Private developer Stockwell is defying headwinds in the housing market, submitting a development application for a twin tower apartment project in South Brisbane's Fish Lane precinct.
Stockwell—the family property company founded by Bill and Necia Stockwell and now run by their son, former Olympian Mark—has long been associated with apartment projects in Brisbane’s inner south.
Its latest application, an 18,000sq m Mode-designed residential project, will comprise 124 apartments across two 27 and 23 storey buildings set above a five level brick podium that features 800sq m of ground level retail and dining.
The project, located at 30 Merivale Street, sits on a narrow 1,822sq m site currently occupied by an industrial warehouse.
The development fronts both Merivale and Cordelia Streets while running the length of the popular Fish Lane dining precinct.
The taller of the two towers will feature larger four and five bedroom apartments with views of the Brisbane CBD and river, while the smaller of the towers will mainly be comprised of two and three bedroom apartments overlooking Mount Cootha and the South Brisbane and West End district.
The application comes as Brisbane’s apartment market continues to digest several years of record unit supply.
According to valuation firm m3property, more than 15 per cent of completed inner-Brisbane residential units remain unsold and in the ownership of developers, an increase from 12.4 per cent recorded in December 2019.
Despite this, buyers in search of high-end offerings have seen Brisbane’s prime property price growth increase 2.5 per cent over the year to June, and up 0.3 per cent over the past quarter.
At 88 Merivale Street, Brisbane-based developer Aria Property Group has plans before council for a 382 apartment 30-storey apartment tower.
The plans, designed by Koichi Takada, feature 1,000 trees set to be incorporated into the building's exterior, two levels of common rooftop space, an array of greenery as well as a 1,350sq m public park at the base of the building and ground floor retail.
The developer is now considering a revised development application comprising 450 apartments, citing the need for larger apartments and a greater project gross floor area in response to shifting market conditions.