first_imgThe site, formerly owned by Pointcorp, has a 20m river frontage and comes with a development approval for 18 units, but Mr Dooley said he planned to make some changes to it.“What we are proposing is 15 apartments, stepping up the riverbank, with ariver house on the lowest level taking full advantage of the riverfront aspect, and at the top, an exquisite penthouse offering the ultimate luxury Queensland lifestyle,” he said.“Also, a 1930s three-level Tudor-style residence currently on the site will be retained, and itsoriginal architecture brought back to life. This in itself will be a special project. ” Tom Dooley also developed the Pietra apartment building at 91 Moray St, New Farm.Mr Dooley said demand for large riverfront apartments was on the rise and this project wouldmeet those needs.“We are just finalising details, but each of the apartments will have three to four bedrooms, plus multipurpose rooms and studies,” he said. “The smallest will be 201 sqm, while the largest will be a massive 785 sqm.“For the type of product we build — large, luxury apartments with high end finishes — it isabsolutely essential we get the right site, and now we have.“I wasn’t prepared to buy just anything in New Farm, it had to be perfect and tick a lot of boxes.“This does. The land is in a prime position with views of the Story Bridge, the reinvigoratedHoward Smith Wharves, the city, and Kangaroo Point and south towards Woolloongabba.” Howard Smith Wharves is attracting interstate buyers to Brisbane. Picture: Brisbane Tourism.The property has direct riverfront access with its own pontoon and is close to the River Walk,providing easy access to the Brisbane CBD.Mr Dooley would not reveal how much he paid for the site, but industry sources say it was about $23 million.Apartments in the project are expected to range in price from $2.9 million to an eye-watering $12 million for the penthouse, which will be one of the most expensive to ever be offered for sale in Brisbane.Each of the apartments will have absolute riverfront views and will be bigger than the size of an average home. Expressions of interest are open now with the project expected to be completed by 2021. SEE MORE ABOUT THE DEVELOPMENT HERE Mr Dooley joins the likes of rival Kevin Seymour, who forked out $17.35 million for a vacant block of riverfront land in the same suburb, on which he developed The Oxlade — one of the most luxurious residential projects in years.It comes as penthouse-style apartments begin to rival suburban residential estates as wealthy buyers clamour for knockout views and the lock-up-and-leave convenience.In Sydney, a local buyer has just paid more than $140 million for the nine-bedroom penthouse in Lendlease’s One Sydney Harbour residential tower at Barangaroo South. Lendlease’s One Sydney Harbour project in Barangaroo South. The penthouse has sold for an Australian record of $140m.Brisbane’s biggest penthouse sale dates back to 2008 when lawyer Howard Stack and his wife, Ros, paid $14.25 million for a penthouse in Mirvac’s “Waterfront” development at Teneriffe.The latest Place Advisory Riverfront Apartment Report reveals riverfront unit prices are … per cent higher than they were a year ago — proving buyers are willing to pay a premium when it comes to The average sale price for a riverfront apartment in Brisbane is now — fuelled by demand from cashed-up owner-occupiers lured by their scarcity and prestige.Place Advisory residential research director Lachlan Walker said there had been a shift from cookie-cutter units in mega towers to ­boutique buildings with high-end offerings.The average riverfront unit price in Brisbane is now $820,000 — 2.4 per cent higher than it was a year ago.Mr Walker said developers had responded to the owner-occupier demand that had been increasing over the past two years, designing their buildings accordingly. He said new apartments coming to the marketplace were generally in buildings of smaller scale and with a higher focus on amenity and liveability than was evident over the past few years at the peak of the cycle.A series of new developments are promising to bring new heights of luxurious living to Brisbane over the next few years.The Seymour Group is set to develop another prized parcel of land that it bought in New Farm earlier this year at 39 Griffith Street, with Kevin Seymour telling The Courier Mail in June that the market was “hungry for luxury”.It sold under the hammer to Ben Seymour, Mr Seymour’s nephew, for $7.75 million. Developer Kevin Seymour (centre) with grandsons Trent Seymour and Ben Seymour at the site of the ‘The Oxlade’ on Oxlade Drive, New Farm. Image: AAP/Richard Walker.In September, two neighbouring riverfront properties at 156 and 158 Oxlade Drive in New Farm sold for $10.2 million.Azure Development Group bought the properties and plan to demolish the existing houses and build a high-end residential project on the sites.Place Estate Agents’ managing director Sarah Hackett said riverfront property was the most highly sought-after in Brisbane, but also scarce and tightly-held.