Brisbane Skytower - some info

Hi all

If anyones interested... I wasnt...
My dad wanted to have a look at Brisbanes Skytower development - 222 Margaret St, Brisbane so I went along to the display/ sales pitch.

In addition to a website that has very little info but lovely piccies
www.brisbaneskytower.com

88 levels, due for completion in 2019.
The foundations and car parks are completed but nothing else.
1 block from the botanic gardens. Hotel to be built in front blocking pretty much all views from the apartments facing Margaret st up till about level 42.
Sort of triangle shape with south views, east views and NW views.

Recieved pricing for these apartments and also floor plans:

Pricing for 2 bedders at approx 100Sqm
: Level 26-39 $720-$800K - south facing (gardenish view)
$780-850k. - east facing (riverish view)
You can add 1 car park for $95K. Some of those prices include a scooter space. (scooters are obviously going to take off in Brisbane:p)

Level 42-46 all with 1 car park $800- $900K South
$820-$860K NW view (city and Southbank)
$950-$960. East.

From memory the cheapest apartment was 1 bedder no carpark for $420k at 50sqm
You can also get a 3 bedder, for over a mil.
Sales guy was vague about body corp.
Cheers, nat
 
Yikes! That's a lot of big prices for an area that could well face oversupply issues as these towers all near towards completion in coming years.
 
Yikes! That's a lot of big prices for an area that could well face oversupply issues as these towers all near towards completion in coming years.

Good point Cameron, although 2019/20 is a long time away.

I'm not too sure how it goes with something that can be sold as 'iconic' too - their could be a premium associated with scarcity value.

Appreciate the info - this came out quick - I only heard about it being approved a month/two ago?!

Cheers,
Redom
 
My office looks straight into that site. They are applying to CASA apparently to go to 100 storeys.
 
That's true Redom, a lot can happen in that time. I find the Brisbane market fascinating in that it seems to be evolving (developing?) In a similar way. I.e. inner city/waterfront prestige towers emerging, plus hubs like chermside (Brisbane's "Parramatta"), and southern suburbs with good connectivity but bad names like Logan (kinda similar to Sydney's Mount Druitt).

Off the plan is not my bag (nothing against it! Just no personal experience... yet!), so all I know of Brisbane stock are older suburbs with older properties.

This new stock could be a good investment as Brisbane-ites (is that the right name??) Increase their inner city urbanization as they transition into more of the 'knowledgr-based' job types.
 
It's hard to justify that kind of premium for location and a view of a brown river when you can have all the trappings plus a courtyard for less than half that price 5 minutes down the road.

I'm sure one day people won't regret paying those prices but it's a phenomenal amount of money to be part of a relatively sleepy CBD.
 
With that amount of money wouldn't gold coast be a better option?:confused:

It's not the same crowd - anyone motivated to buy Brisbane CBD is unlikely to have the GC as a fallback option. There aren't the same job opportunities on the Gold Coast, and it's the professionals based in the city that would populate a place like this.

Brisbane CBD you could work for any of the accounting firms, banks, law firms, the few IT companies or the resource companies based there. You don't have those kind of employers on the GC - at least not with many choices.
 
It's not the same crowd - anyone motivated to buy Brisbane CBD is unlikely to have the GC as a fallback option. There aren't the same job opportunities on the Gold Coast, and it's the professionals based in the city that would populate a place like this.

Brisbane CBD you could work for any of the accounting firms, banks, law firms, the few IT companies or the resource companies based there. You don't have those kind of employers on the GC - at least not with many choices.

But than I thought it shouldn't take that long from GC to travel to Brisbane CBD, further to that, I wonder how many senior executives actually interested in this highly over priced UNIT when they probably be able to buy something closer to the CBD and live in a HOUSE? I'm also a bit worry if the unit can accommodate all their sports cars :p

If they were used for investment purposes I can't even see what sort of financial benefits they will be receiving??? pay $1Mil to receive $600-800 rent per week?? when strata might be looking at $2-3k per quarter?:rolleyes:
 
Doesn't need to be executives. Lots of professional couples with no kids with household income well over 200k. A place like this is easily manageable for them.

GC to Brisbane CBD would be 2 and a half hours travel a day assuming no car accidents or road works. Real estate in Brisbane is not so expensive as to justify that kind of commute.

I have no idea how higher priced units hold up as investments, but I can't see the yield being great either - especially with so many units available.
 
I signed up for pre-register and the sales people have been hassling me non-stop. Apparently they sold 75 units in the first two days. I am not really interested in buying, but the 88th story infiniti pool looks cool. Renting there sure would be nice. Love the idea of paying 600p/w for a 900k apartment.

I know a few people who did well in Sydney OTPs buying these, thinking the same thing will happen again.

The sales agent also kept talking about the 2019 Brisbane and how Brisbane will be a global city by then. Especially with all this G20 stuff. What a load of crap.
 
Looking at the website and I noticed it is built by Billbergia. I saw a lot of their work at Rhodes and Wentworth Point (NSW) as they have built tons of them (and a lot more coming). I went into one completed unit, and I immediately noticed that they are very small and can hardly put a proper bed with much space left. It has view of Homebush Bay but the bay itself looks ugly (toxic river area unfortunately).
 
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