DEVELOPMENT BID FOR TALLEST TOWERS IN UPPER MT GRAVATT

DEVELOPMENT BID FOR TALLEST TOWERS IN UPPER MT GRAVATT

APARTMENT living is set to reach new heights in Upper Mount Gravatt if plans for a $96 million mixed-use development are approved.

Raykong Property has submitted a development application to Brisbane City Council for twin 15-storey towers comprising 174 apartments. If approved, the project will be the highest to rise in Upper Mount Gravatt.

The Brisbane-based developer acquired the 3154sqm residential parcel at 7-15 Cremin Street last year for $5.28 million.

The development will feature retail and commercial precincts, shared basement and rooftop communal facilities for residents, including a swimming pool and outdoor cinema.

Project manager PDS Group director Michael Sutherland says the site is primed for apartment living because of its proximity to major retail education, employment and transport hubs.

"This is a very convenient location with Garden City and Griffith University nearby and easy access to public transport and major arterial roads," Sutherland says.

He says the development's two and three-bedroom apartments would appeal to Generation Y and downsizers seeking convenience. Owner occupiers are expected to account for 50 to 60 per cent of buyers.

Raykong Property is associated with the Zhang family which has been developing commercial and residential property in China since 2002.

Director Becky Zhang says Upper Mount Gravatt has recorded steady capital growth during the past five years and expects investors would reap returns of around 5 per cent.

Council will make a decision on the development within two to four weeks.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

The devastated boss of collapsed Gold Coast homebuilder Pivotal Hom...

EVENT to hit divestment target once $75m Rydges North Sydney sale completes

EVENT to hit divestment target once $75m Rydges North Sydney sale completes

Entertainment and leisure services provider EVENT Hospitality &...

St Baker affirms commitment to Novonix as he exits board to focus on new fund

St Baker affirms commitment to Novonix as he exits board to focus on new fund

Rich lister and power industry titan Trevor St Baker, the largest i...

Microba strikes up partnership with Midnight Health to deliver personalised health services

Microba strikes up partnership with Midnight Health to deliver personalised health services

After making its debut on the ASX in April, biotech company Microba...