Confidence returning to Brisbane market after $17 million snapped up in 160 Macquarie Tower

More than $17 million in apartments have sold off the plan in Consolidated Properties 160 Macquarie Tower in St Lucia – just two weeks after launch.

The development will feature 22 apartments across 11 levels, with only two apartments per floor.

Designed by ML Design, the tower is the first new high rise in the Macquarie Street precinct in some 20 years and is being marketed by Pace Projects.

Apartments were priced from $1.5 million, but the remaining 60% start from $1.8 million and range in size from 120 square metres to 460 square metres.

Four purchases have opted to buy two apartments to privately secure a whole floor.

Lachlan Grantley of Consolidated Properties says the success in sales is proof that confidence is coming back to the Brisbane market.

“160 Macquarie was really a tester for the market in a sense, because it has really been a good new years since we have seen a new product like this aimed at the high-end owner-occupier market rather than investors.

“It’s clear that confidence is coming back, this latest spate of sales at the $2.75 million to $4 million mark for riverfront apartments in Brisbane show that there is a market there for purchasers at this price point,” says Grantley.

Director of Pace Projects Bruce Goddard says it’s the right type of project being delivered to the market at the right time.

“The riverfront lifestyle still commands a premium in all areas of Brisbane – but our latest research shows that the south-west precinct – taking in St Lucia – is likely to become the next hotspot for apartment development.

“160 Macquarie hits the mark in terms of its pricing when taking into considering recent riverfront sales, and importantly, the apartments are being made available in two and three bedroom configurations,” says Goddard.

Residents will have access to a 12-metre pontoon, swimming pool, BBQ and entertaining areas.

The development has an expected completion date of 2014.

The original five-bedroom mediterrean-inspired home on the 1,242-square-metre lot was listed through Josephine Johnston-Rowell of Johnston Dixon for $6.95 million in 2009.