Mirvac’s $1 billion Waterfront Newstead development has topped more than $61 million in contracts during the 2013 financial year.
The development is situated on a 10.4 hectare block within Brisbane’s riverside suburb of Newstead, featuring a 375 metre frontage facing the Brisbane River.
Sales are up $35 million from the previous year, with local buyers opting to downsize their home and upgrade their lifestyle.
Enquiry levels for Park and Pier, the first two completed stages of the project, have also doubled over the past 12 months, with more than $30 million of apartments contracted for both sites.
A three bedroom apartment in Pier starts at $2.35 million and four bedroom apartments are available from $3.95 million.
Park comprises 102 one, two and three-bedroom park front apartments, with contracts already issued for 33 apartments.
Two bedroom apartments in Park are available from $650,000 and three bedroom apartments start at $895,000.
John Carfi, Mirvac chief executive officer residential, said sales at Park included four pavilion style apartments on the top three levels of the 16 storey building, with its premium sub penthouses fetching in excess of $1.35 million each.
“An apartment on level 12 also achieved our highest price for a two bedroom apartment at $1.04 million,” he said.
“This highlights the value proposition at Park and shows the renewed market confidence we’ve been experiencing not just at Waterfront Newstead but across our Brisbane projects.
“We have had six buyers during this time that have been so positive about their purchase they have either upgraded to a larger residence or purchased a second apartment as an investment, to take advantage of the current market and rental demand for good quality apartments within inner Brisbane.”
Mr Carfi said only six three-bedroom apartments remain for sale in Park.
The Pier residential tower comprises 99 three and four bedroom residences. To date, contracts have been issued for 10 apartments totaling more than $30 million, including two penthouses.
“Local buyers from surrounding suburbs like Teneriffe, Hamilton and Ascot account for more than 60 per cent of buyers at Pier, with the balance predominantly from the Greater Brisbane region,” said Mr Carfi.
Mr Carfi said buyers are seeking to downsize from a large family home and see limited opportunity to purchase luxury absolute riverfront apartments like Pier.
“They want to move to a precinct that will offer an enhanced lifestyle with a lower maintenance property and a range of lifestyle amenities at the doorstep, while still being in a private and secure location.”
The Newstead River Park precinct is expected to boost significantly in the coming months, with the first stage of retail opening at neighbouring Gasworks, including a Woolworths supermarket, restaurants and 25 specialty retailers.
“Newstead is popular because it’s an emerging precinct for lifestyle and entertainment, with significant urban renewal underway. People can see the ground floor opportunity and want to get in at the start of that growth,” he said.
“At the same time, residents are located in a tranquil North facing position on the Brisbane River, with dedicated green open space and major arterial routes and transport options on its door step, providing easy access to the Gold Coast, Sunshine Coast and Brisbane Airport.”
For more information visit the Waterfront Newstead sales centre at 43 Evelyn Street in Newstead, or go to mirvacdevelopment.com/waterfront.