Queensland developers Tessa Developments and Golden State Developments have commenced construction of their $15 million G35 boutique apartment project at Windsor in Brisbane's inner north.
The project at 31-35 Gallway St, Windsor, consisting of 28 oversized apartments ranging in price from $500,000 to $520,000, sold out in one day.
Tessa Group Managing Director Brendan Tutt said he was very happy with the market take-up.
"Most buyers who purchased in the G35 development have been holding back in the market looking for higher quality finishes and larger apartments," Mr Tutt said.
"With all units grossing over 100 sqm we have been able to offer more liveable spaces and still deliver value."G35 is scheduled for completion in June 2016. The development is one of five inner city apartment projects Tessa Developments is undertaking in Brisbane.
Tessa Developments sales and marketing director Andrew Coulter said the project had attracted a wide range of buyers.
"We have had a great spread of buyers from both local owner occupiers to investors and the pleasing thing to know is that we could have sold another 28," Mr Coulter said.
"There is a flight to quality in the market today and buyers are prepared to wait, it has been a great result."Hutchinson Builders has been appointed to build both G35 and Tessa Developments' next project the $20 million Parkside on Folkestone at Bowen Hills.
Hutchinson Builders Chairman Scott Hutchinson said the company was pleased to be working with Tessa.
“We are excited to be involved with these projects and we look forward a long association with the Tessa Group," Mr Hutchinson said.
"They are leading the way in this sub-100 apartment market with site selection, quality and design."Tessa Developments director Kurt Swenson said that over the next 12 months, Tessa Developments in partnership with Excel Development Group would deliver over $100 million worth of projects.
The company has three further apartment projects in Ascot, Windsor and Lutwyche and a strong focus on design-led projects in strong, well-established, blue-chip, owner-occupier markets.
Tessa Developments was formed in 2014 by Mr Tutt, Andrew Coulter and Kurt Swenson.