Mosaic Property Group has swooped on a prime inner-city Brisbane holding, sealing a deal with Woolworths’ development arm Fabcot for the approved shoptop mixed-use tower site.
The Brisbane-based developer has acquired the 3195sq m parcel in tightly-held Kangaroo Point for a yet-to-be disclosed sum.
Vacant for more than 30 years, the site in the suburb’s Dockside precinct is greenlit for what Mosaic describes as “the first major development of notable scale on the Kangaroo Point peninsula in over a decade”.
Fabcot won approval to add seven storeys and more than 70 apartments to the planned development after acquiring a slender, 149sq m lot next door.
Its initial proposal for a 10-storey tower with 53 apartments, three levels of parking and a supermarket was given the go ahead in December of 2021, a year after Fabcot paid $11 million for eight lots at 23-31 Ferry Street.
The revised scheme is for 128 two and three-bedroom apartments across 17 levels.
Mosaic founder Brook Monahan said he had been eyeing off the Kangaroo Point site for several years and was looking forward to finally bringing it to life.
“This iconic site has been on our radar since 2016, known to many as a dormant opportunity burdened by years of challenges,” he said.
Indicative render only, subject to change.
“Kangaroo Point has long awaited a project that introduced essential amenities while further elevating the area’s architectural landscape.
“Our collaboration with Woolworths is rooted in a shared vision—to seamlessly integrate luxury living with retail convenience, ultimately enriching the lives of residents and the broader community.”
Mosaic will oversee the entire development process—from detailed design and construction to long-term asset management.
“We are looking forward to engaging with the local community to ensure they are well informed of our plans, and how we seek to complement and add value to the area,” Monahan said.
He said the project had already sparked strong interest from the developer’s network of potential buyers.
“The Kangaroo Point Peninsula is one of the most tightly held and highly sought-after locations in Brisbane,” Monahan said. “The level of excitement around this development signals its potential to be one of Mosaic’s defining achievements to date.”
The developer has another project in the pipeline for Kangaroo Point: in June it filed amended plans adding five units to its previously approved 121-residential tower at a73-83 Linton Street, increasing the height by one level to 23 storeys.
Under the new proposal, the BDA Architecture-designed project at 73-83 Linton Street would have 126 units, in a mix of 80 two and 46 three-bedroom apartments.
The new design would also reconfigure the ground floor by adding one unit in the south-eastern corner of the building, redesigning the entryway and residential lobby, and relocating the bicycle storage area.