A local developer has lodged an application for a Kangaroo Point residental tower.
Brisbane-based developer Peter Yang has submitted a development application for 68 apartments in inner-city Kangaroo Point.
The proposal, lodged by Yuan Fu investment, comprises 8-storeys and two basement levels and will replace the dilapidated Kangaroo Point motel currently on the site.
Yang owns the 1,672sq m site at 624 Main Road, Kangaroo Point, having listing it for sale for a short time in 2017.
If approved, the building will deliver 68 two and three-bedroom apartments and ground floor retail.
Local architecture firm Red Door are designing the 8-storey building.
It’s the first major application for a tower in a while in Brisbane’s riverside Kangaroo Point, which experienced a boom in multi-residential development prior to the market peak.
New apartment launches fell by 35 per cent last year from 2017, according to Urbis figures.
A few projects have recently come to market, including GBW Group’s “Walan” at 2 Scott Street, while the $150 million The Banyan Tree development is on track for a mid-2019 completion.
Apartment completions are set to remain low into 2019, with 674 apartments approved last quarter. Approvals and starts are due to pick up with about 2,000 apartments anticipated to launch in the three quarters of 2019.