Queensland-based developer Pointcorp is set to test the post-Global Financial Crisis market for premium absolute riverfront apartments with the launch of its $100 million
Vida development at West End next week.
Vida is one of the first major new developments in the city to be released since 2008 that specifically targets owner-occupiers.
The Cottee Parker-designed development will feature 148 one, two and three bedroom apartments, and premium five bedroom-plus study penthouses across two 12-level buildings on Buchanan Street.
Located within 2km of the Brisbane CBD, Vida has been designed to take full advantage of its position, with about 50 per cent of the apartments featuring absolute river views.
Vida West End from
Each of the two buildings will feature a roof top pool, gymnasium and recreational area, with four ground floor retail spaces that will form an open air plaza, connecting Buchanan Street with the Brisbane River and activating the street level precinct.
"This is a true absolute riverfront position and the apartments will feature the high level of fittings, finishes and generous floor plans to do it justice," said Pointcorp director Chris Vitale.
"Since the GFC, most new developments have been designed with smaller one and two bedroom apartments to suit investors, the most active sector in recent years, but this has starved the market of apartments with the space required by owner-occupiers.
"As a result, we believe there is strong pent-up demand for this style of apartment, particularly in such a prime location so close to the Brisbane CBD, and Vida has been designed to fill this void."
Pointcorp sales and marketing manager Sam Patterson said the apartments represented significant value, considering their position and design, starting from just $365,000 for one bedroom Buchanan Street facing apartments and $460,000 for riverfront.
Two bedroom apartments start from $509,000 or $660,000 for those with river views, while the eight three bedroom apartments are priced from $1.2 million and the four luxury, two-storey penthouses, each featuring river views, start from $3 million.
The apartments are equipped with 2.7 metre ceiling heights, floor to ceiling glass, ducted air-conditioning, frameless glass balustrades and shower screens, American Oak timber flooring, bespoke carpet tiles and Marc Newson tapware.
Kitchens will feature 70mm stone and stainless steel benchtops, with one and two bedroom apartments including 70cm Miele gas appliances and three bedroom apartments and penthouses 90cm Gaggenau gas appliances.
According to the developer, the average apartment size is 30% larger than the current competition with one bedroom apartments averaging 70sqm, two bedrooms 93sqm, two bedroom-plus study apartments 119sqm, three bedroom apartments 163sqm and the penthouses 456sqm.
Pointcorp currently have a development pipeline worth $336 million underway in Brisbane, Mackay and Townsville.