Graya Plans $150m Riverfront Tower in Brisbane’s St Lucia

South-East Queensland-based luxury builder-developer Graya is positioning itself for a record-setting apartment development in Brisbane’s rarefied riverfront market.

It has filed plans for a 15-storey tower at affluent inner-west St Lucia—its 22 apartments including a double-level penthouse with a touted price tag hitting a high water mark of around $20 million.

To be known as Silk, the proposed $150-million development is earmarked for an 810sq m site at 16-18 Sandford Street on a prominent bend in the Brisbane River.

Graya acquired the riverfront block in the tightly-held dress circle for $17 million from the Malouf family.

The purchase was inked late last year as the latest research indicated the city’s riverfront homes had hit “ultra prime” levels, selling for six times the city’s median after a 29 per cent price surge in the 12 months to October of 2025.

Graya director Rob Gray said the recent market activity had signalled a new level of demand, reinforcing confidence in Brisbane’s premium apartment sector—particularly in its established riverfront precincts like St Lucia.

“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.”

▲ A rendering of the 15-storey tower proposed for the riverfront site at St Lucia.

Under its plans, the St Lucia scheme would include a mix of 8 two-bedroom and 14 three-bedroom apartments sitting above four basement levels providing 60 car parks and 32 bicycle spaces.

Communal space spanning more than 600sq m across its ground and rooftop levels would include a gym, a pool, plunge pool, dining spaces, lounges and wellness areas including lawn and yoga zones overlooking the river corridor across Orleigh Park toward the Brisbane CBD skyline.

The Sandford Street site sits within the high-density residential zone under Brisbane’s planning scheme and falls within the Toowong–Indooroopilly District Neighbourhood Plan, which anticipates mid-to-high-rise residential development of up to 15 storeys in well-located riverfront precincts.

According to the application, the proposed tower’s architecture draws inspiration from the flow of the Brisbane River, expressed through sculpted precast concrete, sandstone textures and curved facades designed to soften its form. 

“Larger gestures draw from fluvial erosion, where currents carve channels and contours into the landscape,” the documents said. “Together, these influences create an architecture that feels sculpted by flow, echoing the dynamic forces that shape river terrain.”

▲ An aerial view of the Sandford Street site (bottom centre) Graya acquired at St Lucia for its latest riverfront play.

Celebrating its proximity to the river, the plans include creative lighting to “illuminate the dynamic sculptural facade, enhancing its form and night-time identity”.

Graya’s application adds to the renewed development activity in the Toowong–St Lucia precinct, where a wave of riverfront projects is increasingly reshaping the area.

Meanwhile, the builder-developer’s Brisbane workbook also includes ARC Residences—delivered in partnership with the Malouf family’s Spyre Group—and Heirloom by Molti.

It has also inked a record $23.5-million deal to secure the slice of dunal paradise for its first absolute beachfront play on the Gold Coast. The 814sq m double-block along Palm Beach’s exclusive Jefferson Lane was acquired from Sydney-based businessman Ryan Stokes, the son of billionaire and recently retired media magnate Kerry Stokes.