Work has started on the riverfront apartment building Rivello in Brisbane after 90-plus per cent of apartments sold for more than $133 million in just ten weeks.
The sales rush has been led by owner-occupiers, including young professionals and downsizers, many of which live within a 10-kilometre radius of the site.
Interstate purchasers looking to relocate or invest accounted for about 10 per cent of sales.
More than 1,000 jobs will be created during construction of the $149 million, 21-storey building, which will feature 150 apartments and a suite of resort-style amenities.
Developer Brookfield Residential Properties has appointed building Tomkins Commercial and Industrial Builders to construct the mixed-use development, with completion expected in late 2023.
Tomkins Builders have previously delivered more than 300 projects across the residential, commercial, industrial and education sectors.
Brookfield Residential Properties managing director Lee Butterworth said the outstanding sales result had seen construction start on Rivello several months ahead of schedule.
Butterworth said: “The response to Rivello has been exceptional, with sales including an ultra-opulent penthouse for more than $5.5 million, two sub-penthouses for more than $2.9 million each and the majority of our three-bedroom apartments, which average $1.5 million.
“Those sales are a vote of confidence from the top end of the market in Rivello and we’ve seen an equal level of enthusiasm from purchasers across our one- and two-bedroom apartments, with only a handful of floorplans now remaining, with river, park or local views still on offer.
“We are looking forward to moving into the next phase of Rivello, by bringing our vision to life.
“To be able to accelerate the start of construction is a fantastic result, not just for our purchasers but the 1,000 workers who will be employed in constructing this exciting project.”
Butterworth added the start of work on Rivello was also a significant milestone for the broader Northshore Hamilton precinct, where Brookfield Residential Properties had been developing since 2006.
He said: ““We’ve been part of the major transformation of Northshore for over 15 years, delivering the Portside Wharf dining, shopping and entertainment precinct as well as more than 850 riverside apartments, and look forward to continuing to be part of the area’s evolution for many years to come.
“There are very few opportunities to purchase a new apartment on the Brisbane River, particularly within six kilometres of the Brisbane CBD, which makes Northshore a highly sought-after locale.
“Northshore is a popular lifestyle choice because of the extensive mix of dining, shopping and entertainment in the precinct and the ease of access via CityCat or road to an array of destinations.
“The feedback from buyers at Rivello is that these factors certainly underpinned their decision to secure an apartment.”
