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.
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