The developer behind some of Brisbane’s most significant urban renewal projects is laying plans for an apartment tower in the heart of Toowong.
Property Solutions has lodged a development application with Brisbane City Council for the large scale project comprising a 221-apartment tower located 100 metres from Toowong Village.
The development company last month acquired the 2077 square metre site on the corner of Lissner and Jephson streets for $11.5 million.
Property Solutions, headed by Kevin Miller and David Blanck, will team up with China-based Chiwayland International to develop the project. The joint venture partners hope to launch the project later this year.
Property Solutions joint managing director Kevin Miller said the partners were looking to continue their decade-long line of urban renewal projects in Brisbane, which includes the $270 million Circa Nundah Village which is currently underway.
“We’re very keen to meet what we see is demand for contemporary accommodation in Brisbane’s inner north,” Mr Miller said.
“The site’s proximity to Toowong Village, Brisbane River and its CityCat network, the University of Queensland, Toowong train station and the CBD will appeal to both discerning end-users and investors capitalising on the rapid growth of Brisbane’s inner city apartment market.”
Under the proposal to Brisbane City Council, the ageing two storey commercial complex which currently occupies the Toowong site will be demolished to make way for the project which will include a range of one, two and three-bedroom apartments.
The building, which is set for completion in 2017, will include basement and podium car parking and feature sweeping views of the city and river from level five.
It is the first endeavour outside China for Shanghai-based Chiwayland. Mr Miller said Property Solutions had plans to jointly deliver further projects with the company, including two future stages within its Circa Nundah Village.
“Chiwayland has identified the investment strength of Brisbane’s apartment market in selecting its location for its overseas expansion,” he said.
“There is demand from both local and overseas buyers for new apartments across Brisbane and our partnership also opens doors in terms of tapping into their network of Chinese clients.”