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

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

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