Melbourne developer Kokoda Property Group will develop their second residential project in Brisbane after purchasing a DA approved site in Milton for $12.25 million.
The 2,019sqm corner site which is located at 19-23 McDougall Street has approval for a residential project consisting of 235 units across 20 storeys.
Developer has lodged a revised scheme with the council consisting of 260 apartments – focusing on premium owner occupier product with 126 one bedroom, 129 two bedroom and 5 three bedroom apartments.
Brendan Hogan and Adam Rubie of Colliers International marketed the site via an Expression of Interest campaign.
“This latest site sale shows that interstate developers continue to recognise value in the Brisbane market, in prime locations within close proximity to the CBD,” said Mr Hogan.
This sale shows Kokoda’s commitment to Brisbane and their underlying confidence of the market.
Last year we saw a slowdown in development site sales volumes, however developers are still seeing a strong value proposition in premium DA approved site within areas featuring low current supply and planned future development.
“Compared to other inner city precincts, inner west makes up only 7 per cent of residential apartment supply currently in the market.”
Mr Rubie said Milton is a very highly sought after suburb being only 500 metres from the periphery of the CBD, and within 10 minutes of all major university campuses in Brisbane.
“The site is within 250 metres of the Milton train station, CityCat Ferry and bus stations offering abundant lifestyle amenity.”
This is Kokoda’s second venture in Brisbane, with Chester residential apartments in Newstead currently under construction. The developer acquired the DA approved 3,628sqm site located at 7 Chester and 14 Ella Street for $18 million in late 2015.