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Residential developer activity back on the rise in Brisbane’s inner city

Mosaic Property

28/02/20

Courier Mail Prime Site - Friday 28/2/2020 - Amid increasing developer activity, Mosaic Property Group is set to test the waters of Brisbane’s inner-city apartment market with plans for two boutique towers linked by a rooftop sky bridge.

RESIDENTIAL developers are back in the game in Brisbane’s inner city with activity on the rise again to secure development sites.

In one of the most recently settled deals, Mosaic Property Group has finalised its acquisition of a rare large holding at East Brisbane for $8.25 million.

The development site — previously linked to collapsed investment firm Blue Sky Alternative Investments — spans 4080sq m at 130-148 Wellington Rd, just north of the Gabba.

It was sold with an existing development approval in place for 146 apartments across two eight-level boutique towers.

Mosaic Property Group has earmarked the site for a similar sized project called The Sinclair by Mosaic with 122 luxury two and three-bedroom apartments.

The proposed development features an innovative skybridge connecting the two buildings via their rooftop recreation levels — complete with pool, outdoor cinema, entertaining areas, barbecue and green space overlooking the city.

Cushman & Wakefield’s Andrew and Michael Gard, who negotiated the deal, said East Brisbane was one of Brisbane’s more sought after locations for residential development due to its “excellent local amenity, public transport and proximity to the CBD”.

“There is a flight to quality in the market and we have seen levels of interest from developers increase in 2020,” Andrew Gard said.

“The scale of the Wellington Rd property and its proximity to the CBD were attractive to the buyer.

“And, in particular, the uninterrupted view corridors from this location are outstanding looking straight back primarily over tin and timber homes towards the CBD.”

Michael Gard said the regular-shaped vacant site received strong interest from developers.

He said its other major drawcards included its larger scale and the fact it had a development approval in place.

“Mosaic Property Group was attracted to this property as it already had an existing development approval and was in a location where sites of this scale are difficult to come by,” he said.

“We are seeing very strong demand for all our similar on market campaigns as there are currently very low levels of quality stock on the market.”

For more information or to register your interest, visit thesinclairbymosaic.com.au, or call 07 3171 2270.

Source: The Courier Mail Prime Site – Friday 28/02/20

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The Sinclair by Mosaic

140 Wellington Road, East Brisbane

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