Brisbane-based developer Tom Dooley Developments has purchased a large riverfront development site for $23 million, with early plans for a multi-million-dollar apartment development.
The 2,333sq m site, spread across three blocks at Maxwell Street in New Farm, is now the largest privately owned single-line land holding with medium-density residential zoning.
The developer has been biding his time since completing Pietra, a neighbouring development in Moray Street, comprising of seven whole-of-floor spacious apartments, completed in 2011.
Dooley, known for projects including the Princess Alexandra Hospital, Brisbane Grammar School’s Sports Complex, and Aquila residential tower, has completed approximately $700 million in new builds.
“What we are proposing is 15 apartments over seven levels stepping up the riverbank with a river house on the lowest level taking full advantage of the riverfront aspect, and at the top, an exquisite penthouse offering the ultimate luxury Queensland lifestyle.”
Apartments in the project are expected to range in price from $2.9 million to $12 million for the penthouse, potentially becoming one of the most expensive to ever be offered for sale in Brisbane.
Brisbane's record penthouse sale dates back when $14.25 million was exchanged for a penthouse in Mirvac’s Waterfront development at Teneriffe.
“We are just finalising details but each of the apartments will have three to four bedrooms, plus multi-purpose rooms and studies.
“The smallest will be 201sq m while the largest will be a massive 785 square metres.
“For the type of product, we build - large luxury apartments with high end finishes—it is absolutely essential we get the right site and now we have.”
According to research from commercial real estate agency JLL, Brisbane is likely to be the first east-coast city to experience an undersupply of apartments, having turned down earlier.
The city's contraction in apartments in marketing is also the most advanced, having dropped 87 per cent from its September-quarter 2017 peak.
While the signs are positive, with vacancy rates constricting and sentiment buoyed by national price increases, the city is still struggling to throw off its hangover from the last development boom.
According to new figures from PRDnationwide, total supply of apartments in the Brisbane city council area classed as "proceeding' will budge by 70 per cent to 19,694—accounting for three-quarters of the total pipeline—from 11,533 in 2019 as investors return to a market.