BRISBANE’S high-end apartment market is about to hit new heights with a major developer snapping up a prime riverfront site for about $23 million, amid a growing hunger for luxury living.
Tom Dooley plans to build a multimillion-dollar residential development on the massive 2333 sqm of land, spanning three blocks, at 42 Maxwell Street in New Farm, as the battle for Brisbane’s riverfront heats up.
Revealing the purchase exclusively to The Courier-Mail, Mr Dooley, of Tom Dooley Developments, said he could not pass up the opportunity to buy the site as it was the best parcel of land he had ever seen in New Farm.
“It is the largest privately owned single-line land holding with medium density residential
zoning and views to the Story Bridge and city,” Mr Dooley said.
“I have been on the lookout for something of this calibre in New Farm since we finished our Pietra development in Moray Street in 2012.
“In total, we’ve completed five riverfront developments in this area, and based on our experience, compromising on location and views was not something we would consider.”
The site, formerly owned by Pointcorp, has a 20m river frontage and comes with a development approval for 18 units, but Mr Dooley said he planned to make some changes to it.
“What we are proposing is 15 apartments, 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,” he said.
“Also, a 1930s three-level Tudor-style residence currently on the site will be retained, and its original architecture brought back to life. This in itself will be a special project. ”
Mr Dooley said demand for large riverfront apartments was on the rise and this project would meet those needs.
“We are just finalising details, but each of the apartments will have three to four bedrooms, plus multipurpose rooms and studies,” he said.
“The smallest will be 201 sqm, while the largest will be a massive 785 sqm.
“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.
“I wasn’t prepared to buy just anything in New Farm, it had to be perfect and tick a lot of boxes.
“This does. The land is in a prime position with views of the Story Bridge, the reinvigorated Howard Smith Wharves, the city, and Kangaroo Point and south towards Woolloongabba.”
The property has direct riverfront access with its own pontoon and is close to the River Walk, providing easy access to the Brisbane CBD.
Mr Dooley would not reveal how much he paid for the site, but industry sources say it was about $23 million.
Apartments in the project are expected to range in price from $2.9 million to an eye-watering $12 million for the penthouse, which will be one of the most expensive to ever be offered for sale in Brisbane.
Each of the apartments will have absolute riverfront views and will be bigger than the size of an average home.
Expressions of interest are open now with the project expected to be completed by 2021.