Mirvac’s latest release at the Pacific Place development in Chatswood in New South Wales has booked more than $92 million in pre-sales.
A total of 132 luxury apartments, comprising 30 one, 43 two and 59 three bedroom apartments were released with the resultant exchange of 108 contracts.
The latest release is the latest addition to the $424 million Mirvac development at Pacific Place, just north of Chatswood Railway Station, which is now home to more than 400 residents.
The 23 level residential apartment building is due for completion in 2008.
Mirvac’s chief executive of development in New South Wales and Victoria Brett Draffen said over 33% of buyers were existing Pacific Place purchasers.
“The successful release and continued demand for well located property such as Cambridge is defying the current market conditions in New South Wales.
“Whilst Mirvac achieved strong pre-sales at Pacific Place, in a week where interest rates were increased by 25 basis points, the New South Wales portfolio, particularly in western Sydney is not without its challenges,” he concluded.
By Kathryn O’Meara
