Big developers add to Brisbane project pipeline

Knight Frank said it had finalised a $5.7 million deal involving four private vendors on behalf of Mosaic Property Group in Toowong.

Mosaic acquired two properties located at 36-38 Sylvan Road and two at 1-3 Standring Street to create an amalgamated development site.

Earlier this year, Mosaic announced plans to build an eight-level, 63-apartment building known as Kensington at the site, which will be the company’s eighth project in Brisbane’s inner west.

Settlement of the deal was timed to allow Mosaic time to obtain development approval, launch marketing activities and begin construction as soon as the transaction was completed.

Mosaic Managing director Brook Monahan said Mosaic was attracted to Toowong because of a genuine appetite for an inner city lifestyle.

“Everything you could possibly want is in such close reach, including some of the most significant infrastructure projects of our generation, such as Brisbane Live, the Victoria Park redevelopment, Queensland Wharf, and Toowong’s new $450m mixed-use town centre, The Aviary,” Mr Monahan said.

Knight Frank’s Matt Barker, who was part of the team that negotiated the sale, said the deal was indicative of the rising developer interest for suitable sites across Brisbane.

“The biggest challenge is finding quality sites, which is why Mosaic worked hard to secure this particular property,” Mr Barker said.

“Since launching the Kensington project in late April, Mosaic has sold all but two remaining apartments, which is an astonishing result and a key indicator of the strength of the residential market.”

Published online via Australian Property Investor

Read the full article