Developer Ideal Property Australia is charging ahead with construction on its $70 million Toowong-based luxury riverfront building, Banc Apartments, in a show of confidence in the Brisbane apartment market.
Ideal has engaged McNab as preferred contractor to commence operational works and design of early works, paving the way for the 15 level tower to come out of the ground around mid year, with 65 per cent of the 33 luxury residences already sold.
McNab is a leading Brisbane-based construction company with 21 years experience in delivering high-end residential, retirement and commercial developments. Key projects include the University of Queensland Global Change Institute which was awarded best sustainable development in Australia by the Property Council in 2016 and the Village at Cooparoo, awarded best Seniors Living in Australia by the Property Council earlier this year.
Banc’s remaining apartments include a Garden Home with a private 227sqm riverfront terrace and three bedroom River Homes and Sky Homes with prices starting from $1.39 million.
Those in the market for a penthouse-style residence can secure the full-floor, 455sqm Sky Mansion atop the building, with the option to work with award-winning WMK Architecture and SJB Interiors to customise the abode at no additional cost.
Ideal Property has recently released a second full floor option as an alternative to the Sky Mansion, priced from $4.45 million.
Ideal Property director John Li says the timing is right to push ahead with the project, which is the only new tower being developed along the riverfront Coronation Drive and one of only a handful in Brisbane to offer half and full floor residences in a boutique building.
“I believe the Brisbane market still has a lot of potential and there evidently is solid demand – for the right type of property,” Mr Li said.
“Banc has been successful because it represents a return to the golden age of riverfront luxury development, with apartments equivalent in size to an average home, complete with top shelf finishes and panoramic views that can never be built out.
“That’s what we are delivering at Banc and we have found that most of our purchasers have been people who already live in Toowong or surrounding suburbs and have been waiting for a project like this to come along.
“They have been waiting to downsize but didn’t want to sacrifice space or lifestyle. Banc’s Sky Homes offer up to 231sqm of living space and residents will have exclusive access to a pool, barbeque terrace and winebanc – a purpose-built wine cellar with a 195 bottle wine storage fridge for each apartment.”
Mr Li says he anticipates the final residences in Banc will sell on the back of the Federal Governments’ new incentive for downsizers, which allows those aged over 65 to sell the family home and inject up to $300,000 into their superannuation account.
“The timing is ideal for downsizers considering making the move to an apartment at Banc. The new superannuation incentive sweetens the deal, and the fact that work is underway on site, with a reputable builder, should give purchasers confidence that the project is moving ahead.
“Banc buyers are securing a space in arguably one of the best locations in the city, right on the riverfront and within easy reach of the emerging Queen’s Wharf precinct, which will soon be home to world class dining and entertainment.
“At this stage we are aiming for Banc to be complete in late 2018, which gives purchasers enough time to sell their existing property and prepare to start the next chapter of their life.
“We currently have a fully furnished display open for inspection so buyers can see the quality of Banc first hand, however they will need to act quickly as the display will be removed to make way for construction shortly.”
McNab Managing Director Michael McNab says “It’s been very apparent to us that Ideal Property Australia have gone to great lengths or offer Banc residents the very best in luxury living, and we’re delighted to be associated with such a landmark development.”
Place Estate agent Simon Caulfield, who is marketing the project, adds “it has been refreshing to experience a number of families, working professionals and empty nesters downsizing into Banc.”
The Banc sales centre is open to the public from Tuesday to Thursday, from 12pm to 2pm, and from 2pm to 4pm on the weekend. All other inspection times are by appointment.
For more information, please call agent Simon Caulfield or Annabelle O’Hare from Place Kangaroo Point on 0437 935 912 or 0418 884 734 respectively.