This article is from the Australian Property Journal archive
FOUR luxury whole-floor apartments at Fortis’ first riverfront Brisbane development, River House, have sold for a combine price of almost $30 million.
The $100 million Kangaroo Point development at a 1,197sqm site 44 O’Connell Street will comprise 14 whole-floor residences across 15 levels, with a penthouse that features a private rooftop terrace and pool.
The Plus Architecture-designed River House is currently in the early phase of construction and is being built in place of a 1960s six-storey block of units that previously occupied the site.
Two of the luxury residences were picked up prior to on site demolition for $6.8 million and $6.5 million, with two further residences being snapped up $7.9 million and $8.2 million recently.
“Brisbane’s luxury real estate market is undergoing a significant transformation,” said Simon Caufield, agent from Place Kangaroo Point.
“Where interstate buyers were prevalent, local buyers are now equally willing to pay the premium rates commanded for luxury full-floor residences.”
Fortis acquired the riverfront site in early 2022, alongside a block in Newstead for a combined $165 million, with funding from Pallas Capital, the non-bank lender arm of Pallas Group, Fortis’ parent company.
“Our project in Kangaroo Point is a rare offering, this being an absolute riverfront site with no public parklands or roads in front of it,” said Charles Mellick, director at Fortis.
“The timing is right as we see record-breaking activity in the off-the-plan luxury market in Brisbane, alongside record prices being achieved in sqm rates.”
In May, Fortis achieved practical completion at its premium-grade commercial office project Sixty-five Dover in Melbourne’s Cremorne, while also securing planning approval for the neighbouring site at 85 Dover Street.
Meanwhile, the Sydney-based developer recently filed for another application for a 22-storey 65-apartment tower on its 12 Kyabra Street site in Brisbane, where it had previously been approved for an 11-storey and then a 13-storey building on the property.
