A $120 million residential development Hamilton's Portside Wharf in its Northshore precinct is nearly sold out. According to Domain, the 16-level Hercules project executed by Citimark has successful sold 95 per cent of its off-the-plan apartments, with a total value of about $105 million, in only 12 months' time. The -unit residential development is being worked on by Contractor Hutchinson Builders on a 2963-square-metre site six kilometres from the Brisbane CBD.
According to joint managing director Robert Pullar at Citimark Properties strong sales reflects how much Brisbane's riverfront market was attracting buyers. He said, "Coming so close to a sell-out with construction just beginning tells a story of strong demand for riverfront product in Brisbane."
On the other hand Marketing agent Paul Lambert of McGraths views the near sell-out, which is positive response to the project, as a sign of Hamilton's urban revitalization. Lambert said, "Northshore Hamilton is the largest urban regeneration project in Brisbane - six times the size of the Brisbane CBD."
Lambert added, "With 95 per cent of apartments now sold, this represents an opportunity for buyers to position themselves within one of Brisbane's most sought after addresses."
According to Domain, when the Hercules project completes in 2017, 228 residential units broken down will consist of 84 two-bedroom, two-bathroom designs plus a number of one-bedroom configurations, including 32 one-bedroom apartments, 56 with one-bedroom plus a study and a further 56 with one bedroom and a multipurpose room.
Units ranging from 51 square meters to 77 square meters will cost about $369,000 for one-bedroom apartments and from $520,000 for two.
The Portside Wharf and the Hamilton Northshore leads the urban renewal of Brisbane's riverfront, which is why a lot of people find the region a very desirable place to live. Other residential apartments in the area are also selling fast.
