ASX-listed builder Watpac has commenced work on the 4-tower boutique residential project the Newstead Series in Brisbane after signing a $95.8 million contract with developer JGL Properties.
Work has been brought forward on the 300 apartment and townhome project due to rapid sales which have seen over $153 million of sales - over 80% of the project - sold in four months.
John Livingstone from JGL Properties said: “the buyer profile is a mix of Brisbane-based owner occupiers who have purchased the townhomes and larger apartments, as well as investors predominately from interstate who are buying due to the significant arbitrage in the market."“Investors can see the potential of long term capital growth and superior rental yields in the local market."The project features half an acre of outdoor living space and amenities including a 25 metre pool, gymnasium, sauna, fire pit, entertainment areas and outdoor cinema.
More than $500,000 of urban scale artwork by local artists is woven into the tower facades, foyers and screens.
The developer claims the apartments are about 20% more spacious than the majority of stock on the market.
The four buildings are called The Carlyle, The Donaldson, The Ajax and The Koerstz – named after Australia’s famous wool presses.
Watpac Limited Managing Director, Martin Monro, said the Group had commenced demolition of the existing buildings and was preparing for construction activity over the coming months.
The project is scheduled for completion in Quarter 2, 2017 and is expected to have a peak workforce of more than 250 people during construction.
Newstead Series is being developed by JGL Properties with capital partner Thakral Capital.