Banc, Brisbane’s newest riverfront tower set to start construction

Developer Ideal Property Australia is constructing its $70 million Toowong-based luxury riverfront building, Banc Apartments, in a show of confidence in the Brisbane apartment market.

Ideal has engaged McNab as preferred contractor to commence operational works and design of early works for the 15 level tower.

Around 65 per cent of the 33 luxury residences are already sold.

McNab is a leading Brisbane-based construction company with 21 years experience in delivering high-end residential, retirement and commercial developments.

Key projects include the University of Queensland Global Change Institute which was awarded best sustainable development in Australia by the Property Council in 2016 and the Village at Coorparoo, awarded best Seniors Living in Australia by the Property Council earlier this year.

Banc's remaining apartments include a garden home with a private 227sqm riverfront terrace plus three bedroom river homes and sky homes with prices starting from $1.39 million.

Those in the market for a penthouse-style residence can secure the full-floor, 455sqm Sky Mansion atop the building, with the option to work with award-winning WMK Architecture and SJB Interiors to customise the abode at no additional cost.

Ideal Property has recently released a second full floor option as an alternative to the Sky Mansion, priced from $4.45 million.

Ideal Property director John Li says the timing is right to push ahead with the project, which is the only new tower being developed along the riverfront Coronation Drive and one of only a handful in Brisbane to offer half and full floor residences in a boutique building.

"I believe the Brisbane market still has a lot of potential and there evidently is solid demand - for the right type of property," Mr Li said.

"Banc has been successful because it represents a return to the golden age of riverfront luxury development, with apartments equivalent in size to an average home, complete with top shelf finishes and panoramic views that can never be built out.

"Banc's Sky Homes offer up to 231sqm of living space and residents will have exclusive access to a pool, barbeque terrace and winebanc - a purpose-built wine cellar with a 195 bottle wine storage fridge for each apartment."

Mr Li says he anticipates the final residences in Banc will sell on the back of the Federal Governments' new incentive for downsizers, which allows those aged over 65 to sell the family home and inject up to $300,000 into their superannuation account.

"At this stage we are aiming for Banc to be complete in late 2018, which gives purchasers enough time to sell their existing property and prepare to start the next chapter of their life.

Place Estate agent Simon Caulfield, is marketing the project.

Banc is located at 527 Coronation Drive, Toowong, and accessible via 7 Land Street.          

For project details, please visit bancliving.com