In its second self-funding community project, Brisbane City Council's investment arm, also dubbed its "future fund", will pay for the construction of the 235-unit development on the Lytton Road site that has, until recently, been home to the community group Africa House.

Proceeds of the apartment sales will fund the multi-million dollar community sporting complex, which will include a competition standard croquet facility, as well as a public underground car park.

City Hall's finance chairman Julian Simmonds said the development proposal is the second project by the City of Brisbane Investment Corporation that will provide community facilities at no cost to ratepayers, after a similar development was announced earlier this year for the old Wynnum Central School site.

"This project model is similar to that being offered at Wynnum by CBIC [City of Brisbane Investment Corporation] where a public benefit in the form of a brand new public library and park area is being funded by a commercial development," he said.

"This is another good example of CBIC working with the council to improve community infrastructure while achieving a commercial return on the balance of their development.

"CBIC is delivering on its reputation as the city's 'future fund' by not only returning $35 million in dividends to Council during the past five years, including $10 million in 2013/14, but also now delivering community infrastructure at no cost to the ratepayer."

Cr Simmonds said the site had been largely abandoned in recent years.

"Lawn bowls hasn't been played there for a few years, a community group relocated elsewhere in the eastern suburbs this year and part of the site faces resumption for the Wynnum Road corridor project," he said.

Cr Simmonds said the new 108 space underground car park planned would be constructed at a cost of about $4 million and the refurbishment of the existing sports clubhouse building on Lytton Rd would include an outdoor area for croquet club use, public gatherings, private functions and formal or corporate events.

"The existing disused lawn bowls greens will make way for three competition croquet rinks that will use real turf and have sustainable irrigation systems," he said.

"An upgrade and relocation of existing amenities in the adjacent parkland will also be completed, as well as extensive landscaping to complement the surrounding area."

The CBIC was established in 2009 as a means of bolstering Brisbane's future financial sustainability through a series of investments, which have largely been focused on the commercial property sector.

The fund's equity base has almost doubled in the five years since it was established, growing from $137 million in 2009 to its current $236.3 million.

However, the Labor Opposition has repeatedly attacked the fund, most recently for its $320,000 in annual director's fees.

Among them, chairman Mark Brodie was paid more than $76,000 to attend only eight meetings throughout the year, according to the body's recently released annual report.

If, as expected the development wins council approval, it is set for completion around mid-2017.