Construction starts at Brisbane riverfront apartment after sales rush
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.”