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Brisbane hopes Skytower will raise its status

Posted by: In: Real Estate 12 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,
Brisbane hopes Skytower will raise its status

Plans have been unveiled for a 274-metre, 90-storey residential tower for Brisbane’s central business district (CBD). It will include 1,100 one-, two- and three-bedroom apartments and a recreation deck on the 89th floor with an infinity pool.

Financing the project is AMP Capital with development by Billbergia. Although these are both home-grown Australian companies, the development is nevertheless aiming to grab a global audience. Billbergia’s managing director John Kinsella said: “Brisbane has a passionate desire to become one of the world’s top ten lifestyle cities and its transformation has already begun.”

A year ago OPP reported on the growth of Brisbane as an international investment destination, with A$4.1 billion spent on infrastructure improvements.

Skytower will be Australia’s third tallest tower, behind Q1 just 50 miles down on the Gold Coast and the Eureka Tower in Melbourne. Mr Kinsella claims that Skytower will be an exciting opportunity for international investors to be a part of Brisbane’s journey towards ‘new world city’ status.” In terms of global cities, Brisbane does quite well, listed at 20 in the 2014 Economist Intelligence Unit Liveability ranking and 25th on the 2014 Monocle Quality of Life survey. However in those rankings Brisbane was behind vities like Melbourne, Perth and Adelaide, while it lags behind the Alpha City status of Sydney.

Prices at the Skytower will start at A$425,000 for a 58 square metre apartment, A$810,000 for two bedrooms within 93 square metres and A$1.08 million for three bedrooms. There will be recreation levels at 40, 66 and 89th floors, and each apartment will have floor to ceiling windows and a “study nook”, perhaps in an effort to attract Chinese buyers, who may also be tempted by Brisbane’s University of Queensland, 43rd in the world’s top universities’ ranking and two more in the top 400. Buyers may register an interest now, with apartments officially released on 29 November. Building is expected to take five years.

By Christopher Nye, Editor, OPP Magazine

Source: OPP


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