Article originally posted on Courier Mail
A Brisbane apartment tower with units starting at a whopping $8.3m has sold out within a year, as demand for luxury property continues to surge.
Sorano House has topped out after bagging a record-breaking sale price for its penthouse in an off-the-plan $14-million sale earlier this year.
The price represents a $45,000 per square metre rate, smashing Spyre Group’s record for its Moray House project that achieved $35,000 per square metre last year.
With a view of the CBD across the river, this penthouse unit in Sorano House, Kangaroo Point, sold at a record $14 million.
The sale was a $45,000 per square metre rate, $10,000 more than the last record for the area.
The four-bedroom, two-storey penthouse is one of seven full-floor apartments in Trezetto Developments’ project at 12 Hamilton Street, Kangaroo Point.
Six out of those seven apartments sold at an average of $30,000 per square metre, with the Trezetto team keeping the final vacant residence.
Five of the new Sorano House residents are local to South-East Queensland, with the sixth being an overseas buyer.
The entire luxury apartment development has sold out, with six of the seven units going to buyers and the seventh being kept by its developer.
Trezetto Developments worked in collaboration with Rocking Horse Constructions to get the build done in a timely manner.
Trezetto’s Managing Director, Sam Sgroi, thanked developer-builder partner Rocking Horse Constructions for their collaborative work on the build, which he felt rivalled luxury offerings in cities like Sydney and Melbourne.
“Our developer-builder partnership with Rocking Horse Constructions has been essential in maintaining our development schedule and surpassing buyer expectations,” he said.
Each residence features four bedrooms, four bathrooms and at least 350 sqm of space, with the penthouse reaching 683 sqm.
Visible sights from the building include the Brisbane River, the city skyline and areas such as the Botanical Gardens.
Each unit has at least 350 sqm of space, and sold for an average of $30,000 per square metre.
Construction on the development began before units were up for sale, giving buyers a sense of security when they made their purchase.
Marketed by sales group YPM, Director Bryce O’Connor said the decision by Trezetto Developments and Rocking Horse Constructions to begin construction before opening was key to its success.
“By beginning construction before going to market, Trezetto demonstrated confidence and certainty that drew top-tier buyers,” he said.
“This development elevates Brisbane’s standing in the ultra-luxury segment, appealing to a new wave of buyers seeking exceptional quality and sophistication.”
