Toowong tower takes developer to new heights

The developer behind some of Brisbane’s most significant urban renewal projects is laying plans for a $120 million apartment tower in the heart of Toowong.Property Solutions, which transformed James Street with its Centro mixed-use precinct and developed the acclaimed SW1 project in South Brisbane, has lodged a development application with Brisbane City Council for the large scale project 100 metres from Toowong Village.The lodgement of a DA for a 221-apartment tower follows the acquisition last month of the 2077sqm site on the corner of Lissner and Jephson streets for $11.5 million. The site was previously owned by SDA Union.Property Solutions, headed by Kevin Miller and David Blanck, will team up with China-based Chiwayland International to develop the project. The joint venture partners hope to launch the project later this year.Property Solutions joint managing director Kevin Miller said the partners were looking to continue their decade-long line of urban renewal projects in Brisbane, which includes the $270 million Circa Nundah Village which is currently underway.“We’re very keen to meet what we see is demand for contemporary accommodation in Brisbane’s inner west,” Mr Miller said.“The site’s proximity to Toowong Village, Brisbane River and its CityCat network, the University of Queensland, Toowong train station and the CBD will appeal to both discerning end-users and investors capitalising on the rapid growth of Brisbane’s inner city apartment market.”Chiwayland’s Australian business manager Brian Chen said the company made the decision to link up with Property Solutions in light of its credibility in the development space and extensive project workbook.“Property Solutions has established itself as a leading developer of urban renewal and mixed-use projects in Brisbane and we are excited by the opportunities that our partnership presents both for this project and future ventures,” he said.Under the proposal to Brisbane City Council, the ageing two storey commercial complex which currently occupies the Toowong site will be demolished to make way for the project which will include a range of one, two and three-bedroom apartments.The building, which is set for completion in 2017, will include basement and podium car parking and feature sweeping views of the city and river from level five.It is the first endeavour outside China for Shanghai-based Chiwayland which is embarking on the 50-50 venture with Property Solutions after listing on the Singapore Stock Exchange in August this year.Mr Miller said Property Solutions had plans to jointly deliver further projects with Chiwayland, including two future stages within its Circa Nundah Village.“Chiwayland has identified the investment strength of Brisbane’s apartment market in selecting its location for its overseas expansion,” he said.“There is demand from both local and overseas buyers for new apartments across Brisbane and our partnership also opens doors in terms of tapping into their network of Chinese clients.”Chiwayland International is the property division of conglomerate Chiway Holding Group and is involved in residential and commercial development throughout China, including affordable housing, office buildings and education hubs.Property Solutions, which has been established in Brisbane for two decades, is a market leader in urban renewal projects across Southeast Queensland and has a workbook of more than 150 completed projects.The group is responsible for a number of Brisbane’s major mixed-use development projects, including the acclaimed Centro on James Street project - regarded as one of Brisbane’s most successful urban renewal projects - the $350 million SW1 development in South Brisbane and more recently The Barracks, a $150 million mixed use and entertainment precinct in Paddington.Property Solutions is also involved in commercial, retail and industrial development and property management throughout the state.