Influx of global enquiries after One Queensbridge approval

Influx of global enquiries after One Queensbridge approval
Influx of global enquiries after One Queensbridge approval

Enquiries are streaming in from across the globe following the Victorian Government’s conditional approval of Crown Resorts and Schiavello’s super-prime Melbourne residential offering One Queensbridge late last week.

The development, designed by London-based architectural firm Wilkinson Eyre, will comprise a 388-room, luxury, six-star hotel and approximately 700 apartments in addition to a unique publicly-accessible restaurant and lounge located at the top of the tower.

The sales and marketing for One Queensbridge is being led by Knight Frank’s Director, Sales & Marketing One Queensbridge, Erin van Tuil and the firm’s global, industry-leading project marketing team, in collaboration with Crown Resorts and Schiavello.

According to Ms van Tuil, an influx of enquiries has already been received from across the globe.

“Since the Victorian government’s conditional approval announcement late last week, we have received many enquiries from a range of global locations, including Australia, Asia Pacific, the UK and the Middle East.

“One Queensbridge is creating a new super-prime residential market in Australia and putting us on the global map for luxury property.

There is a significant international market for properties of this calibre.

“Wealthy investors are more mobile than ever and investment flows are targeting new markets – including Australia.

“Considering uncertainty in global markets, following on from Brexit and the US Presidential Election last year, it is clear that people are looking to safe-havens such as Australia for investment and they want to deal with established global wealth advisers like Knight Frank to do so.”

Knight Frank’s Director, Residential Research, Australia Michelle Ciesielski said Knight Frank’s latest figures show a growing global population of ultra-high net worth investors.

“According to our latest figures, there are now 187,468 ultra-high net worth investors globally – marking a 61% rise from a global ultra-high net worth investor population of 116,800 in 2005.

“By 2025, the global population of ultra-high net worth investors is set to rise by 41% to 263,483. This market is growing, and they will be looking to invest in the best-quality offerings.”

According to Knight Frank’s latest Prime Global Cities Index for Q3 2016, which monitors and compares the performance of prime residential prices across key global cities, in Australia Melbourne came sixth on the list with a 10.2 per cent increase over the year to September 2016. Sydney was ninth on the list with an 8.1 per cent increase over the same time.

Ms Ciesielski said, “Melbourne overtook Sydney in Q3 2016 to be the best performer in Australia for prime residential, ranking in sixth place globally.

Price growth in the Sydney and Melbourne prime residential markets, although lagged, has generally followed an upward trajectory in the Australian share market post the Lehman’s collapse.

Since this time, the upswing in the share market along with other stimulus such as  a stable political environment and favourable exchange rates have renewed confidence in the prime end of the market,” said Ms Ciesielski.

“As the world’s most liveable city for the past 6 years Melbourne has a track record of attracting buyers from the Asia Pacific region, but our Global research, the Wealth Report, shows an increasing interest and wealth flow into Australia from across the globe,” concluded Ms van Tuil.

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