Kokoda picks up riverfront block for $1.75b project

The Skyring Terrace property (outlined) has 210 metres of Brisbane River frontage.

Kokoda Property has bought the Riverside Coal Transport Company headquarters at Teneriffe – Brisbane’s priciest suburb – for a $1.75 billion project with luxury apartments, an office, hotel and retail.

The 1.76 hectare holding, 17-27 Skyring Terrace, with 210 metres of Brisbane River frontage, is setting the group back just over $100 million – a little less than the ($120m-plus) guide when it hit the market nine months ago.

The deal includes a 6135 square metre wet lease – which the incoming owner plans to develop as a marina connected to the city’s Riverwalk.

Kokoda will also upgrade a nearby community hub.

The property abuts Mirvac’s Waterfront Newstead development, which has been taking shape in stages since 2021, and will contain a half dozen apartment towers, the tallest, 25 levels.

It is also near the four storey Willoughby and Co Woolstores building, now an A-grade office, at 130 Commercial Road, Teneriffe, which Vantage Property Investments acquired from Centuria last year for $28.65m.

Like Vantage, Kokoda is Melbourne based.

JLL’s Elliott O’Shea and Seb Turnbull represented RCTC.

Next chapter for prime site

RCTC has operated from 17-27 Skyring Tce since 1985.

In 2016, it applied to replace the land with a residential-based mixed use community, also with a marina – a plan which didn’t proceed (story continues below).

The apartment tower Kokoda is planning at Milton.

Kokoda by comparison is hoping to start marketing its project late this year.

Apartments, townhouses, an office and retail precinct comprising high end luxury retail and food and beverage is planned.

“This site has been tightly held for nearly four decades and the potential it offers is unparalleled in terms of creating a major mixed use waterfront development at a scale that is never to be repeated,” founder and managing director, Mark Stevens, said.

“We are incredibly active in Brisbane and expanding our portfolio due to the surging population growth,” he added.

“Queensland has experienced the highest interstate migration growth in the nation and with the 2032 Olympic Games on the horizon, coupled with a buoyant jobs market, Brisbane is primed for a development of this scale,” according to the executive.

“Less than two years ago Kokoda completed its first Brisbane project, Chester & Ella, a $300m residential development and last month called for settlements at The Ambrose, a $165m residential project.

“Both projects are sold.

“Other Brisbane projects include Refinery House – a $12m transformation to a heritage-listed home, and a newly acquired site in Milton with a total value of c$160m, further adding to Kokoda’s $2.5b pipeline of projects across both Queensland and Victoria, under development”.

Prior to 17-27 Skyring Tce, Brisbane’s priciest waterfront development site sale was worth $87m, for a West End block.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.