Goldfields and Icon secure approval for Milton apartment tower
Joint venture partners Goldfields and Icon Developments have been given the green light for their first built form project in the burgeoning Brisbane apartment market.
The 18-level tower, named after its Milton dress circle location at 33 Manning, has been designed by renowned architects Rothelowman and will see 131 apartments created in the popular inner western Brisbane suburb.
Strategically located two kilometres from the Brisbane CBD and adjacent to the Park Road precinct, the 1,600 sqm site will feature city and river views, a rooftop pool and convenient transport options. With the project receiving development approval late last week, construction is set to commence in early 2023.
“We are excited to re-imagine the traditional Queenslander for the 21st century with this landmark new project that allows us to bring over a decade of built form experience across Australia into the rapidly growing and undersupplied Queensland market,” Lachlan Thompson, Goldfields CEO, said.
“Explosive population growth in South-East Queensland and Brisbane over the past two years, coupled with net interstate migration which exceeded 50,000 people in the last 12 months, has created an ideal environment for a well-located development with progressive design credentials to meet a growing requirement.
“There has been an undersupply of new housing across most of Brisbane for some time and the continued low vacancy rates in the Milton area point to the rise in demand in this precinct in particular.”
Icon Developments’ Nick Sestak said 33 Manning represented an opportunity for Icon Developments to partner with leading national developer Goldfields on our first development joint venture in Queensland.
Rothelowman’s Nick Williams says the project celebrates the Sunshine State’s heritage.
”33 Manning pays homage to the verandah – the culmination of the functional intelligence of the traditional Queensland home,” Williams said.
“33 Manning brings the scale and function of a traditional Queensland home to an apartment building, aligned to Queensland’s subtropical climate while transforming it for contemporary high-rise living.
“33 Manning is an open embrace to the sunlight and temperate breezes that give Brisbane its allure, with a design language centred on indoor/outdoor living and elevated by the panoramic views across the Brisbane River and city skyline.”
The striking tower will home a mix of one, two and three-bedroom homes and penthouses designed to enhance inner-city living.
The rooftop pool will offer 180-degree views from Mount Coot-tha to the Brisbane CBD. Communal dining spaces, a yoga area, and the verdant landscaping of the zengarden provide further amenity.
Milton is an evolving area nestled between the established suburbs of Paddington, West End and South Brisbane, in close proximity to transport options, the Brisbane CBD and River and an eclecticarray of cafes, eateries and bars.
Colliers agent Andrew Scriven says migration to Brisbane has continued to increase at a faster rate than the supply of new homes.
“Post-pandemic, we have started to recognise that although sea-changers and tree-changers initially started buying land to build bigger houses at the height of the pandemic, affordability has led to a recent surge in apartment living,” Scriven said.
“Additionally, many owner occupiers have been unlocking equity as house prices rise, downsizing their home while upsizing their lifestyle. City side precincts like Milton that provide river and city views, an active healthy lifestyle and connectivity in a burgeoning village atmosphere tick the box for these buyers.
“In Brisbane, there is currently a 46% difference between the average house price and apartment price, the largest gap in the country, and the most significant in 10 years. Apartments in the city are currently providing the great value for owner occupiers and investors alike.
“With population growth now exceeding 50,000 per year, relative affordability when compared to traditional houses and indeed interstate apartments markets, a vacancy rate less than 1% and the city moving towards the 2032 Olympics, the investment equation has never been as strong.”
