October 9 2015 -
The fastest selling development in Brisbane starts construction
Construction commenced today on our $200 million residential apartment project, with a sod turning ceremony, attended by Lord Mayor Graham Quirk, our Executive Chairman Don O’Rorke and Chairman of Hutchinson Builders Scott Hutchinson.
All 340 apartments in “Spire” have been sold and it was the fastest selling apartment release in the June quarter, capitalising on the 19% growth in apartment sales in Brisbane, according to Place Advisory.
Lord Mayor Graham Quirk said that the interest in the project was recognition of increasing international and domestic investment confidence in Brisbane.
“A reflection of Brisbane’s evolution to a New World City is the record interest in the new residential apartments right in the heart of the city and this $200 million project will add to the residential opportunities available,” Cr Quirk said.
“Not only will this project create 1500 jobs during construction, it will revitalise this area of the city and create an entry statement to the CBD from the Fortitude Valley and Ann Street with its eye catching design.”
Don O’Rorke welcomed the start of construction. “We are delighted to start work on the latest edition to Brisbane’s skyline and are pleased that 135 apprentices will get to start their careers here. We are very proud of the development and the excellent sales show strong demand for this type of luxury product.”
Spire enjoys an enviable location with many of the 340 apartments enjoying amazing views to the Storey Bridge and overlooking the Brisbane River. Spire will provide residents with unparalleled facilities including a stunning wet edge rooftop infinity pool, a private rooftop dining room designed by award winning restaurant Urbane, a library and private theatre.
The development is a joint venture between ourselves and equity partner Qualitas. Pre-construction and site preparation work on the basement began in July and work now begins on the 40 level structure.
Mark Fischer, Managing Director of Principal Investments at Qualitas said, “Our firm invests with the best breed of property developers and the strong success of Spire as our first significant equity investment in Queensland is a testament to the capability of the Consolidated Properties team and the strength of the Brisbane market on a national basis.”
Spire will feature an eye-catching design by John Wardle Architects and showcases luxury materials and finishes.