Included in the overall sales figure was the main penthouse which sold for $14.25 million, a Brisbane record, and three other penthouses between $5.95 million and $8.75 million. In total 60 apartments sold for a total value of $201 million.
Mirvac Queensland's Chairman Development Chris Freeman said the result was 'tremendous' and vindicated Mirvac's belief that a vastly superior residential offering in the Brisbane market would meet with strong demand.
Named simply Pier, the first stage of listed real estate company Mirvac's Waterfront, Newstead was highly sought by astute purchasers, the majority of whom are local residents. The $200 million plus sales surge was recorded before the first public marketing of the project which started last Saturday. (June21)
Prior to the launch of Mirvac's Pier the highest residential price paid in Brisbane was $11.2 million and there had only been seven sales above $5 million in the past 18 months.
Mirvac Queensland's CEO Development Matthew Wallace said the response to Pier was a vote of confidence in the 'top end of the Brisbane residential market' and showed that despite mixed economic messages nationally, property purchasers were still receptive and ready to buy when the right product was presented.
“The response to Pier in the period before the public launch on Saturday shows clearly that when it comes to absolute blue chip property there is demand despite the daily debate over economic issues,” he said.
“We have presented the market with a riverfront residential development the standard and style of which has never been offered in Brisbane before and the results speak for themselves.”
Mirvac controls 10.4 hectares of the 17-hectare Newstead Riverpark urban renewal site, and all 375 metres of water frontage to the Brisbane River.
The site is bounded by Longland, Gordon, Waterloo and Evelyn Streets and is the largest and last remaining urban renewal site in Brisbane.
The total Waterfront, Newstead development comprises 50 percent open space for public use.
Mirvac will contribute approximately $40 million in direct and indirect public benefits back to the community through public land dedication, the extension of RiverWalk and overall landscaping.
On completion Waterfront, Newstead will comprise approximately 650 residences, extensive parklands and a boutique quarter of quality cafes, restaurants and retail outlets in a mixed-use development.
Pier comprises two individual buildings, Pier North and Pier South, with north-east orientation located on 250 metres of Brisbane riverfront.
There will be a total of 99 apartments included in the two towers with 90 Premium Apartments providing three and four bedroom residences.
Mr Wallace said while all apartments were superbly finished the Pier penthouses represented a totally new standard in luxury riverfront living in Brisbane.
The release of the first stage of Waterfront, Newstead is a major milestone for Mirvac Queensland's Chairman Development, Chris Freeman.
“This is a visionary development and the culmination of years and years of hard work and effort,” he said.
“Our plans for Waterfront, Newstead will see the residential and community facilities created here be amongst the best developments anywhere in the world.”
Mr Freeman said there would never be another development like Waterfront in such a prime location in Brisbane again.
Mirvac won the tender for the development of the riverfront residential precinct of the site in 2001.
A masterplan for the entire site was subsequently conceived and developed in 2002 by Mirvac Design and Cox Rayner Architects, in conjunction with the late Brisbane urban renewal icon and Chairman of the Urban Renewal Task Force, Trevor Raddacliffe.
Mirvac subsequently submitted a refined master plan for the site in May this year.
“The remediation works undertaken on this site have been independently rated as being the best in the world and I am pleased to say that our refined master plan for the site is totally in keeping with the philosophies and principles originally identified,” he said.
“The principles of Mirvac's original plan for the project have been preserved and further work has been undertaken with urban Renewal Brisbane to add even more excitement and community benefit to Waterfront, Newstead.”
The revised master plan for the development is currently being considered by the Brisbane City Council and it is expected that approximately 10 buildings could be developed on the site over the next seven to eight years. The next stage is scheduled for release in approximately 12 months.
Waterfront, Newstead is a continuation of Mirvac's quality riverfront developments in Brisbane which includes Cutters Landing, Mariner's Peninsula and Tennyson Reach.
Mr Freeman said the market's reaction to Pier showed that there was considerable strength and depth in the top end of the Brisbane residential property market.