Developer Kokoda property has acquired the last remaining riverfront site within the Brisbane suburb of Teneriffe for more than $100 million, breaking the record for the largest sale ever recorded in Brisbane’s history.
Located at 17 and 27 Skyring Terrace, the site spans an extensive 17,600 sqm, offers 6,000 sqm Wet Lease and over 200 sqm of direct river frontage.
Upon completion, the site will be transformed into a $1.75 billion mixed-use development that will activate the waterfront at a scale not yet explored.
Kokoda’s vision for the site comprises luxury high-end apartments and townhouses, a waterfront office tower, a luxury hotel in partnership with an international hotel brand and a retail precinct comprising high-end luxury retail and F&B.
In addition, there will be a large-scale marina, connecting the expanding Brisbane riverwalk replete with waterfront hospitality, retail and dining.
The development will also continue to support the local community with upgraded public amenities and the well-loved Community Hub.
Teneriffe is known as Brisbane’s most expensive suburb with a median house price in excess of $2.9 million.
Kokoda Property Founder and Managing Director Mark Stevens said Brisbane is primed for rapid growth and the Skyring Terrace site will play a pivotal role in the revitalisation of the Newstead and Teneriffe Waterfront Neighbourhood Plan.
“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 said.
“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.”
According to Charter Keck Cramer, Brisbane apartment completions and commencements have fallen to an all-time low.
Coupled with the strong population growth forecast, the Brisbane market is expected to remain in short supply relative to demand.
Less than two years ago Kokoda completed its first Brisbane project Chester & Ella, a $300 million residential development and last month, called for settlements at The Ambrose, a $165 million residential project. Both projects are sold.
Other Brisbane projects include Refinery House – a $12 million transformation to a heritage-listed home, and the newly acquired site in Milton with a total value of circa $160 million, further adding to Kokoda’s $2.5 billion pipeline of projects across both Queensland and Victoria, under development.
The Skyring Terrace deal was brokered by Elliot O’Shea, Director – Head of Middle Markets Queensland and Seb Turnbull, Head of Capital Markets – Queensland / Executive Director, Capital Markets – Australia, both from JLL.
Prior to Skyring Terrace, the most expensive site to be sold was in West End, which was brokered for $87 million in 2014.
Kokoda Property is currently in the planning and design phase for Skyring Terrace and hopes to launch an expression of interest campaign in late 2023.