MIRVAC'S TRIO OF SUCCESS
Written on the 3 December 2014
MORE than $280 million in sales has been achieved following the final few purchases of apartments at Brisbane riverfront community, Tennyson Reach.
The Mirvac (ASX: MGR) development, which comprises 207 apartments across three buildings, recorded more than $9.9 million in sales since the start of the year, with the final six apartments purchased for an average of $1.65 million.
Tennyson Reach is the third Mirvac development in Queensland to sell out in the last 12 months.
The Mossvale on Manly masterplanned community, in East Brisbane, sold out in May, while the $350 million Ephraim Island development, on the northern Gold Coast, sold out in January.
Mirvac's National Group Executive Residential Development, John Carfi, says Tennyson Reach has delivered high quality apartments to Brisbane's sought after inner-middle city ring.
He says, in particular, it appealed to buyers who already knew and loved the area.
"The majority of Tennyson Reach purchasers came from suburbs in the immediate area and many have lived in the neighbourhood for a long time," he says.
"These buyers were generally downsizing from their family home and wanted a low maintenance alternative without compromising on lifestyle.
"It has also appealed to professionals wanting to be close to the city, while enjoying the lifestyle that comes with a community that has the river and parkland at its doorstep."
Mirvac has recently launched two new projects, Unison, the next stage of its sought-after Waterfront Newstead community and Art House in South Brisbane.