Luxury Kangaroo Point riverfront apartment development tipped as four-decade site plan comes together

A strategic 40-year campaign to acquire an entire unit block in Kangaroo Point has come to fruition this week as one of the suburb’s last undeveloped sites with city skyline views comes to market.

The 797 sqm riverfront block at 4 MacDonald St is being marketed by JLL, who suggest the site to suit a five or six-level apartment block with one or two apartments per floor and skyhomes on the upper levels.

Kangaroo Point is one of Brisbane's most tightly held suburbs for apartments, and one of the most expensive.

ARIA is developing Canopy House, a higher density tower on Leopard Street, while Fortis are preparing their first Brisbane development, 14 full floor apartments at 44 O'Connell Street. 

A new development, Sorano House, is set to launch on Hamilton Street, just a handful of full floor residences starting from 350 sqm.

JLL's Tim Jones, who is marketing the MacDonald Street site with Harry Borger, say the campaign comes at an incredible time of growth for the market.

“The luxury apartment market in Brisbane shows no signs of slowing down, with benchmark results on price and rate per square metre seemingly being challenged each month,” Jones said.

“In 2023 alone there have been four penthouse apartment sales in excess of $10 million - the highest of those being a $16.52 million sale in New Farm - with three of the top four having river frontage.

“Of the top 10 historic apartment sales in Brisbane, eight of those have changed hands since 2022, with three located in Kangaroo Point, highlighting the strength of the apartment market generally and more specifically for river-fronting projects," Jones added.

In terms of growth in the luxury apartment sector, Jones said the downsizing of movement was being reflected in benchmark prices.

“In the current market, we’re seeing results for apartment sales nipping at the heels of house sales,” he said.

“Owners of houses in these luxury areas are embracing the opportunity to move into house-sized apartments,
with river views, where there have no maintenance and can simply lock up and leave.”

The site vendor first bought an apartment in the current block of six back in 1981, suggesting "it was a different area back then."

“I was fascinated by the peninsular appearance of the area; the way it felt like an island with the Story Bridge across to the Valley, isolated, and yet so close to everything, and then a little council boat to ferry you across the river every 15 minutes,” the vendor said.

“Only a few older houses, neglected wharves and a rundown jazz club. The views were special and I enjoyed watching the boats on the river.”

The vendor secured the sixth and final unit in 2022.