The site at 44 O’Connell St, Kangaroo Point has DA approval for a 15-storey, Joe Adsett Architects-designed tower.
A SENIOR Queensland Government executive is selling a riverside property with approved plans for an $80m tower development.
The Kangaroo Point site at 44 O’Connell St is touted to be worth more than $20m.
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The site at 44 O’Connell St, Kangaroo Point
Queensland Investment Corporation fund manager George Katsanevas bought the 1197sq m property through his family firm Alphaprop after negotiating the sale with the 13 individual homeowners in the existing apartment complex over 18 months from mid-2019.
DA approval for the new 15-storey Joe Adsett Architects-designed luxury building with 14 full-floor residences including a grand penthouse with a private rooftop, was given in February.
Renders of the DA approved River Arc residential tower, designed by Joe Adsett Architects.
“These are my family’s investments,” Mr Katsanevas said. “I’m a property professional from an investment and development perspective but I’m not a residential developer. I did this to unlock the strategy and work with the owners and prepare the site and present the site for a developer to realise and execute it and bring the vision to life.”
Place Kangaroo Point director Simon Caulfield said as many as five conditional and unconditional offers are expected by 4pm on Monday as part of the Expression of Interest campaign, despite official property data on Sunday showing the block had sold over the weekend for an undisclosed price.
“It definitely didn’t sell on Saturday,” Mr Caulfield said. “As it sits we have offers on the table right now and if we agree on one on Monday, a contract will be drawn up on Tuesday or Wednesday.”
The multimillion-dollar development faced public criticism during its DA approval phase for having less than a three-metre setback from the boundary and for being difficult to navigate due to the battle-axe shape of the block.
How the complex will sit on the block.
Mr Katsanevas said the building footprint was less than 40 per cent of the site and the development would not drastically change the current residential population of the site as it allowed for one more unit than current existed in the 1960s-built complex.
The existing 1960s-built apartment complex at 44 O’Connell St, Kangaroo Point.
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