Mirvac secures three $5 million plus penthouse sales at Pier

Mirvac has secured three $5 million plus penthouse sales in the past month at its Waterfront Newstead development, meaning all nine penthouses have now been snapped up in the Pier release.

Three Queensland buyers bought the remaining penthouses, with two located on level five and a penthouse-style river home located on level one.

"These are unique premium apartments, in terms of design, finish and location," says John Carfi Mirvac chief executive officer of residential.

"To make three sales in excess of $5 million each in a single month is positive in any market, so given the soft conditions we've experienced in Brisbane over the past few years, it is a clear sign that we are turning a corner.

"We had been steadily making these top end sales, however we've seen a definite spike in activity for our absolute premium properties in the last 12 months,” says Carfi.

The nine penthouses in the stage one Pier ranged from $5.3 million to $14.25 million.

The grand penthouse sold in 2008 for over $14 million and set a record for the most expensive apartment sold off the plan in Brisbane, a title it still holds.

Mirvac has sold in excess of $217 million worth of apartments at Pier.

Located two kilometres from the Brisbane CBD in the Newstead Riverpark community, the 10.6-hectare Waterfront Newstead site will feature six residential precincts once complete, accommodating over 1,000 residents.

Construction on the first release, Pier, began in 2009 with construction starting on the second release, Park, in 2010.

Mirvac’s Waterfront Newstead community will take around 15 years to complete.

The residential community will be part of the larger scale Newstead Riverpark, which will feature FKP’s $1.1 billion Gasworks development.