DEVELOPMENT BID FOR TALLEST TOWERS IN UPPER MT GRAVATT

Written on the 18 April 2016

DEVELOPMENT BID FOR TALLEST TOWERS IN UPPER MT GRAVATT

APARTMENT living is set to reach new heights in Upper Mount Gravatt if plans for a $96 million mixed-use development are approved.

Raykong Property has submitted a development application to Brisbane City Council for twin 15-storey towers comprising 174 apartments. If approved, the project will be the highest to rise in Upper Mount Gravatt.

The Brisbane-based developer acquired the 3154sqm residential parcel at 7-15 Cremin Street last year for $5.28 million.

The development will feature retail and commercial precincts, shared basement and rooftop communal facilities for residents, including a swimming pool and outdoor cinema.

Project manager PDS Group director Michael Sutherland says the site is primed for apartment living because of its proximity to major retail education, employment and transport hubs.

"This is a very convenient location with Garden City and Griffith University nearby and easy access to public transport and major arterial roads," Sutherland says.

He says the development's two and three-bedroom apartments would appeal to Generation Y and downsizers seeking convenience. Owner occupiers are expected to account for 50 to 60 per cent of buyers.

Raykong Property is associated with the Zhang family which has been developing commercial and residential property in China since 2002.

Director Becky Zhang says Upper Mount Gravatt has recorded steady capital growth during the past five years and expects investors would reap returns of around 5 per cent.

Council will make a decision on the development within two to four weeks.

 


Latest News

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

MEET THE MELBOURNE ACCELERATOR PROGRAM BUILDING THE FUTURE OF CYBER SECURITY STARTUPS

IN the wake of the WannaCry ransomware attack, companies are more often considering how personal data is protected...

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

Related News

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter