SOUTHPOINT SALES HIT $117 MILLION IN JUST THREE MONTHS
Written on the 6 August 2015
ANTHONY John Group has recorded $117 million in sales over three months at the final stage of its $590 million Southpoint development at South Brisbane.
The sales rush follows the sellout of the project's first two stages released progressively since 2013 and brings the final tower, known as The Apartments, to more than 90 per cent sold.
The Apartments, located on the corner of Grey and Vulture Streets, comprises 196 apartments in one to four-bedroom configurations and priced from $389,000. The $3.6 million penthouse has already been sold to a local investor.
Southpoint is currently Brisbane's largest transit oriented development and, when completed, will feature three towers incorporating 413 residential apartments, 23,000sqm of commercial office space which has been entirely leased by Flight Centre, 4500sqm of retail, including a Woolworths supermarket, and 142 boutique luxury hotel suites in the city's second Emporium Hotel.
Anthony John Group CEO Shane Bulloch says the development's success has been substantially driven by a number of factors, including the mixed-use nature of the project and its front-door connections to bus, bicycle, CityCat and pedestrian links.
"This is essential to making Southpoint a vibrant node in its own right," he says.
"We are seeing an intensifying demand for superior quality residential options close to employment hubs, transport and lifestyle amenity."
A broad spectrum of buyers has purchased into the final stage, from local owner-occupiers, first-home buyers and downsizers, to interstate and offshore investors.
"The South Brisbane catchment is a recognised investor hot spot," says Bulloch.
"All indicators point to demand only accelerating, with continued investment in infrastructure, growth in employment as we well as resident population.
"What has also become abundantly clear is despite a very price competitive market, buyers still place a high value on quality finish and location, and will pay a premium for these.
"Achieving this result, within a little over three months, is remarkable. It is a testament to Tony John's vision for the site and the outstanding execution by our project team."
Southpoint is being constructed in separate stages. The office tower will be complete in late 2016 with the two residential towers and hotel to follow in mid-to-late 2017.
Southpoint's iconic red box sales display in South Bank has now closed its doors. A new sales display now open by appointment at Emporium Hotel in Fortitude Valley.