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Melbourne developer Kokoda Property is making its biggest play yet in Queensland since entering market in 2018, with plans for a $1.7 billion residential and commercial marina-based development on the riverfront at Teneriffe.
Kokoda is planning a $1.75 billion mixed-use project on the 1.76ha site acquired by the company for $120 million, making it one of the highest prices ever paid for a Brisbane residential development site.
The Skyring Terrace property, described by Kokoda as offering a 'rare development opportunity', will be transformed into luxury apartments and townhouses, a waterfront office tower, a premium hotel in partnership with an international hotel brand, a retail precinct comprising high-end retail and food and beverage outlets, as well as a major marina with a waterfront dining precinct.
Kokoda says the marina will connect with Brisbane’s riverwalk, extending the popular riverside pedestrian thoroughfare and cycleway to New Farm and the city centre.
Kokoda Property’s founder and managing director Mark Stevens sees the Skyring Terrace development playing a key role in revitalising the Newstead and Teneriffe waterfront precinct.
“This site has been tightly held for nearly four decades and the potential it offers is unparalleled in terms of creating a major mixed-use waterfront development at a scale that is never to be repeated,” Stevens says.
“We are incredibly active in Brisbane and expanding our portfolio due to the surging population growth. Queensland has experienced the highest interstate migration growth in the nation and with the 2032 Olympic Games on the horizon, coupled with a buoyant jobs market, Brisbane is primed for a development of this scale.”
The riverfront acquisition comes on the heels of Kokoda completing two high rise residential developments in Brisbane since 2018, kicking off with the $300 million Chester & Ella at Newstead which was completed in 2019 and followed it up with The Ambrose, a $165 million residential project at Milton.
The company last month acquired a second Milton site for $11 million on which it is planning another $160 million residential development, taking its development pipeline to $2.5 billion in Queensland and Victoria totalling about 1,600 apartments.
Kokoda Property is currently undertaking planning and design for its Skyring Terrace project with plans to launch an expression of interest campaign later this year.
Despite the challenges facing the construction industry, Stevens says Kokoda Property has no intention of putting any of its projects on ice, with his confidence in the Queensland market particularly strong.
“Demand will soon outstrip supply based on forecast population growth across major Australian capital cities and will be further exacerbated by record migration, especially in Queensland,” Stevens says.
“While some view it as a volatile market and trickier to navigate, our 25-years of experience has seen us through many property cycles and difficult times. We have great relationships with reputable, quality construction partners and are confident in where things are heading.”
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