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Strong interest in NewQuay tower

03 Sep 2015

Strong interest in NewQuay tower Image

NewQuay is set to receive a population boost, with MAB reporting strong interest in its Banksia project at the NewQuay Piazza.

The 18-storey building is already 65 per cent sold, after sales commenced in June.

Both of the $5 million penthouses have been sold, while nearly half of the building’s $3 million “sky homes” are also off the market.

The nine “sky homes” are described as smaller penthouses, consisting of three to four bedrooms.

Sales of residences in the buildings already total $80 million, with the one and two bedroom apartments also proving popular with buyers.

According to MAB Corporation executive director, Andrew Buxton, the project highlighted the demand for luxury accommodation in Docklands.

So far, much of the interest in the tower has come from both families and baby boomers.

“We’ve had an overwhelming response from families who have responded well to the apartments because they offer generous floor plans with amenities you would typically find in a three-bedroom house,” Mr Buxton said.

“We’ve also had significant interest from baby boomers looking to downsize to a CBD location close to their workplace, but who are also seeking lifestyle benefits such as a waterfront location and proximity to the arts and cultural precinct.”

NewQuay itself is currently undergoing a renaissance of sorts, with plenty of development currently underway and more expected over the next few years.

Construction of Hiap Hoe’s Marina Tower project is currently underway, while MAB Corporation is also progressing its Promenade and Aqui residential projects.

Capital Alliance is also planning to construct two residential towers, potentially including a hotel component, in Harbour Town.

At the same time, Harbour Town owner Ashe Morgan is currently completing upgrade works at the centre, including the installation of a multi-million dollar transparent roof canopy.

MAB Corporation also plans to continue its development of the NewQuay West precinct. The developer has committed to extending the existing Quay Park Reserve so that it connects with the Ron Barrassi Snr Park, which is almost complete.

“Delivering projects such as Banksia and public spaces like the western precinct is part of our overall vision to create a community where people can live, work and play,” Mr Buxton said.

“Docklands will play a pivotal role in the sustainable growth and future of Melbourne and our goal is to continue developing quality residential projects, commercial precincts and public green spaces that will see it fulfil its potential as one of Australia’s prime waterfront locations.”

Construction of Banksia is expected to begin late next year and is due for completion in early 2018.

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