Pikos bounds into Kangaroo Point

Luxury apartment developer Pikos Group is the latest property player to leap into inner city Kangaroo Point with plans for two projects pitched at well-heeled owner-occupiers.The long-established family company has outlaid more than $10 million on two development sites within the riverfront suburb.Separate development applications have been lodged with Brisbane City Council for luxury boutique apartment projects on the sites in Annie Street and River Terrace.Pikos Group managing director Pedro Pikos said the projects would tap into the pent-up demand for luxury apartments at Kangaroo Point.“Our focus here is the high-end owner occupier segment where there is insatiable demand,” he said.Mr Pikos said the company anticipated starting construction on both projects in the second half of this year.Pikos Group’s acquisitions come amid major activity at Kangaroo Point where a number of developers have gained a foothold, including the prestigious Singapore-based Banyan Tree which is planning a luxury project overlooking the river.Leading Kangaroo Point real estate agent Simon Caulfield said Kangaroo Point’s supply of high-end boutique apartments was struggling to keep up with demand.Mr Caulfield, who sold seven apartments totalling $10.5 million in just four weeks at the nearby Silt project at 50 Holman Street, said developers had responded by snapping up sites over the past 12 months.“There is incredible demand for funky, spacious new apartments and developers are becoming very creative in their approach by either amalgamating sites on or near the riverfront,” he said.“You can count on one hand the number of quality development sites for boutique owner occupier product when it comes to the riverfront precinct or nearby in Kangaroo Point.”Pikos Group’s Annie St project will feature 12 one-per-floor apartments designed by renowned architect Joshua Wallace while the River Tce development will comprise nine two per floor apartments.Mr Caulfield said the rising desirability of luxury apartments at Kangaroo Point was reflected in price growth and Pikos Group’s two projects will further support this.“Three years ago, we were achieving $9000 per square metre for this type of product and we’re now easily achieving re-sales at $10,000 per square metre or more,” he said.“Statistically people who bought in 2011 and 2012 are making good profits off this type of product.”Mr Pikos said the Kangaroo Point acquisitions were part of his company’s continued push into the Brisbane market where it has developed an array of residential, mixed-use and commercial projects.Pikos Group has a $400 million workbook including the Pure Kirra, luxury apartment project on Kirra Beach, Gold Coast; Liv4005, a boutique apartment project in New Farm, Brisbane; and Zen, a townhouse project in the heart of Bulimba.Pikos Group has a string of upcoming projects in Brisbane including:

• The $25 million RiverLe, a boutique apartment project in West End
• The $5.5 million Moray Collection, four individually designed homes in New Farm
• The $5.8 million D Dobson Ascot, an apartment project in Ascot
• The $19.5 million Kasba, 23 luxury apartments in Hamilton
• The $25 million Victoria Park Terraces, 18 boutique apartments in Spring Hill
• The $13 million Bowen Terraces, seven designer town houses in New Farm

The company is also planning a project for another site in Kirra on the Gold Coast.Pikos partners with sophisticated fund managers and investment houses to deliver projects throughout southeast Queensland.