First look at $1.5b riverfront mecca bound for Olympic city

Teneriffe Banks will comprise more than 200 apartments, a luxury hotel, floating restaurants, cafes, art, and wellness amenities, all surrounded by public green space.

The first look at Kokoda Property’s plans for Teneriffe Banks on the Brisbane River.

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Designed by Cottee Parker Architects and Carr, the development will connect Skyring Terrace back to the Brisbane River via sprawling laneways and open spaces.

The plans are for five buildings in total and a public marina, with the residential component due to launch to the market in September.

The development will include a rooftop terrace and amenities that will be available to the public.

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Units will range from luxury apartments to modern penthouse residences and woolstore-inspired lofts — priced from $1.5m for a two-bedder, up to more than $20m for a top-of-the-range penthouse.

There will be 20 sub-penthouses and penthouses, with prices starting at $11m.

Kokoda Property founder and managing director Mark Stevens said the project had attracted more than 1500 enquiries in a week from interested residential buyers — mostly owner-occupiers from Teneriffe and New Farm.

An aerial shot of the marina proposed for Teneriffe Banks.

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“What’s on offer is something Brisbane has not seen before,” Mr Stevens said. “The architecture of the building, and the location. The precinct itself is quite phenomenal.

“It will be transformational for Teneriffe, and for Brisbane.”

Mr Stevens said construction was likely to start in the first half of next year, although he was still “in the process of securing a builder”.

“I’m not concerned,” he said. “It’s just a process we have to go through.

Kokoda Property founder Mark Stevens inside the Riverside Industrial Sands site which will be turned into a $1.5b waterfront development at Teneriffe. Picture: Liam Kidston.

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“Not all the builders have received government work. Not all that infrastructure work has been given the go-ahead.”

He said the state election in October would determine how much of the proposed public and Olympic infrastructure work would still proceed.

“Builders we’re speaking to have made it clear… they’re conscious of not putting all their eggs in one basket.”

Mr Stevens said he believed the biggest issue within the construction industry was the decline in productivity. He admitted the CFMEU had “not been helpful” in that area.

An artist’s impression of the development proposed for Teneriffe.

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The 17,600sq m parcel of land at 17-27 Skyring Tce, Teneriffe was previously owned by the Riverside Coal Transport Company.

The development will be home to Brisbane’s first Kimpton Hotel, which will feature a 200-plus-seat signature restaurant and bar, a spa with multiple treatment rooms, a fitness centre, large-scale multipurpose meeting and event spaces, as well as an open-air garden terrace complete with infinity pool, and a rooftop bar.

The project will comprise five buildings.

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Ray White economist Nerida Conisbee said labour continued to be a major contributor to the cost of construction and year-on-year increases in wages remained problematic.

Ms Conisbee said ABS data showed construction costs were starting to rise again.

“Strong union activity, now the subject of a Senate inquiry has also contributed to low productivity in the industry,” she said.

The cost of building a new property now far exceeds the price of an existing property.

“For residential, we are already seeing clearly how much higher construction costs are, leading to fewer homes being built and higher prices for existing properties,” Ms Conisbee said.