“If something comes on the market on the river, we have buyers on our database we can go to straight away,” Mrs Hackett said.“I think it’s really hard once you’ve enjoyed that (riverside lifestyle) to not have it.”Mrs Hackett, who marketed the apartments in The Oxlade, said the average age of buyers was 55 to 65.“They all have a weekender somewhere and are looking for house-sized apartments with all the modern conveniences — cellars, libraries, offices, you name it,” she said.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago Two neighbouring properties at 156 and 158 Oxlade Dr, New Farm, have sold for $10.2m. Picture supplied.John and Maureen Parsons have bought an apartment in the new riverfront development, The Boatyard, in Bulimba.The retirees are selling their house on the Gold Coast and looking forward to having a place they can lock-up-and-leave.Mr Parsons said it was a priority to buy something on the river.“We’ve spent the past 30 years living by the water — Sydney Harbour, Noosa, Sanctuary Cove,” Mr Parsons said.“It’s just a more enjoyable place to be.” John and Maureen Parsons at the riverfront unit they have bought in Bulimba. Picture: Nigel Hallett.TOP QUEENSLAND PENTHOUSE SALES:■ Pier South in Mirvac’s Waterfront development at Newstead Terrace, Newstead.Sold: 2008 Price: $14.25 million■ 1 Scott Street, Kangaroo PointSold: 2010 Price: $7.65 million■ Jade, Northcliffe Terrace, Surfers ParadiseSold: 2012 Price: $7 million■ Liberty Panorama, Lennie Ave, Main BeachSold: 2011 Price: $9.2 millionBRISBANE RIVERFRONT RESIDENTIAL DEVELOPMENTSDevelopment Status Location Expected completion443 Queen Under construction 443 Queen St, Brisbane City 2020The Oxlade Approved 80 Oxlade Dr, New Farm 2020Queen’s Wharf Approved Brisbane City 2023Gallery House Under Construction Hamilton 2020Eagle Street Redevelopment Application Brisbane CBD 2026River Reach Masterplan Approved West End 2023River Reach Stage 1 Approved West End 2020Griffith on Griffith Recently Completed 9 Griffith St, New Farm 2019The Boatyard Recently completed 21 Byron St, Bulimba 2019One Bulimba Recently Completed Bulimba 2019(Source: Place Advisory) Tom Dooley, of Tom Dooley Developments, at the riverfront development site he has just bought at 42 Maxwell St, New Farm. Picture: Richard Walker/RDW Photography.BRISBANE’S high-end apartment market is about to hit new heights with a major developer snapping up a prime riverfront site for about $23 million, amid a growing hunger for luxury living.Tom Dooley plans to build a multimillion-dollar residential development on the massive 2333 sqm of land, spanning three blocks, at 42 Maxwell Street in New Farm, as the battle for Brisbane’s riverfront heats up.Revealing the purchase exclusively to The Courier-Mail, Mr Dooley, of Tom Dooley Developments, said he could not pass up the opportunity to buy the site as it was the best parcel of land he had ever seen in New Farm. MORE: Bayside record breaker back on the marketcenter_img The view from the development site at 42 Maxwell Street, New Farm, which Tom Dooley Developments has just purchased. Picture: Richard Walker/RDW Photography.“It is the largest privately owned single-line land holding with medium density residentialzoning and views to the Story Bridge and city,” Mr Dooley said.“I have been on the lookout for something of this calibre in New Farm since we finished ourPietra development in Moray Street in 2012. “In total, we’ve completed five riverfront developments in this area, and based on our experience, compromising on location and views was not something we would consider.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:06Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:06 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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