Brisbane developer Grace Civil and Development has lodged plans to build a 25-storey residential tower in Spring Hill.
Property owner Joseph Barakat is selling the site at 157-163 Leichardt Street after buying the site in 2006 for $4.4 million.
The building comprises a three-level basement, three-level podium at street level, and 112 apartments and a rooftop pool on the 1447sq m site at 157-163 Leichardt Street.
Grace Civil and Development has lodged plans with the Brisbane City Council to demolish the two-storey office building and redevelop the inner-city property.
According to planning documents, the residential tower will be the tallest built form on the block, at the maximum height allowable in the Spring Hill Neighbourhood Plan.
“This is consistent with the intent for the City Centre Expansion Precinct to accommodate the highest densities of residential development to better co-locate residents with business uses in the Brisbane CBD,” the town planning report said.
“The reduction of boundary setbacks to create larger floorplate units is intended to attract families into the CBD and introduce a new demographic of city dwelling residents.”
The tower will comprise 16 one-bedroom, 84 two-bedroom, and 12 three-bedroom apartments with a podium coverage of 88 per cent of the site.
Following a pre-lodgement meeting, the semi-enclosed arcade at ground level has been widened to create a more open interface with the street and entrance to the foyer of the tower.
“The arcade walkway is a primary feature of the development, comprising dense landscaping elements to create an outdoor, suburban-like pathway setting.
“The arcade walkway provides access to the foyer of the upper level residences of the proposed development.”
The single-tower high-density development will include stonewall features, rendered masonry and glass balustrades, in addition to aluminium screening on the eastern and western facades for privacy and amenity.
Three basement levels and two podium levels will accommodate up to 146 cars and 10 motorbikes in addition to bicycle parking.
The gap between house and unit prices is giving confidence to higher-density developers but the biggest challenge will be sourcing land deals that stack up.
Corelogic’s latest report showed house prices had increased 24.8 per cent and units were up 14.3 per cent.
This double-digit apartment price growth pushed prices to an all-time high despite only increasing 0.3 per cent in January.
