Brisbane City Council has approved plans to redevelop the historic Shafston House estate at Kangaroo Point into a luxury residential precinct in partnership with global hospitality operator Capella. The project, led by Verso Development Group, aims to restore the heritage-listed Shafston House and integrate it as the centerpiece of a new riverside development.

The approved plan includes a 25-storey residential tower, two standalone riverfront homes, a residents’ club, and a critical extension to the Brisbane Riverwalk. The development is expected to deliver approximately 50 high-end residences, with completion targeted for 2029. The site encompasses more than one hectare of prime Brisbane riverfront land and features Brisbane’s third-oldest surviving home, which dates back to 1851.

Verso Development Group CEO Steve Laffey described the opportunity as unique and unrepeatable, highlighting the combined value of the land and heritage asset. He noted the importance of carefully balancing new construction with heritage preservation, stating that a specialist team was assembled to ensure the historic elements would not be overshadowed by modern design.

Capella Hotel Group president Roland Fasel remarked on Brisbane’s growing prominence and expressed the company’s commitment to contributing to the city’s evolving landscape through the Capella Residences project.

The luxury residences are expected to command prices ranging between 10 and 30 percent above the broader Brisbane upscale apartment market. Future residents will benefit from a range of exclusive amenities, including six swimming pools, wellness facilities, meeting spaces within Shafston House, and a private marina.

Earlier development proposals for the site were withdrawn after facing criticism from heritage advocates. The current design reflects extensive efforts to respect and preserve the cultural significance of the historic property alongside contemporary development objectives.