Sold out $200M residential tower kicks off construction in CBD
CONSTRUCTION has begun on one of Brisbane’s fastest selling luxury apartment developments — the $200 million Spire residential tower whose 340 apartments were all snapped up within months of release to market.
The development which straddles Queen Street and Ann Street in the CBD was made of 40 floors including several going into the bedrock.
Brisbane Mayor Graham Quirk said the project would engage 1500 workers over two years, 135 of whom would be apprentices.
“It’s another step forward for Brisbane” that was welcome in the CBD, he said.
Councillor Quirk brushed aside questions over whether the market had reached capacity.
“I think the market will determine when enough is enough. At the moment though, these have all been pre-sold so there’s not one left for people to buy,” he said. “When the market says enough then things will slow down, but at the moment Brisbane’s price point is very attractive.”
The Queen Street side of Spire includes a massive foyer which will double as a public space that goes through to Ann Street.Source:Supplied
He said much of Brisbane’s future growth would come from redevelopment because of the lack of greenfield sites available.
“We’ve got a bit out there at Rochedale, a bit at Drewvale and Upper Kedron and maybe Bulimba Barracks is another site, but there’s very limited land opportunities in Brisbane, so we know that our future will be redevelopment,” he said.
Developer Don O’Rorke, executive chair of Consolidated Properties, said the standout feature of the building was its “beautiful concrete veil facade which people will see from halfway down the Valley coming into the city”.
Consolidated Properties Don O’Rorke, Lord Mayor Graham Quirk and Hutchinson Builders Scott Hutchinson at the sod turning for the $200M Spire apartment development. PICTURE: Darren EnglandSource:News Limited
The apartments sold for between $350,000 and $720,000 with a quarter of the buyers coming from offshore, a quarter from Brisbane and the rest from interstate.
“They are buying here for two reasons,” he said. “We’re three quarters of the price of Sydney and Melbourne and also our rental yield is nearly 6 per cent, significantly more than Sydney.”
Mr O’Rorke said low interest rates were certainly making property a good option for buyers.
The first residents were expected to move in mid-2017.
Source: news.com.au – 6th October 2015
