SW1 books $23m in sales

AUSTCORP's $300 million SW1 development at South Bank, Brisbane has booked $23 million worth of sales as construction gets under way.

Construction began late last month on the apartment component at SW1, with 80% of the first stage already pre-committed, of which 60% unconditional and 20% under contract.

In the mixed use urban village, located 750 metres from Brisbane’s CBD, only 11 of the 58 apartments in Stage One remain on the market.

Austcorp’s state manager for Built Form Alison Quinn said the June 2006 completion of SW1’s two commercial buildings and street level retail has heightened the level of buyer inquiry.

“The latest figures show unit sales in Brisbane’s southern suburbs have been outstripping the rest of the city in the past five years, so buyers are also recognising the potential for investment returns.

“The strong pre-sales are a credit to the success of the entire SW1 development which has played a vital role in linking the inner city cultural hubs of South Bank with West End,” she added.

Settlement is expected in April next year.

The masterplan for SW1 includes residential apartments, four commercial towers and retail nodes fronting both Melbourne and Russell Streets, linked internally through the site by a pedestrian spine. Five architects are involved in the design of the overall site, resulting in an innovative and cutting edge market appeal.

Australian Property Journal