- Development to feature a 21-storey building with views of the Brisbane River and city
- A 29% in sales for off-the-plan apartments in the Hamilton Northshore precinct were recorded in 2020
- Apartments have seen a price increase of 5% per annum during the last 20 years
The release of Rivello, a new Brookfield riverfront apartment development in Brisbane, is set to be fast-tracked thanks to a surge in demand from buyers.
The $144 million project is 21 storeys tall, with sweeping views of the CBD and Brisbane River.
Located six kilometres from Brisbane’s CBD, the property boasts 50 metres of absolute river frontage and is within the $1.3 billion Portside precinct, Hamilton.
The sales and display centre is scheduled to open in the next few weeks, with Brookfield now taking registrations of interest for the Rivello apartments.
The fast-tracked release comes as a report Urbis found that off-the-plan apartment sales increased by 29% from 2019 to 2020 in the Hamilton-Northshore precinct. The report added that the area currently has an extremely low level of supply and limited future supply.
The Urbis report also found that proximity to the river and lifestyle amenities have resulted in predominantly owner-occupier sales. Additionally, apartments in Hamilton have recorded a median price increase of 5% annually over the past 20 years.
Brookfield Residential Properties managing director, Lee Butterworth, said the apartments reflected the market demand for lifestyle-oriented premium apartments in the region.
“Buyers understand that opportunities to secure an absolute riverfront location that can never be built out are finite, with very few new riverfront developments approved elsewhere in Brisbane,” he said.
“Rivello will be the last project of its kind this close to the river in Northshore Hamilton, as future projects require a greater setback, making it a rarity in this highly desirable blue-chip location.”
Lee Butterworth, Brookfield Residential Properties managing director
The average apartment will total 110sqm in space with a range of up to 562sqm.
Lifestyle trends, such as working from home, have been reflected in the apartment design, Mr Butterworth adds.
“Since COVID-19, people have been spending more time than ever in their home and are looking for generous spaces to entertain, work, or simply sit back and enjoy the view – this has been considered throughout the luxurious and liveable design of the apartments and exclusive resident amenities,” said Mr Butterworth.
“Like our previous stages, we’re expecting strong interest from Gen Y purchasers through to downsizers already living within a 10 kilometre radius, however, as is being reflected across Queensland, we’re also already receiving enquiry from interstate buyers.”
