Leading private Brisbane developer, Consolidated Properties Group, in joint venture with the Qualitas Real Estate Opportunity Fund 2, has received approval for Monarch Residences, a $375 million development of the last significant riverfront parcel of land at Toowong in Brisbane.
The development of 600 Coronation Drive will see two 15-level towers built among three acres of riverfront gardens with around 130 metres of direct river frontage.
The development approval allows for a third 15-level tower to be built on the site, however it is expected that this third tower will not proceed to make way for the Toowong to West End Green Bridge in the future.
The two Monarch Residences towers will include 233 apartments that will be launched to market in Spring this year. There will be a mix of one, two, three and four bedroom skyhomes, river villas and penthouses. The Monarch Residences are priced from $550,000 for the one-bedroom apartments through to $8 million-plus for the penthouses.
Monarch Residences have been designed to maximise views across the Brisbane River and the city. AIA Gold Medal award-winning architect John Wardle Architects (JWA) has designed the development with support from local Brisbane architects Cottee Parker Associates.
Consolidated Properties Group Chairman Don O’Rorke said Monarch Residences will become the signature address in Brisbane’s inner west.
“Monarch Residences will set a new standard in apartment living in Toowong with its premium location and unsurpassed quality and style,” O’Rorke said.
“Monarch Residences is an outstanding offer and will be unique for the area with its extensive gardens which run to the river’s edge. It will become renowned in the local area, and we look forward to working with Hutchinson Builders to get it started.”
Monarch Residences site is rich in history, with the local community awaiting its development. It will provide a significant uplift for the local Toowong community as the development approval includes an extension of the Bicentennial Bikeway, a riverfront park and the restoration of the Heritage listed Middenbury House. Upon completion, Middenbury House will be accessible to the public for the first time since it was built in 1865. Its refurbishment will include a conversion into a café and restaurant.
Consolidated Properties Group and Qualitas Group purchased 600 Coronation Drive for $35.5 million from Sunland in March 2022. The site has been vacant since 2006 when the ABC decommissioned their operations.
Consolidated Properties Group Head of Residential James MacGinley said 85 per cent of those registered so far have been locals.
“Feedback on the apartment design from these locals have reaffirmed the deliberate approach we’ve taken to enlarge living areas and balconies to embrace Queensland living,” MacGinley said.
Article source: www.urban.com.au
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