From rags to riches: How this Brisbane suburb became an upmarket favourite

It’s hard to believe that just 30 years ago, Teneriffe was a derelict industrial zone, home to abandoned wool stores, dilapidated factories and crumbling wharves.

Today, it’s Brisbane’s most expensive suburb on a per-square-metre basis, says Sixty Four Property agent Ivo Kornel, with walk-to-everything convenience, a ridiculously hip food and dining scene and a ferry service.

“It’s probably one of the safest places [in Brisbane] to park your money,” Kornel says.

“People invest here; they downsize here. They get rid of their car and a lot of people buy scooters so they can scoot around. You can shed all the excess and get back to simplicity and an easy lifestyle – one that is funky, vibrant and alive.”

Lively heritage

Sandwiched between Newstead, New Farm and Fortitude Valley two kilometres north-east of the CBD on the Brisbane River, Teneriffe is perhaps best known for its heritage-listed wool stores, converted into upmarket apartments that regularly sell for six-figure sums.

For Angela Sclavos, a local resident of eight years, the eclectic architecture interspersed with established greenery and the diverse demographic are just two of many drawcards for the suburb.

“I think people want to live in this suburb for the retail, the cafes, the restaurants, the parks and the river,” she says.

“There’s certainly a lifestyle in this suburb that is incomparable to anywhere else in Brisbane and we’re so close to the city as well.”

Enormous amenity

Both Kornel and Sclavos refer to a certain “insular peninsula” mentality among residents of Teneriffe, Newstead, New Farm and Fortitude Valley who rarely leave the area because everything they need is on their doorstep.

“Whether I want to go out and buy an outfit or sit down and have a coffee, there’s rarely a time I feel I can’t get what I need in the suburb,” says Sclavos.

When she discovered a lack of nurseries, Sclavos established a pop-up called Greenspace in James Street selling architectural plants as well as offering styling services and a cafe.

The concept proved popular and next month (July) she will move to a permanent address down the road.

Called The Green, it will include a Middle Eastern-inspired restaurant.

In a show of confidence in the area’s burgeoning dining scene, Sclavos is also set to open new produce-driven restaurant Essa in Robertson Street.

“I think the restaurant scene is probably the best in Brisbane and it’s also the city’s premier retail destination,” she says.

“I think there’s a move away from shopping centre culture where individually unique businesses do really well and are supported by the community.”

One to watch

Showcasing lashings of emerald quartzite stone, blackbutt joinery and brass fixtures, this Channon Architects-designed home delivers sophisticated family living over three levels.

The home includes an outdoor room with a built-in barbecue, a plunge pool and a double garage with workshop space.

Ivo Kornel of Sixty Four Property takes the home to auction on July 17.

Auction

310 Harcourt Street, Teneriffe QLD 4005

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