Apartment developer Kokoda Property has doubled down on Milton, the sought-after, inner-suburb of Brisbane.
Having recently completed The Ambrose, Kokoda has secured a prime 1,640 sqm block at 12-16 Crombie Street, where they plan to develop a 22-level tower.
They paid around $11 million for the site.
Around 160 apartments will be spread across the building, with a rooftop pool, private dining room, and a health and wellness space with a gym.
Cottee Parker, who designed The Ambrose, have again been commissioned to draw up the plans for the new building.
The project will have a total value of around $160 million and will further add to Kokoda’s $2.5 billion pipeline of projects across both Queensland and Victoria, inclusive of 1,600 apartments under development.
A strong believer in Brisbane, Kokoda Property Founder and Managing Director Mark Stevens said all indicators point towards a robust market.
“Brisbane is rapidly transforming into a new world city; its culture, business centre, technology, and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design.
Since launching in early 2021, The Ambrose is over 98 per cent sold, with the four remaining penthouses due to tip the project to a sell-out once they hit the market.
“Kokoda’s heritage lies in high-end luxury so this narrative carries through our brand into all our projects,” Stevens added.
“Continuing this history is extremely important to us as this high-grade offering lies at the core of the company’s value proposition. We engage the best architects and interior designers from around the world to ensure that we are market-leading and cutting-edge.
“High-end developments with a design-led approach are contributing towards this transformation so we are proud to be actively developing in what is one of the most exciting times in Brisbane’s modern history.”
Kokoda will start taking expressions of interest for the new project later this month.
Article source: Queensland Property Investor