PROPERTY MOSAIC COMES TOGETHER
Written on the 11 July 2014 by Laura Daquino
FORTITUDE Valley has received another facelift with the opening of the mixed-use Mosaic development.
The $150 million development stretches more than 3,000 square metres of retail and commercial space, including an 18-storey residential tower comprised of 23 apartments with a private rooftop garden, and a 48-room boutique hotel.
Mosaic was developed by Leighton Properties and The Carlyle Group, and is owned by Alpha Hotels & Resorts, Australia’s newest privately-owned hotel owner and management company launched in December 2013.
It is located 1.5km from the CBD on the corner of Ann, East and Church Streets, aptly positioned to tap into the popular James Street retail precinct.
Leighton Properties national head of residential Gavin Tonnet says more than half of Mosaic’s residential properties sold pre-opening.
“We set out to create the destination for Brisbane’s inner-city, bringing together all the best pieces of the Valley – and it seems to have struck a chord with buyers, only 10 apartments still being available for sale,” says Tonnet.
He also says developments such as Mosaic are fast positioning the CBD’s cosmopolitan neighbour as Brisbane’s heartbeat.
The company, which has an office in the Valley, has invested more than $750 million in the area during the past seven years via the development of five different towers.
While the Valley currently lends itself to a night-time trading scene, such developments are intended to facilitate growth in the area’s daytime economy.
“The Valley is very close to our hearts and we recognise that it is in the middle of a fairly significant transformation process, which Leighton Properties have been involved in for the past eight years,” says Tonnet.
“The area is increasingly attracting interest in line with a shift in the Australian residential market – people still value their home, but are showing more interest in its surrounding community to gauge whether its character matches up with their personal values.
“It is quite eclectic in the Valley, which makes it the ideal location for people seeking variety to enrich their lives.”
Jonathan Wooller, founder and managing partner of Alpha Hotels & Resorts, says the hotel concierge service offered at Mosaic is also a drawcard for a cross-section of buyers.
“No other apartment project provides its residents with access to onsite concierge, room service, catering and cleaning services, in the heart of the vibrant Valley dining precinct,” says Wooller.
Lord mayor Graham Quirk, who was at the official opening yesterday, says Mosaic was also developed with G20 demand in mind.
The G20 Leaders Summit will take place in Brisbane in November and is expected to attract up to 4,000 delegates and 3,000 media representatives.
“Brisbane continues to grow its reputation as a destination of choice for business, investment and major events,” says Quirk.
“Alpha Mosaic Hotel delivers a much-needed modern hotel facility to cater to Fortitude Valley’s ever-increasing number of visitors and residents, as well as demand generated by G20.
“Large scale developments such as this represent confidence, hope and opportunity at home and abroad.”
Speaking about the Brisbane property market overall, Leighton Properties national head of residential Gavin Tonnet says the city is experiencing steady organic growth.
“The city is well placed at the moment – owner-occupiers are coming back into the market at good strength and we are experiencing a very healthy, normalised marketplace,” says Tonnet.