Atrio Property Solutions was recently invited by Brisbane property developer, Consolidated Properties Group, to walk through the development site for their exciting new project: the Monarch Residences.
The development will be as luxe as it sounds. A rare collection of sky homes, villas, and penthouses are available across two towers.
Even more luxurious is the location. These extraordinary apartments will boast a riverfront address, sitting on Toowong’s Coronation Drive – a coveted location for both the busy working professional and small Inner City Brisbane families.
If you’re wondering how the land has become available for not one, but two towers on this busy riverfront location, that’s simple. It’s 600 Coronation Drive, the ABC’s old headquarters.
Originally purchased by development company, Sunland Group and dubbed “Grace on Coronation”, the land was sold to Consolidated Properties Group in March, 2021.
We have to say a massive thank you to James MacGinley from Consolidated Properties Group for allowing the team this rare opportunity to walk through this new Coronation Drive site.
It was great for our participants to be able to share their learnings from their own developments and to have the opportunity to provide mutual support to one another
The Story So Far: The Property Development
What do Consolidated Properties Group intend to do with the land? It’s the beginnings of a spectacular riverfront residential project. Featuring two towers, the development will offer 1-, 2-, 3- and 4-bedroom sky homes, villas, and penthouses.
There are plenty of exciting features to come as part of this new development, including a publicly accessible open arcade. However, the heritage-listed Middenbury House will become a true centrepiece of the site, where you can dine over lunch while looking over the city, tying the future in with Brisbane’s rich history.
The location lends itself to convenient living – nearby to public transport and amazingly convenient access to Coronation Drive, the Pacific Motorway, and the Inner City Bypass. But it’s the Brisbane City Council’s future plans for the area that will really drive the demand upwards for these residences.
The Council plans to build new green bridges across the city to create better convenience for Brisbane residents. The Toowong side’s landing of the Toowong to West End Green Bridge is planned to sit at 600 Coronation Drive.
“We believe this will result in a win-win for the community and are working closely with the Brisbane City Council’s green bridges team to maximise the use of open public space while producing a world-class outcome for the precinct at the same time,” said CPG’s James MacGinley.
“The bridge is a big win for cyclists and pedestrians and will be a key linkage to Monarch, which will also include a dedicated pedestrian walkway and a separate dedicated cycle path connecting Coronation Drive through to Archer Street.”
Learning about the project’s constraints & property feasibility considerations
Consolidated Properties Group’s James MacGinley took us through the site, sharing much about the history of 600 Coronation Drive.
As Development Managers ourselves, our team gained a lot of value from hearing James speak of their learnings from the land’s previous developer, Sunland, and learning about the negotiation process taken to secure the site.
What we particularly liked about the walkthrough was understanding how the team at Consolidated Properties Group utlises a solution-focused approach to the development
James touched on a variety of challenges – many that are replicated in other South East Queensland developments – and others that are unique to the site and the proposed development.
Developing on the formerly state-owned site
600 Coronation Drive was previously state-owned as it housed the ABC headquarters. While the ABC has now moved to its famous South Brisbane location, there was strong public opinion on the use and development of the site.
Public green spaces and the council’s intentions
While Brisbane City Council’s intention of basing the new Toowong to West End Green Bridge at the site’s address was a positive factor in the residences’ lifestyles and overall value of the land, it did present a challenge.
The initial concept for the development featured three residential towers. With the announcement of the council’s plans and the resulting negotiations for the site, it was discovered that the bridge’s landing and surrounding green space would take up a significant portion of the site.
Consolidated Properties Group pivoted plans, developing two residential towers instead of three, both which were developed within code of 15 stories.
Site access points
Site access points and the potential additional costs incurred needed to be considered too.
The riverfront location, combined with being based on Coronation Drive, and the surrounding infrastructure, presented challenges when it came to site access.
It was important for CPG to consider these issues and find solutions for the development to proceed.
Collaborating with neighbouring sites
Another key consideration in all development projects is neighboring properties, particularly at this address where there are prestigious, privately owned riverfront estates. Consolidated Properties Group worked well to establish a collaborative approach to planning the development, allowing for continued privacy and prestige of neighboring properties.
Feasibility and construction program challenges
In a room full of property development professionals who understand that the feasibility and program of a project is key to it’s success, James MacGinley was generous enough to share thoughts around the feasibility and construction program of 600 Coronation Drive, Toowong.
It is no secret that the building industry is doing it tough in light of the COVID-19 pandemic. The subsequent issues to the supply and costs of materials, as well as the unprecedented labor shortage have caused big delays. With no magic ball, building your project feasibility with contingencies and a program that can be met is proving to be more and more challenging.
James took us through his predictions on what is to come, and the practical considerations and assumptions that Consolidated Properties Group have made in developing the current program and feasibility.
What we took away from our site visit
Having the opportunity to walk through the Monarch Residences was beneficial to the Atrio Property Developments team and our invited guests. Many of these guests were from key Development Management Companies and other industry professionals, including Mirva, Urbicus, Mosaic, JLL and Sekisui House Australia.
It was a rare opportunity to see the early stages of what is bound to be an iconic development on Brisbane’s riverfront and simultaneously learn about other key developments in South East Queensland from our guests.
After discovering so much about the Monarch Residences development and the groundwork completed to get to where it is, it’s no wonder Consolidated Properties Group has been an industry leader for more than 40 years now.