Tom Dooley returns to Kangaroo Point with fourth residential project
Peninsula Riverside, a 15-storey apartment tower is slated for construction in Kangaroo Point as Tom Dooley Developments (TDD) has emerged as an $11 million Thorn Street development site project buyer.
It's one of the sites that Property Observer reported in February has having been listed by Brisbane businessman Keith Lloyd.
The tower will replace a 31-unit apartment complex currently operated as student accommodation.
"There are 31 old flats we are knocking down for the new building," TDD managing director Tom Dooley told Property Observer.
The site’s original development approval allowed for a 20-level mixed use building, which will be amended by Dooley.
TDD plans to build a 168-apartment block on the site, overlooking the landmark Shafston House, with north-easterly views of the river.
The TDD development group has previously completed three other projects in Kangaroo Point. These include 19 Thorn, a 28-unit apartment block on 19 Thorn Street; Story, an apartment complex located at 89 Lambert Street, and luxury development Mon Rêve, at 98 Thorn Street.
Story comprised 72 apartments and six two-storey townhouses when completed in January 2007. It was awarded the 2007 regional commendation from the Royal Australian Institute of Architects.
Mon Rêve is an award-winning luxury development of 43 apartments spread across two towers on the north-eastern reach of the Brisbane River. It was completed in 2004.
“There has been a lack of new apartments in Kangaroo Point due to the shortage of development sites and the fact that the Kangaroo Point Peninsula is landlocked by the river,” Mr Dooley said.
The new development will be priced from $370,000, offering one and two-bedroom apartments.
Mr Dooley told Property Observer that marketing for the new development began last Friday with its first release.
Work is expected to start on the development, to be named Peninsula Riverside, in August.
Property Observer reported in February that property developer Australand’s Kangaroo Point developments The Promontory, The LINC, and The Residences were showing strong sales.
The apartments at Kangaroo Point Peninsula are currently listed for sale. RP Data gives the suburb's median unit price as $470,000.