Developer Ideal Property Australia is charging ahead with construction on its $70 million Toowong-based luxury riverfront building, Banc Apartments, in a show of confidence in the Brisbane apartment market.
Ideal has engaged Brisbane-based construction company McNab as preferred contractor to commence operational works and design of early works, paving the way for the 15-level tower to come out of the ground around mid-year, with 65 per cent of the 33 luxury residences already sold.
Banc's remaining apartments include a Garden Home with a private 227sqm riverfront terrace and three bedroom River Homes and Sky Homes with prices starting from $1.39 million.
Those in the market for a penthouse-style residence can secure the full-floor, 455sqm Sky Mansion atop the building, with the option to work with WMK Architecture and SJB Interiors to customise the abode at no additional cost.
Ideal Property has recently released a second full floor option as an alternative to the Sky Mansion, priced from $4.45 million.
Ideal Property director John Li says the timing is right to push ahead with the project, which is the only new tower being developed along the riverfront Coronation Drive and one of only a handful in Brisbane to offer half and full floor residences in a boutique building.
"I believe the Brisbane market still has a lot of potential and there evidently is solid demand - for the right type of property," Mr Li said.
"Banc has been successful because it represents a return to the golden age of riverfront luxury development, with apartments equivalent in size to an average home, complete with top shelf finishes and panoramic views that can never be built out.
"That's what we are delivering at Banc and we have found that most of our purchasers have been people who already live in Toowong or surrounding suburbs and have been waiting for a project like this to come along.
"They have been waiting to downsize but didn't want to sacrifice space or lifestyle. Banc's Sky Homes offer up to 231sqm of living space and residents will have exclusive access to a pool, barbeque terrace and winebanc - a purpose-built wine cellar with a 195 bottle wine storage fridge for each apartment."Mr Li says he anticipates the final residences in Banc will sell on the back of the Federal Governments' new incentive for downsizers, which allows those aged over 65 to sell the family home and inject up to $300,000 into their superannuation account.
Place Estate Agents is marketing the property and construction is expected to be completed in late 2018.