Brisbane City Council has given the green light to a $96 million mixed-use project in Upper Mount Gravatt amid a lift in off-the-plan apartment activity in the middle-ring suburb.
The project, Avion Residences, will comprise twin 15-storey towers, the highest to rise in Upper Mount Gravatt, affording views of the surrounding area and east to Moreton Bay.
Avion Residences is the first Brisbane venture for Raykong Property, a company associated with the Zhang family which has been developing commercial and residential property in China since 2002.
Development Manager Michael Sutherland, director of PDS Group, said the developer was excited to make its mark in an increasingly sought after area regarded for its outstanding links to education, employment hubs and public transport.
“Upper Mount Gravatt is making a name for itself as one of Brisbane’s up and coming suburbs, favoured by residents for its centrality and established amenities,” he said.
“Timing is ripe for Raykong’s foray into Brisbane and the company is excited to deliver a project that will meet the desires of a discerning market.”
Council’s approval paves the way for a public launch in about September this year with the project to be exclusively marketed by Savills Residential Projects QLD.
Savills Residential Projects State Director Peter Neale said Avion Residences was an exciting offering, with the design, finish and location creating an unrepeatable opportunity to own an apartment in this iconic development.
Urbis associate director Paul Riga said off-the-plan apartment activity in Upper Mount Gravatt had increased notably over the past 12 to 24 months.
“It’s being driven by the locational opportunity provided by existing fundamentals in the area, the favourable interest rate environment, and investor demand,” he said.
“The youth demographic will contribute to rental demand in Upper Mount Gravatt and its surrounding catchment, with the downsizer market also potentially a contributor.”
Avion Residences will incorporate retail and commercial precincts, a shared basement and podium level, as well as rooftop communal facilities for residents including a swimming pool, outdoor cinema, private dining room and a barbecue area.
The project site is within 200m of Westfield Garden City, Kessels Road and Logan Rd, and is a short distance from Griffith University’s Mount Gravatt and Nathan campuses as well as Sunnybank, the M1 and South East Busway.
It is expected that owner occupiers will account for 50 to 60 per cent of apartment buyers.
Avion Residences will comprise 174 two and three-bedroom apartments across two 15-level towers in Cremin Street.