstanding hotel-style amenity Kokoda Property has become so well known for.
The site was bought with an existing DA that will enable Kokoda Property to bring the project swiftly to market, with the developer aiming to cater to the suburb’s strong owner occupier demographic through premium finishes and generous floorplates. A substantial number of penthouses are currently planned, each with floorplates in excess of 200sqm.
A recent report by property research firm Place Advisory, Brisbane’s Future Apartment Pipeline, is predicting the trend towards larger apartments will strengthen over the next three years. The report forecasts 11 per cent of new apartments in Brisbane will house three bedrooms by 2019, compared with only five per cent in 2017.
The research confirms Kokoda Property’s assessment of the Brisbane market. Sales and Marketing Director, Sam Tucker says Brisbane is moving away from investor-driven projects to a smaller, but stronger, owner occupier market that demands only the best in quality from its chosen residences.
“The Brisbane market has transformed and offers exceptional opportunity for developers looking to offer premium product as higher-end purchasers are now driving the demand,” said Tucker.
“Previously the high volume of apartments being pushed through the pipeline were small apartments designed purely as investment stock. We’re now seeing a real change in the Brisbane environment as the stronger owner occupier market emerges. These buyers have refined tastes and are seeking a higher level of design and finish as a result.
“There are less projects going to market but the ones that are moving forward are of exceptional quality and designed to appeal to this new cohort of buyers.”
The developer’s first foray into Brisbane proved highly successful with Chester & Ella in Newstead generating $95 million in sales in the first four weeks alone. This sales momentum continued into the second stage, Ella, which achieved $22 million in sales at its opening weekend in November last year. The project has sold over 280 apartments to date, with a limited last release to be available soon.
The project has ranked as a top sales performer consistently since its launch, according to data by Place Advisory.
Kokoda cemented its commitment to Brisbane in December 2016, with a $12.5 million site in Milton that will offer 235 luxury apartments with breathtaking views over the Brisbane river.
“At Kokoda, our strategy is to move at a counter-cyclical direction to the rest of the market. The sales success of our previous project is testament to the strong ongoing demand from the higher end of the market,” said Tucker.
The St Lucia sale was facilitated by Associate Director at Colliers International, Brendan Hogan, in an off-market transaction.
“This transaction shows that there is still strong appetite for inner-city boutique developments in Brisbane which provide premium product suited to the owner occupier market,” said Hogan.
“Over the last 12 months we have had the pleasure of introducing two out of the three development sites to Kokoda Property which they have purchased for residential projects in Brisbane. It is great to see a high-quality Melbourne based developer recognise the value of well-located DA approved sites in the Brisbane market.”
The fifteen-storey development, located 6km from the CBD, will deviate slightly from the modern aesthetic the Kokoda Property has employed thus far in Brisbane, featuring a blended neo-classical style with touches of New York’s upper east side.
The classical elements pay homage to St Lucia’s existing period architecture and reputation as one of the most prestigious suburbs in Brisbane.
The suburb is bounded by the Brisbane River to the north, east and south, and features a high number of wealthy families and professionals. The renowned University of Queensland, with its Great Court and cloister walk dating back to 1939, is situated in St Lucia providing a high volume of students that adds further depth to the market.
In addition to the education hub, St Lucia houses the exclusive Indooroopilly Golf Course and is only minutes from Indooroopilly shopping centre.
Kokoda Property’s plans for the site include a stunning river-front infinity pool falling away into the water. The outdoor area will be built around a majestic heritage-protected weeping fig tree.
A promenade into the river brings a sense of casual old-world glamour to the design, while an outdoor gym on the decking considers the needs of the modern apartment-dweller in a subtropical environment.
Tucker said the design has been inspired by overseas study tours, integrating best practice from the world’s leading cities.