Cbus to start building Brisbane tower as it notches brisk sales

Cbus Property has sold contracts for more than half of its apartments in its $375 million Brisbane high-rise, and is expected to start construction soon amid concerns of an oversupplied market.

The 264 apartment tower at 443 Queen Street ran into controversy earlier, but a decision on construction would provide certainty to other buyers and more sales could be expected, Cbus Property chief executive Adrian Pozzo was cited as saying by The Australian Financial Review.

Among the sales so far are 15 four-bedroom apartments worth more than $2 million each. 

"We will be on site in the coming weeks, with completion occurring in the third quarter of 2020 and that certainty is important to owner-occupiers, particularly buyers planning to downsize," Pozzo said.

"The strong sales result is a clear sign that the demand for quality owner-occupier product is alive and well in the Brisbane market," he said.

The tower, with views over the Brisbane River, has been designed by architect Richard Hassell, of Singapore-based WOHA Architects and Brisbane firm Architectus, led by Elizabeth Watson Brown.

The design includes gardens on every level of the 47-storey tower. 

The project ran into hurdles early on after protests against its development near the heritage-listed Customs House. 

Law firm Allens started a legal battle with Cbus over the tower, which is being built in front of the lawyers' own Brisbane headquarters, blocking the views of the river. That legal challenge has since been resolved.

Concerns have been voiced in various quarters, including the RBA, about an oversupply of apartments in Brisbane.

Apartment sales in Brisbane city have slipped 70 per cent in a year according to Urbis. 

Last year, Cbus Property had teamed up with Scentre Group to purchased the David Jones Market Street building in Sydney’s CBD for $360 million.