The launch of Kokoda Property Group’s Teneriffe Banks has been a runaway success, achieving $285 million in sales on its first day in market.
It’s the strongest single day of apartment sales in Queensland history.
Kokoda Property Group managing director Mark Stevens said more than half of the apartments in The Interloom and The Skyform buildings sold.
Speaking to The Urban Developer in August, Stevens said they had had 1500 registrations for just 212 apartments. This bloomed to 5000 registrations and 600 appointments ahead of the October 30 launch.
“The sales and level of interest in such a short period reinforces our belief that Teneriffe is ready for a development of this scale and sophistication, and speaks to the city’s growing demand for luxury and innovation in urban living,” Stevens said.
“We are excited to bring our collective vision to life, creating a global destination for people to live, work, play and rejuvenate.”
The $1.5-billion mixed-use precinct will comprise five unique buildings including a 5-star Kimpton Hotel. The homes range from apartments to penthouses to woolstore-inspired lofts designed in collaboration with Studio McCue, Cottee Parker Architects, and Carr.
To meet demand, the remaining collections will be brought to market soon, with The Ferry Building to be released this month.
The Ferry Building merges Teneriffe’s historic woolstores with contemporary apartment design, creating a blend of heritage and modernity, the developer said.
“Its smaller scale presence allows it to complement the surrounding architecture while providing residents with a stylish, functional living space that respects the area’s rich history.
“Each Ferry Building home incorporates a large, private courtyard as an extension of the living space, with higher floors offering 3.8m ceilings and terraces.”
Residents of Teneriffe Banks will have access to resort-style amenities, with each building including private dining rooms, personal wellness spaces, mineral baths, infinity pools and access to the Canopy Club, one of the largest private members’ clubs in Queensland.
Stevens told The Urban Developer that the riverfront site, which he purchased for about $100 million, was not a bargain but it was “unrepeatable”.
“It was pretty obvious for me to see that a 17,500sq m on the river is a very compelling piece of property to have,” Stevens said.
