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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.
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