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October 2023

Pikos Releases Plans For Riverside Project Revamp

Fresh plans have been lodged by Pikos Group with a new vision for its Brisbane inner-city project after the original design proved unviable in the current market.

Original plans for three towers at the site on top of Kangaroo Point cliffs have been consolidated down to two, with a greater focus being placed on community amenities and making the most of the prime position near the river’s edge.

The decision was made in response to challenging construction conditions in the face of labour and material shortages and soaring costs, which caused the initial $250m project cost to prove unfeasible.

Instead, the new vision will feature 214 luxury residences across two, 15-storey galleries. Buyers will also have greater choice, with the new option of one and two-bedroom units, alongside larger three-bedroom and penthouse apartments.

Recently appointed Pikos Group chief executive Michell Wooldridge said the developer was committed to the project, which would “redefine luxury riverfront living in Brisbane”.

“Pikos Group is committed to developing world-class projects in Brisbane’s most iconic locations,” Ms Wooldridge said.

“Our newest project continues the tradition, delivering an unrivalled living and leisure experience on the last undeveloped riverfront site in inner-city Brisbane.”

Several sales has already been made within the original towers, including two penthouses for $12.5m and $10.5m, two sub-penthouses for $8.5m and $8m, and a four-bedroom apartment for $6.1m. Existing buyers will have the option of first access to new residences ahead of them hitting the market, or a full refund of their deposit.

All residences will be defined by a series of soft curves echoing the Brisbane river and strong overtones of Queensland architecture. More than 20 nature and leisure zones will incorporate a three-tiered aquatic leisure pool, wellness centre with infra-red sauna and heated spa, outdoor lounges and meditation spaces. Private rooftop gardens will be complemented by outdoor kitchens and dining rooms, terraced barbeque areas, outdoor gym, outdoor cinema and dog park.

The new design of the 5284sq m site between the Brisbane River and Lambert and O’Connell streets will feature 4000sq m of terraced parkland, which Pikos says will be the largest private riverside park in city.

The developer is in discussions with Brisbane City Council to extend the Riverwalk at the development site to provide a pedestrian river promenade connection to the city and Docklands City Cat Ferry Terminal.

Pikos will begin construction next year, subject to council approvals, with the project estimated to be completed in mid-2027. A builder is yet to be secure, with discussions under way.