Buyers snap up 20% of Fortitude Valley's Brooklyn offerings
Apartment sales of $18 million have been achieved in the opening week of Fortitude Valley’s Brooklyn on Brookes development.
Buyers have secured 40 of the 191 apartments following the October 4 sales launch by Metro Property Development and Pearls Australasia.
David Devine, executive chairman of Metro Property Developments, says Brooklyn on Brookes’ success comes at a time where buyers taking advantage of the Queensland Government’s $10,000 Building Boost.
Apartments in Brooklyn on Brookes are priced from $305,000 to $750,000.
Brooklyn on Brookes is on the corner of Brookes and Ann streets, adjoining the Emporium complex featuring 35 retailers.
The 14-storey Brookes Street apartment tower is the third Brisbane joint venture of Metro with Pearls Australasia, following on the Chelsea and Madison Heights apartment projects. Pearls and Metro are also combining to deliver one land subdivision north of Melbourne.
According to Metro Property an extra 22,000 people are expected to move to Fortitude Valley by 2030.
Metro Property Development, created in early 2010, is owned by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman.
Pearls Australasia, backed by India’s largest private landholder, is currently pursuing the refurbishment of the Sheraton Mirage Resort and Spa on the Gold Coast and the expansion of its world-first home building system technology, MiiHome.
Pearls Australasia chief executive Paul Brinsmead says the sales success demonstrated Metro’s understanding of the Brisbane marketplace.
“David Devine and Ken Woodley have been responsible for nine apartment projects in Brisbane’s inner city and historically have developed approximately 60% of all residential apartment projects in the Brisbane CBD,” Brinsmead says.
“The urban renewal precinct of New Farm, Newstead, Fortitude Valley and Bowen Hills has long been touted as a property hotspot since the early 1990s,” he adds.
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