Brisbane’s last Newstead riverfront site snapped up for landmark residential project

A once-in-a-generation riverfront opportunity is set to reshape Brisbane’s Newstead, with Consolidated Properties Group (CPG) acquiring the suburb’s final absolute riverfront site to deliver a boutique collection of premium apartments. 

Located just 1.5km from the CBD and offering uninterrupted north-east views across the river, the upcoming project promises elevated living in one of the city’s most sought-after lifestyle precincts - within walking distance to Gasworks and James Street.

CPG has paid $64.5 million for the 9,368sqm site at 47 Skyring Terrace in an off-market deal from vendor Mirvac Group, and features 47 metres of direct river frontage within one of the city’s most tightly held precincts. Zoned for Mixed Use, it has potential for up to 42,000sqm total floor space and a maximum building height of 25 storeys under the Brisbane City Plan.

The acquisition follows the success of CPG’s $450 million absolute riverfront Monarch Residences apartment project currently nearing completion and sellout at Toowong in Brisbane’s inner west.

CPG CEO and chairman Don O’Rorke says the Newstead site offers an equally rare opportunity to deliver a super-premium luxury residential apartment building in a prime inner-city location.

“Sites like this are as rare as it gets,” Don said.

“We thought Monarch might be a one-off, but at Newstead we’ve been fortunate to have the opportunity to create another iconic residential address right in the heart of the city on the Brisbane River - this will be something elevated in every sense, something truly special.”

CPG plans to lodge a development application (DA) later this year with multi-award-winning architects, Woods Bagot, who are already working on concept plans.

CPG head of residential James MacGinley says the development will include a mix of boutique riverfront villas and 2- and 3-bedroom apartments with spectacular north-east views up the river towards Hamilton Hill.

“This large riverfront site with a perfect north-east aspect is an architect’s dream. It is peerless and there is no better development site in Brisbane. We plan to do it justice and deliver a signature building for the city,” James said.

Transacted off-market by Colliers Queensland Residential directors Brendan Hogan and Troy Linnane, the purchase sees CPG again teaming up with its construction partner on Monarch Residences, Hutchinson Builders to deliver the apartments.

Colliers Queensland Residential director Brendan Hogan said demand for prestige development opportunities in Brisbane was outpacing supply.

“Opportunities like this simply don’t come up anymore," Brendan said.

"This is the last of its kind on the Newstead waterfront and arguably the best-located residential site in the city.

“We’re seeing exceptional demand in the premium apartment market, with ‘off-the-plan’ riverfront apartments achieving prices over $35,000/m² of net (internal) saleable area.

“The surge in apartment prices is largely driven by the demand from owner-occupiers who are seeking premium and larger apartment stock, which has accounted for the majority of sales in the market over the past two years."

The site acquisition reflects broader supply-side pressure in Brisbane’s residential pipeline. 

Population forecasts show Brisbane will grow by more than 500,000 people during the next decade - faster than both Sydney and Melbourne - and inner-Brisbane is expected to face a shortfall of over 14,000 new apartments in the next four years alone, according to SQM Research.

“We know Brisbane is the nation’s fastest-growing city with unlimited potential and we’re building for that future,” Don said.

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