Exclusive: ICD Property secures riverfront West End site for Brisbane's latest multi-tower precinct
ICD Property has a penchant for grand-scale, mixed-use developments, with a focus in recent years in its native Melbourne, Adelaide, and most recently Sydney.
The latest play by the Matt Khoo-led developer is in Brisbane, its first foray into the Queensland market. They've picked up a prime West End site from R&F Property, spending just under $50 million on the 1.68-hectare riverfront plot which cost R&F $82.5 million in 2014.
Currently home to Riverside Corporate Park, the site, which borders Donkin and Buchanan Street, is currently occupied by three low-rise commercial buildings.
ICD has yet to reveal its own plans for the A-grade block of land, but previous approvals have been for seven buildings with around 1,000 apartments, a retail plaza, and a riverside walkway.
ICD has already established a joint venture to work on the project, much like their upcoming Sydney CBD development, Sydney House. They're working with Singapore-listed First Sponsor on the redevelopment of the landmark City Tattersall building on Pitt Street in the Sydney CBD.
Richard Crookes Constructions has already started the build of the striking new tower that will emerge above the heritage-listed former club that will be restored and converted into heritage hospitality venues.
Sales are expected to commence soon for the 241 one, two and three-bedroom apartments that will be spread across a new 50-level tower.
ICD is also working with the Adelaide City Council on Market Square, a $400 million mixed-use project with apartments, a hotel, offices, and a childcare centre, as well as a significant retail precinct and a park.
Completion for Market Square is slated for 2026.
ICD's latest project joins the ranks as yet another planned for the Brisbane River, which is going under somewhat of a precinct boom.
Across the road from ICD's recently acquired site, Heidelberg Materials is proposing three 50-level towers with 620 apartments, above a food and beverage plaza and a 5,400 sqm public park.
Apartments are still under construction at Queens Wharf, Brisbane's landmark riverside development, while Tenneriffe Banks by Kokoda Property has been a hit with buyers since it launched to market.
