Woolworths sells apartment development site
Mosaic Property Group has bought an inner city Brisbane site permit-ready for a 16 level, residential based mixed-use project.
Woolworths’ development arm, Fabcot, sold the Kangaroo Point block.
It will also lease a 2236 square metre ground floor supermarket within the new complex.
Fabcot also obtained permission for the Cottee Parker penned redevelopment – with tenancies for a BWS and café and, according to the buyer, “ample” basement parking.
Mosaic will shortly submit a minor change to the application.
The project will replace the site, prior to 2008 accommodating three dwelling converted commercial buildings, one leased to a driving school.
Upon completion in 2027, Mosaic will manage it. Colliers’ Troy Linnane was the agent.
Site set for redevelopment
Fabcot paid $11 million in mid-2020 for the 3195 square metres covering 23-31 Ferry St and 16-30 Prospect St (Google Street View image, top).
In 2017, the site was earmarked for two 18 level apartment towers with a total 102 dwellings (story continues below).
The permitted project will contain 128 dwellings – a mix of two and three bedrooms.
“This iconic site has been on our radar since 2016, known to many as a dormant opportunity burdened by years of challenges,” Mosaic managing director, Brook Monahan, said.
“Kangaroo Point has long awaited a project that introduced essential amenities while further elevating the area’s architectural landscape,” she added.
“Our collaboration with Woolworths is rooted in shared vision – to seamlessly integrate luxury living with retail convenience, ultimately enriching the lives of residents and the broader community,” according to the executive.
“This development is not just about reviving an inactive site – it’s about creating lasting value for Kangaroo Point and aligning with Mosaic’s long-term vision of delivering exceptional, enduring projects”.
Mr Linnane added “the attributes of this site being close to the Brisbane River, CBD and soon to be completed Kangaroo Point Green Bridge, which will connect the suburb to the CBD, offered a once-in-a-generation opportunity to change the face of inner Brisbane”.
More to come.
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