• Thu
  • Jul 10, 2014
  • Updated: 4:28pm

Brisbane's most expensive apartment awaits off-plan buyer

PUBLISHED : Wednesday, 03 March, 1993, 12:00am
UPDATED : Wednesday, 03 March, 1993, 12:00am

WITH a price tag in excess of A$3 million (HK$16.35 million) a Brisbane city penthouse has set a new record as the most expensive apartment ever marketed in Queensland.


The penthouse is for sale in the first residential development planned for the former Expo 88 site by the Brisbane River at South Bank.


Currently being sold off-the-plan by L J Hooker Brisbane Project Marketing, the Park Avenue project will have views over surrounding park and recreational areas, and across the river to the city skyline.


Set on a 42-hectare site, the South Bank parklands, which opened in June last year, incorporate a Maritime Museum, restaurants, a lake, a butterfly house, and a recreated rainforest.


Park Avenue will be the first residential blue-chip property to be developed on the site. A total of 500 apartments are planned for South Bank.


According to Mr John Egan, a spokesman for the marketing agents, there will be further development to match demand.


''I see it as an eight to 12-year project,'' he said. South Bank prices are far higher than others reached for luxury apartments in Brisbane.


''Sales of only six three-bedroom apartments over A$500,000 and four two-bedroom apartments over A$400,000 have been recorded in the Brisbane dockside development in the past two years,'' Mr Egan said.


The Park Avenue site is close to a planned conservatory of music; a new exhibition and convention centre; an existing cultural centre; and a new hotel.


South Bank ferry terminal allows easy access to the city, and a future casino, to be developed in the old Treasury Building on the corner of Queen and George streets in the heart of the city.


Out of 60 apartments for sale in Park Avenue, only the penthouse and three ground and first and second-floor apartments (priced up to A$1.85m) remain on the market.


''Our sales indicate that 90 per cent of buyers intend to live here,'' Mr Egan said. ''People buying here have owned substantial Brisbane homes but are looking to relocate to a quality residence near the city.


''They want space and security in an environment they can enjoy,'' he said. The huge 1,175-square-metre penthouse will be built on two levels.


''It's five times the average Brisbane house size,'' said Mr Egan.


The penthouse plan can be designed to the buyer's personal requirements.


The project is due to start in June, and is set for completion by the middle of next year.


Facilities include a gymnasium, sauna, spa, swimming pool, and an outdoor recreation area.


All of the 3.5-metre wide balconies are completely private, and the master bedrooms and living areas of the apartments have river and city views.


With over 70 per cent of apartments gone, Mr Egan said he was surprised by the way they sold, but not by their popularity.


''Park Avenue sold from the top down,'' he said. ''Traditionally, the market goes for the middle and moves up or down. You don't generally sell the top until the end of construction.''

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