Interest in the Brisbane apartment market has been underscored by Mosaic Property Group recording $210 million in pre-sales in the first two weeks of the launch to investors of its Kangaroo Point tower.
The project, The Bedford, slated for a 3195sq m site at 25 Ferry Street, in the River City’s inner south, garnered more than 600 expressions of interest.
A launch to the public is scheduled for late January. The result is the strongest early response for Mosaic in Brisbane with the bulk of sales from the developer’s database.
The developer said the $324-million project is the first major development in the area in more than a decade.
It will deliver 128 two and three-bedroom apartments and penthouse-style homes over 17 storeys in the Dockside precinct.
The project will also have a 2236sq m Woolworths supermarket, cafe, liquor store and basement parking.
Mosaic bought the site, which had been vacant for several years, from Woolworths and hired Brisbane-based architects BDA to add to the Cottee Parker-designed plans.
Since 2012 the developer has delivered more than 65 projects exceeding $2 billion in combined value and has another $2 billion in projects under construction or in the pipeline.
It is working on completing three other sold-out projects in Brisbane next year.
Mosaic also has an in-house construction arm—it will get work under way on The Bedford next year ahead of completion in 2027.
The strong sales result is one of a number for apartment-focused projects in the Sunshine State.
Kokoda Property Group’s Teneriffe Banks achieved $285 million in sales on its first day, setting a record for the strongest single day of apartment sales in Queensland.
Kokoda Property Group managing director Mark Stevens told The Urban Developer at the time that there had been 1500 registrations for 200 apartments with 5000 registrations and 600 appointments ahead of the October launch.
“The sales and level of interest in such a short period reinforces our belief that Teneriffe is ready for a development of this scale and sophistication, and speaks to the city’s growing demand for luxury and innovation in urban living,” Stevens said.
Teneriffe Banks is a $1.5-billion mixed-use precinct with five buildings, including a five-star hotel. Kokoda bought the riverfront site for $100 million.
