Development approval has been lodged for a luxury apartment tower in St Lucia, offering just 22 riverfront homes for the prestige property market.
‘Silk’, planned for construction at 16-18 Sandford St, St Lucia, will feature half and full-floor units for those high-end living near the CBD.
A $150m riverfront development of 22 homes is coming to St Lucia, named ‘Silk’ by developers at GRAYA.
Developed by GRAYA, the project is estimated to be valued at $150 million, aimed at cornering the shrinking market for riverfront homes in Brisbane.
The building will be positioned at a bend in the Brisbane River, overlooking Orleigh Park on the opposite side of the water.
Advertising is being geared towards local downsizers, with a desire for long-term homes in lower-density spaces.
Each unit will be either a half of full-floor residence, marketed towards downsizers wanting convenient living near the city.
GRAYA co-founders Rob and Andrew Gray said they felt confident in Brisbane’s premium apartment market thanks to consistently high sales activity.
GRAYA Director Rob Gray said the company had been encouraged to focus on Brisbane’s premium apartment market thanks to recent high sales traffic in the sector.
“True riverfront opportunities in St Lucia are exceptionally scarce and increasingly difficult to replicate,” he said.
“What we’re seeing now is a clear shift toward larger, more permanent residences that offer the scale and privacy of a private home. Buyers in this market are not looking for typical apartment product, they’re seeking longevity, design quality and a sense of permanence.”
The development approval was lodged at a time when spaces for units on the Brisbane River are becoming increasingly rare.
Construction on the apartments is expected to start later in the year, set for a 2028 completion.
Construction is expected to begin later this year, and a completion is anticipated for 2028.
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