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Sell out residential developmen...

Sell out residential development in Hamilton's Portside Wharf

A $120 million (£58 million) residential development in Hamilton's Portside Wharf has all but sold out in the Northshore area of Brisbane.

The project has managed to sell a massive 95 per cent of its apartments in the space of just one year, which are valued at $105 million (£51 million), reports Domain.

The apartments, which haven't as yet begun construction, are planned to be high-end luxury homes that will form a 16-level project with 228 residences in the building in total.

Construction work is planned to be finished by the middle of next year, which marks a quick turnaround for a large, luxury apartment building.

Located close to Brisbane CBD, the apartments, built by Citimark Properties and known as Hercules apartments, are garnering much interest from those who look to live and work near the city and by its riverfront.

Citimark Properties' joint managing director Robert Pullar said: "Coming so close to a sell-out with construction just beginning tells a story of strong demand for riverfront product in Brisbane."

Marketing agents have said that the uplift in buyer interest in the area is a reflection of Hamilton's urban renewal.

Attesting to this, Paul Lambert of McGraths said: "McGraths said: "Northshore Hamilton is the largest urban regeneration project in Brisbane."

He added: "With 95 per cent of apartments now sold, this represents an opportunity for buyers to position themselves within one of Brisbane's most sought after addresses."

The Hercules apartments will feature mostly two-bedroom and two-bathroom apartments, with a few one-bedroom residences throughout.

There will also be apartments with one bedroom plus a study configuration and 56 are planned to be one-bedroom flats with a multipurpose room.

All of the apartments boast a good size, which is sure to attract buyers very quickly and the space ranges from 51 square metres to 77 square metres.

For the remaining residences in the Hercules building, prices are reflective of one-bedroom for $369,000 (£179,744) and $520,000 (£253,298) for a two-bedroom apartment.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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