Queensland developer PointCorp has submitted ambitious plans to develop seven 13-storey residential buildings across a 1.7 hectare Brisbane Riverside site.
The Brisbane City Council received the application and said they have briefly reviewed the plans and is “generally supportive of the staged proposal”.
The proposed three-stage development includes 988 one and two bedroom apartments, with cafes and public spaces for residents to enjoy.
PointCorp Director Chris Vitale told The Australian that the development was a strong move for the company.
“It’s an investment asset for us. At the moment we have lodged a DA, which we’re very excited about,” Mr Vitale said.
According to The Australian Financial Review, PointCorp purchased the site from Dexus in 2013 for $25.65 million and has on sold the project to Chinese property company R&F for $80 million.
Adjacent to the site is the proposed Kurilpa development zone that will provide residential and office space for the future.
This is one of many sites that PointCorp has recently purchased.
The company also recently acquired a three-block allotment in New Farm for $14 million and the site of two commercial buildings on the corner of Commercial Drive and Florence Street for $6.85 million.
PointCorp has plans to develop both sites into residential buildings.