July 5 2022 -
CPG & Qualitas receives development approval for Monarch Residences at Toowong
Leading private Brisbane developer, Consolidated Properties Group in joint venture with the Qualitas Real Estate Opportunity Fund 2, has this week received approval for Monarch Residences, a $375 million development of the last significant riverfront parcel of land at Toowong in Brisbane. The long awaited development of 600 Coronation Drive will see two 15 story towers built amongst 3 acres of riverfront gardens with around 130 metres of direct river frontage.
The development approval allows for a third 15 story tower to be built on the site, however it is expected that this third tower will not proceed to make way for the Toowong to West End Green Bridge in the future.
The two Monarch Residences towers will include 233 premium apartments that will be launched to market in Spring this year. They will include one-, two-, three- and four-bedroom skyhomes, river villas and penthouses. The Monarch Residences are priced from $550,000 for the one-bedroom apartments through to $8 million-plus for the penthouses.
Monarch Residences have been designed to maximise its coveted riverside address and showcase its superb views across the Brisbane River and unrivalled city views. AIA Gold Medal award-winning architect John Wardle Architects (JWA) has designed the development with support from local Brisbane architects Cottee Parker Associates. Designed for living, the residences incorporate the expansiveness of a luxury home with the ease that comes with inner-city living.
Consolidated Properties Group Chairman Don O’Rorke said Monarch Residences will become the signature address in Brisbane’s inner west.
“Monarch Residences will set a new standard in apartment living in Toowong with its premium location and unsurpassed quality and style.
“Monarch Residences is an outstanding offer and will be unique for the area with its extensive gardens which run to the river’s edge. It will become renowned in the local area, and we look forward to working with Hutchinson Builders to get it started.”
Monarch Residences site is rich in history, with the local community awaiting its development. It will provide a significant uplift for the local Toowong community as the development approval includes an extension of the Bicentennial Bikeway, a riverfront park and the restoration of the Heritage listed Middenbury House. Upon completion, Middenbury House will be accessible to the public for the first time since it was built in 1865. Its refurbishment will include a conversion into a café and restaurant.
Consolidated Properties Group, in joint venture with the fund managed by the Qualitas Group, purchased the 600 Coronation Drive parcel for $35.5 million from Sunland in March 2022. The site has been vacant since 2006 when the ABC decommissioned their operations. Qualitas Group’s Global Head of Real Estate, Mark Fischer was pleased to acknowledge the significant milestone.
“It is great to have reached the milestone of Development Approval with Brisbane City Council. We see enormous opportunities in the Brisbane residential market in the coming decade in working with the city’s leading developers such as Consolidated Properties Group, and this riverfront site will be a positive contribution to the growing local demand.”
Local residents in Brisbane’s inner west have been keeping a close eye on the process with over 300 people registering interest so far for the forthcoming sales launch in Spring.
Consolidated Properties Group Head of Residential James MacGinley said, “Of the people who have registered interest so far 85% have been local Brisbane residents. Sitting riverfront in one of
Brisbane’s most sought after suburbs, Monarch Residences places you right in the heart of Brisbane’s best. It’s easy to see why there has been an overwhelming demand from locals who have been seeking a unique location to live and enjoy the views and lifestyle.
Feedback on the apartment design from these locals have reaffirmed the deliberate approach we’ve taken to enlarge living areas and balconies to embrace Queensland living.”
To register interest, visit monarchcoronationdrive.com.au.