Cbus Property has secured contracts for more than half the 264 apartments in its $375 million Brisbane high-rise tower, giving the developer a catalyst to start construction next month.
Cbus Property chief executive Adrian Pozzo said the decision to press ahead with construction of the sometimes controversial tower at 443 Queen Street would provide certainty to other buyers and was expected to lead to more sales.
“We will be on site in the coming weeks, with completion occurring in the third quarter of 2020 and that certainty is important to owner-occupiers, particularly buyers planning to downsize,” Mr Pozzo said.
“The strong sales result is a clear sign that the demand for quality owner-occupier product is alive and well in the Brisbane market.”
Among the sales so far in the Cbus tower, with its views over the Brisbane River, include 15 four-bedroom apartments worth more than $2 million each.
There have been concerns about falling apartment sales in Brisbane city, which have slipped 70 per cent in a year, according to Urbis. However, the Brisbane CBD has no new apartment towers planned beyond what is now under construction, giving Cbus further incentive to start its project.
The tower at 443 Queen Street has been designed by architect Richard Hassell, of Singapore-based WOHA Architects, and Brisbane firm Architectus, led by Elizabeth Watson Brown.
Cbus has taken an innovative approach to the design with gardens on every level of the 47-storey tower.
The project hit a speed bump early in the planning process following protests against its development near the heritage-listed Customs House.
Law firm Allens started a battle with Cbus over the tower, which is being built in front of the lawyers’ own Brisbane headquarters, blocking the views of the river. That legal challenge has since been resolved.
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