$158M Luxury Condos in Brisbane Selling at Fast Pace
- Jun 02, 2014
By Eliza Theiss, Associate Editor
Brisbane—Newstead Towers, the 314-unit condo project set to break ground in 2014’s fourth quarter in Brisbane’s inner-city has reached the AUD 100 million (USD 93 million) sales mark within four weeks of its launch, according to appointed builder Brookfield Multiplex.
Moreover, Metro Property Development’s project has sold 205 out of the total 314 units at an average price of USD 470,000 (AUD 505,000). Newstead Towers features a one-, two- and three-bedroom unit mix selling at prices ranging from USD 343,000 (AUD 369,000) for a one-bedroom unit to USD 698,000 (AUD 750,000) for a three-bedroom unit.
“The apartments at Newstead Towers are designed very much around what buyers are looking for today–a high quality, low-maintenance design, style and innovation,” says Marketing Director Ken Woodley. “They also offer exceptional value.”
“Whether you choose to live there or rent out an apartment, Newstead Towers will be a great place to live or an excellent investment for the future,” Metro Property Development founder and Chairman David Devine says.
Newstead Towers is located in Newstead Riverpark, one of the largest urban renewal districts in Brisbane. According to Architecture & Design, the 42-acre riverfront site is currently undergoing a USD 1.86 billion (AUD 2 billion) redevelopment. According to Newstead Towers developer Metro Property Development, median apartment prices in Newstead Riverpark are 61 percent higher than those of the Brisbane LGA, experiencing a sale price increase in excess of 20 percent in 2012/2013. Furthermore apartment rental rates in Newstead are 31 percent higher than the area median, meaning that units in Newstead Towers can prove to be an excellent investment.
The USD 158 million (AUD 170 million) luxury project at 39 Longland Street will offer amenities such as the suburb’s first man-made beach, beachside Teppanyaki barbecues, yoga lawns, fitness center, vertical gardens and lush sub-tropical landscaping. Newstead Towers will also be close to numerous bicycle and pedestrian pathways, recreational parklands and the Brisbane River.
The project will also enjoy an excellent location, rising across the street from the popular Gasworks district that offers a Woolworths, Fresh Food Markets, deli and several specialty stores and within walking distance of the retail options of Emporium and James Street. It will also be located just over a mile from the Brisbane CBD and a 15-minute drive from both international and domestic airports. Newstead Towers will also enjoy excellent connectivity, being within walking distance of bus, train and ferry stations.
Newstead Towers represents Metro Property Development’s first multifamily development in Newstead. Metro has over 1,000 residential units under development in five different projects throughout inner city Brisbane, major home and land business in Melbourne and projects in the pipeline worth USD 1.4 billion (over AUD 1.5 billion).