Australia: Construction to being on Brisbane’s tallest skyscraper
It is set to tower over Brisbane’s CBD, but only a third of the investors who have bought a slice of the Skytower are actually from the Sunshine State (Queensland).
Construction is only weeks away from beginning on the city’s tallest skyscraper, a 274-metre (898.95 feet) high tower at 222 Margaret Street that will house 1119 apartments.
Sydney-based property developer Billbergia and investment company AMP Capital are behind the project, built by Hutchinson Builders.
AMP fund manager Warwick Petschack said about 550 apartments had been sold. He said roughly a third of investors were from Brisbane, 20 per cent from overseas and the rest from interstate.
Eight levels of underground carparks have been completed, and the builders will now begin laying the foundations before the tower takes shape and the first residents move in by 2017.
Skytower will be the city’s tallest building until another development at 300 George Street reaches the 274 metre mark (898.95 feet), which is the maximum height permitted in Brisbane because of aviation regulations.
The two sites will be Australia’s equal third tallest skyscrapers behind the Gold Coast’s Q1 and Melbourne’s Eureka Tower.
The Skytower project features mostly one and two-bedroom apartments, with prices starting from $425,000. The second stage of apartment sales is set to begin this weekend.
Another development next to Skytower at 111 Mary Street is expected to be a luxury hotel. The site was owned by Billbergia and AMP Capital before it was sold last September.
Greater Brisbane population: 2,065,996