This article is from the Australian Property Journal archive
DEVELOPER Kokoda Property Group’s flagship development, Teneriffe Banks on the Brisbane River has achieved $285 million in sales from private appointments on its first day on market, claiming the strongest single day of apartment sales ever in the sunshine state.
Over half of the residences have already been sold since Teneriffe Banks’ The Interloom and The Skyform buildings hit the market on Wednesday. The expressions of interest phase, which began in August, resulted in 5,000 registrations and 600 appointments secured on release day, booking out for three consecutive weeks.
The $1.5-billion mixed-use destination comprises five buildings; The Interloom, The Ferry Building, The Store Houses, The Skyform and Brisbane’s first 5-star luxury Kimpton Hotel.
Design-led by Kokoda Property, and in collaboration with Studio McCue, Cottee Parker Architects and Carr, Teneriffe Banks offers more than 200 residences ranging from luxury apartments to modern penthouse residences and woolstore inspired lofts.
“We are proud to set a new benchmark in Brisbane. 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,” said Kokoda Property founder and managing director, Mark Stevens.
The Interloom will feature up to 404 sqm high-end residences with 3.8-metre ceilings and panoramic views while The Skyform, perched above the soon-to-be-released Store House Lofts, will offer up to 334 sqm of luxury living with four-metre ceilings and panoramic views of the Brisbane River and city skyline.
Residents of Teneriffe Banks will have access to private dining rooms, personal wellness spaces, mineral baths, infinity pools, and to the Canopy Club, billed as one one of the largest private members’ clubs in Queensland.
The remaining collections are set to hit the market soon, with The Ferry Building to be released next week.
The Ferry Building “artfully merges Teneriffe’s historic woolstores with contemporary apartment design”, creating a unique blend of heritage and modernity. Each ferry building home incorporates a large, private courtyard as an extension of the living space, with higher floors offering 3.8-metre ceilings and vast terraces to entertain from.
Brisbane is facing a potentially severe undersupply of apartments in the coming years. Charter Keck Cramer data shows that there is a requirement to build between 6,000 to 8,000 apartments each year to house Brisbane’s forecast 1.6% per annum population growth to FY28, and current trends suggest that only around 3,000 will be built annually over the next few years.
There were only 1,540 build-to-sell apartment completions, and 150 build-to-rent completions over 12 months, while the apartment launches were down 76% year-on-year to just 530.
