Kokoda’s $1.5bn Teneriffe Transformation Greenlit

DEVELOPMENT RENEE MCKEOWN 03 JUL 24 The Urban Developer

Kokoda Property has been greenlit for its new plans at a riverside inner-city suburb in Brisbane.

The project, approved this week by the Brisbane City Council, initially comprised three towers with a sky bridge.

That had changed dramatically in the renders, layout and branding submitted to the city last month.

The new Tides of Teneriffe project now comprises five smaller towers staggered in height from the Brisbane River and reaching up to 18 storeys at 17-27 Skyring Terrace, Teneriffe.?

Plans by Cottee Parker, who designed both versions for the 17,612sq m site, show 213 apartments, 163 hotel rooms and 520 parking spaces. Interiors are by Carr, and town planning and landscaping by Urbis.

The Melbourne-based developer’s plans from October comprised 381 apartments, 160 hotel rooms and 611 car parking spaces in towers 12 to 30 storeys.

The site, once Riverside Sands sand and gravel business, was aquired by Kokoda Property in May, 2023 for a “record price upwards of $100 million” according to the developer.

The project is to be built in five stages, starting with the smaller building closest to Commercial Road, and the lower levels of the other buildings.?

Four of the buildings will be residential while the tallest and closest to the electrical substation will be the hotel.

There will also be three laneways, Helen Street, Wool Lane and Brick Lane, with multiple retail, dining and commercial spaces on the ground floor as well as a community hub.

Along the Brisbane River will be a new riverwalk section lined with double-storey restaurants and through links to the ferry terminal.

Kokoda Property managing director Mark Stevens said this would be Brisbane’s largest private development.

“What Kokoda Property and our project partners are creating is not just a global destination in Brisbane, we are breathing new life into a currently underserved yet highly coveted piece of land,” Stevens said.

“Our vision for the project is to reignite the Brisbane riverfront for a new generation, with 9331sq m [53 per cent] of the Skyring Terrace development dedicated to being open, lush green public spaces with sprawling laneways and a 220m riverwalk extension.”

“Inspired by the iconic brick woolstores and structural remnants of Teneriffe’s river industries, the masterplan establishes a series of buildings woven together by abundant greenery,” the planning report submitted to the city said.

“Through urban renewal projects, Teneriffe and Newstead saw a significant rise in residents with 440 dwellings in 1991 to 3500 in 2006, and an anticipated 8700 dwellings by 2031.”

Apartment prices in Teneriffe average $744,000, just behind New Farm at $745,000 but higher than Newstead at $655,000 and Fortitude Valley at $410,000, according to the report.

AUTHOR Renee McKeown