This article is from the Australian Property Journal archive
PROPERTY developer Artisan Property Partners' Matisse Tower office strata development in Brisbane's CBD has achieved 70% in sales – prior to the start of construction.
Located at 110 Mary Street, the 24 level tower will feature three podium levels up to 602 sqm in size and 19 tower levels of 270 sqm.
Sixteen of the tower levels have already been pre-sold, leaving only three tower levels and three podium levels still available for sale.
Artisan Property Partners’ director Alec Spencer said commercial strata property is a new-generation product for Brisbane and the response from buyers has been overwhelming.
“We have specifically targeted small to mediums firms that want to buy premium, high-quality space in the CBD but cannot afford an entire building.
“The other factor is that inner-city office rents have risen to between $800 and $1000 per square metre. The rental market has now effectively met the mortgage market and this tower is enabling firms that are renting to finally buy their own spaces,” he added.
The buyers include property developer Insight Group, which has purchased the top floor, and a host of other professional firms including travel agents, accountants and resource companies.
Designed by Kowalski Architects, Matisse Tower has commenced construction with completion scheduled for early 2009.
Artisan Property Partners has funded the development with the backing of a mezzanine debt syndicate sourced and managed by Venerdi Finance, a private company that delivers alternative finance solutions to traditional banking institutions.
Australian Property Journal
