Work will start on a state-of-the-art $250m apartment project with the developer claiming volatility in the construction sector has seen up to 80 per cent of residential builds cancelled. Eight years after the State Government sold an old car park overlooking the Kangaroo Point cliffs, Pikos Group has appointed Tomkins Commercial to build its Skye by Pikos development which will be completed by the end of 2024.
Mr Pikos said Tomkins had a “certain future” amid a backdrop of building company collapses and cancelled projects.
“A lot of builders are reluctant to take on jobs due to rising costs making the industry so volatile, to the point where up to 80 per cent of residential builds have been cancelled,’’ he said.
“At the end of the day, the only sites progressing are the ones in the best positions with premium offerings and world-class appeal.
“Supply is now well below demand with the industry telling us there is currently only two months of supply in the pipeline, ensuring extremely healthy buyer interest for the right projects.”
The former TAFE car park on the corner of River Tce and Main St, with extensive view of the Brisbane CBD, has had a chequered history with the 2330sq m site initially acquired by Singapore based hotels group Banyan Tree in 2014 for $16.8m.
Banyan Tree’s plans never got off the ground and Mr Pikos acquired the site a couple of years ago and after rejigging the original approval to three towers has sold 32 of the 70 residential apartments off-the-plan for $120m.
Each building will have just two apartments per floor, with balconies along the River Terrace frontage offering city views. There will be six penthouses, each with their own private roof terrace priced at $10.5m while sub penthouses are around $8.5m.
A number of the sales have been to returning expats choosing Brisbane over other major cities because of the lifestyle, comparative affordability and the city’s arrival on the world stage with the Olympics coming in 2032.
Tomkins Commercial director Mike Tomkins said the company was proud to have its name associated with Skye by Pikos.
Article by The Courier Mail.
