A residential development that neighbours the heritage-listed Customs House in Brisbane City was once shrouded by controversy but is now more than 60 per cent sold while still two years away from completion.
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Cbus Property’s 47-storey development at 443 Queen Street was first approved by Brisbane City Council in December 2015, but the University of Queensland, which owns the Customs House heritage icon, appealed the approval.
UQ and Cbus Property reached an agreement in November 2016 which would allow the development and preserve Customs House.
Cbus Property chief executive Adrian Pozzo said protest to development happened everywhere.
“Originally it was more a lack of communication, let's say by all of us, all parties concerned, about what we intended to build in there,” he said.
“It went down its normal path. It is what it is, it’s all been sorted.”
Mr Pozzo said all surrounding buildings were now kept in the loop with what happens on site on a weekly or monthly basis.
“Every now and then, should there be a requirement for a concrete pour, for example, and we need to close off a driveway, the council gets advised, the neighbours get advised,” he said.
Mr Pozzo said the development was a “positive” for the area and backed this up by the fact 60 per cent of the properties, which start at $750,000 for a one-bedroom apartment, had sold.
“We’re targeting those downsizers who have got the old Queenslanders and that natural ventilation coming through,” he said.
“ I know you’re on level 20 or level 30, but its exactly like you’ve got at home.”
Of the properties sold, about 70 per cent were purchased by owner-occupiers and the remaining 30 per cent to investors.
Mr Pozzo said the owner-occupier market in Brisbane was alive and well.
“I would be happy with anything between 80 and 100 per cent [sold at the time of opening],” he said.
“You’ve got to also be realistic because a lot of owner-occupiers want to see the final product.”
Prices start at $750,000 for a one-bedroom and car park apartment, while a penthouse would cost $7.5 million.
The two-bedroom apartments are about $1.1 million.
Of the sales, 40 per cent have been one-bedrooms, 40 per cent and 20 per cent three- and four-bedrooms.
When Mr Pozzo was asked if any of the two multi-million penthouses had sold he would not confirm any sales and said to “watch this space”.
Demolition works at the site have commenced and completion is due for November 2020.
