MARY LANE ALMOST HALF SOLD AHEAD OF LAUNCH

Written on the 2 March 2016

MARY LANE ALMOST HALF SOLD AHEAD OF LAUNCH

MIXED-USE development Mary Lane has notched more than $60 million in sales ahead of its official launch in Brisbane.

The $325 million project features 184 apartments, five-star Westin Hotel with 286 rooms and entertainment precinct.

Colliers International director residential Andrew Roubicek, who is marketing the project, says both local and international buyers have accounted for about 80 apartment sales already.

"I would suggest this achievement makes Mary Lane the best performing project in Brisbane considering the average price of all residences exceeds $900,000," Roubicek says.

"The fusion of residences, hotel and high-end restaurants and bars will play a major part in the revival of the city as a sought after destination for both business and leisure."

Roubicek says the project is poised to capitalise on an undersupply of new apartments in the CBD, despite six projects being given the green light in the city.

He says these projects have yet to be released to the market, leaving less than 300 new residences.

"In a climate where there's a lot of discussion about oversupply in Brisbane, the CBD is actually facing an undersupply scenario," he says.

"And while we do have six projects with a total of nearly 2000 apartments approved, they may not all come to fruition and this would put further pressure on supply.

"The CBD apartment projects that have made it to the market have found great traction with buyers, most of whom are downsizing locals, Chinese owner occupiers, or investors who've identified tremendous value in Brisbane's CBD market.

"For these reasons Mary Lane is unique in the CBD market and buyers have responded strongly."

GMP Management opened the Mary Lane sales centre to the public today, and development manager Ian Pert says it allows prospective buyers to immerse themselves in the project.

"The display suite really puts things into context for off-the-plan buyers, providing them with an opportunity to experience the ambience of the project through a combination of display fittings, a large scale model, actual finishes, video and the mock up of kitchen, living and bathroom areas," Pert says.

Apartments are priced from $460,000 to more than $2 million, with construction set to begin in coming months.

 


Latest News

HOW INGRID BONNOR TURNED A LABOUR OF LOVE INTO A WORLDWIDE FASHION ICON

BEFORE Ingrid Bonnor started her bridal robe and feminine sleepwear company Homebodii in 2011, she didn't have an...

G8 EDUCATION EXECUTIVE CHRIS SCOTT RETIRES AS COMPANY CUTS CHINESE TIES

LONG-TIME managing director and executive of G8 Education (ASX: GEM) Chris Scott has announced his retirement, on ...

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

$71 MILLION SALE OF 'SYDNEY SIX' GIVES RISE TO WESTERN SYDNEY INVESTMENT HOTSPOT

SIX INDUSTRIAL assets in Sydney's West, dubbed the 'Sydney Six', have sold for a collective $71 million, ...

Related News

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

SIMON Griffiths is using toilet paper to save the world.

In 2012, on the back of an IndieGoGo crowdfunding campaig...

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close i...

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trad...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter