FLYING in the face of Brisbane’s apartment downturn, work has begun on a $248m luxury inner-city unit complex — backed by the financial nous of global investment banker Goldman Sachs.
FLYING in the face of Brisbane’s apartment downturn, work has begun on a $248m luxury inner-city unit complex — backed by the financial nous of global investment banker Goldman Sachs.
Construction has begun on Kokoda Property’s Chester and Ella dual building complex in Newstead after the firm secured $120m in funding from global investment bank Goldman Sachs.
Managing director Mark Stevens and Hutchinson Builders head Scott Hutchinson jointly turned the sod to mark the official kick-off of one of the few projects to make it through tightened funding conditions in Brisbane’s inner city apartment market.
Kokoda Property director Sam Tucker said only high quality projects were making it through the tougher funding climate.
“The reduced availability of finance means that only the best projects in Brisbane are moving to the construction phase,” he said. “This, in turn, is driving up the quality of multi-residential living in the city, which is a strong positive for Brisbane’s future”.
It’s Kokoda Property’s first foray into Brisbane, with the firm having paid $19m for the site in late 2015 after 18 years in the Melbourne market.
When complete the development will see 320 luxury apartments across two 18-storey buildings with hotel-style shared amenities including around-the-clock concierge, rooftop terrace, health and wellness centre, private dining room, cinema, pool and shared outdoor kitchen areas.
According to Kokoda, 135 apartments in Chester worth $95m were sold in a four-week period and Ella saw $14m worth of apartments sold in a single transaction and a further $22m during one weekend.
Originally Published: www.news.com.au
