A 25-level riverfront tower geared towards the luxury market has been given the green light in St Lucia, in Brisbane’s inner west.
Local developer Graya has secured approval for their residential project Silk at 16-18 Sandford St which will include 16 split-floor and six full-floor apartments.
The building will be on an 810sq m site on a bend in the Brisbane River, overlooking Orleigh Park and the Brisbane CBD skyline.
Advertising is being geared towards local downsizers, with a desire for long-term homes in lower-density spaces.
“St Lucia is one of those suburbs people do not want to leave,” said Rob Gray, Graya co-founder and CEO.
“They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.
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He said true riverfront opportunities in the suburb were “exceptionally scarce”.
“What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.
“This is not typical apartment product.
“It is a proper home on the river, and that is exactly what this market has been missing.”
Silk will be designed and built by Graya, with the approval signalling Graya’s continued confidence in Brisbane’s premium riverfront market.
Graya co-founder and managing director Andrew Gray said genuine riverfront sites in St Lucia did not come up regularly.
“The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can,” he said.
“The fundamentals here are as strong as anything we have assessed in Brisbane.”
The project further strengthens Graya’s portfolio across Brisbane and the Gold Coast, sitting alongside Enclave, The Gallery, Coral, and Ripple.
Graya recently completed ARC in Toowong as builder for developer Spyre while Graya also recently submitted a development application for The Silo, a $700m mixed-use project in the James Street precinct in New Farm.
Prices for apartments in Silk have not yet been released.
Originally published as Developer Graya wins approval for luxury St Lucia ‘Silk’ project on prime Brisbane riverfront
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