Construction has commenced on the luxury $70 million riverfront Banc Apartments tower in Toowong – the only new building of less than 40 apartments currently being built in inner Brisbane.
The 34-apartment tower has begun major works as new research by Place Advisory shows all 61 projects recently completed, underway or awaiting construction in the city boast at least 40 apartments, with only three including less than 50 and 28 featuring less than 100 (source: Place Advisory Inner Brisbane Apartments Market Report June Quarter 2017).
When complete, Banc Apartments will rise 15 levels, with only a limited number of the 34 residences remaining following a spate of sales in what property agents say is a strong show of confidence in Brisbane’s luxury market.
Developer Ideal Property Australia says it has met pre-sale requirements and has now awarded builder McNab the tender to commence construction, with completion expected by December 2018. Ideal says it is confident the project will sell out well ahead of anticipated completion.
Place Estate Agent Simon Caulfield, who is selling Banc, says the success of the development has been underpinned by catering to the demand of western suburb families and empty nesters.
He says Banc is staying true to the definition of ‘premium living.’
“The lack of boutique development across the city – particularly along the riverfront – points to an genuine undersupply in the high end owner occupier market,” he said.
“People who buy into riverfront residences are generally downsizing from a large family home – as is the case with most Banc buyers to date. They want to maintain their sense of privacy and independence, but most importantly are looking to replicate all the benefits of their current living environment. Banc is the best and only option within the western suburb precinct.
“The majority of Banc residences offer only two per floor, accessing three lifts and a rare private entry. The exclusivity of only 34 residences ensures all the future owners of Banc longevity within the building and no overuse of the facilities.
“It creates a genuine community feel within the building, enhanced by Banc’s dedicated wine cellar – WineBanc.
“Brisbane’s high end market has experienced more sustainable growth throughout 2017. We recognise a younger demographic of purchaser transitioning into community title ownership earlier than before.
“Downsizing empty nesters are valuing simple living and improved lifestyle benefits so we only expect this trend to strengthen into 2018 and beyond.
“Purchasing in Banc today is not only a smart financial investment but also an investment in improving your general quality of life long term.”
Ideal Property director John Li says the final residences available at Banc, priced from $2.15 million, represent an excellent opportunity for purchasers looking for a one-of-a-kind abode on the Brisbane River.
“The start of construction is a major milestone for residents who have already bought at Banc, and those who may have been waiting to see the project start to take shape and can now have confidence their new home will be ready for the end of next year,” he said.
“Our buyers to date have mostly been local residents looking to downsize, who have been impressed not only with the location and boutique nature of Banc, but also the high standard of fittings and finishes on offer throughout each residence.
“In order to start construction, we have had to move our display suite which includes a fully furnished replica apartment, off site, with a new location expected to be announced in the coming weeks.”
McNab Managing Director Michael McNab says the calibre of Banc is in line with the quality of projects aligned with his company.
“It’s been very apparent to us that Ideal Property Australia have gone to great lengths to offer Banc residents the very best in luxury living, and we’re delighted to be associated with such a landmark development,” he said.
“We have already started with the installation of the pile rigs and look forward to seeing the building start to take shape over the next year.
“With Banc’s location fronting Coronation Drive commuters will be able to watch our team bring this unique project to life.”
For more information on Banc, please call agent Simon Caulfield or Deb Maguire from Place Kangaroo Point on 0437 935 912 or 0427 246 279 respectively.
Banc is located at 527 Coronation Drive, Toowong.