This article is from the Australian Property Journal archive
MIRVAC’S $1 billion plus Waterfront Newstead residential development has settled in excess of $167 million in sales and sold a further $11.5 million worth of apartments.
Located on the Brisbane River, 2 km north of the CBD, the first stage Pier is now complete and the next stage, Park, is well progressed with the building now up to level 16 which is its final level.
Park, which is due to be completed by mid 2012, has attracted increased interest over the past quarter from prospective purchasers who can now see the views and aspect that the building will provide. Sales of almost $4 million have been contracted since August.
The first stage has also enjoyed several recent sales including a four bedroom penthouse on Level 8 and a 3 bedroom premium apartment for $7.6 million in total.
Mirvac Queensland CEO Matthew Wallace said Waterfront Newstead was designed to appeal to a broad sector of the market with residences ranging from multi-million-dollar riverfront apartments through to the more affordable Park apartments.
Waterfront Newstead is being developed on a 10 ha site controlled by Mirvac and is part of a broader 17 ha Newstead Riverpark urban renewal precinct.
“The site was a degraded former industrial centre that housed the gas works so it had been off limits to the public for decades. Now people can come and enjoy the parklands and the riverfront in conjunction with the residents of Pier,” he concluded.
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