Construction begins on Rivello, Brisbane apartments, as sales hit 90%
Construction has started on the Brisbane riverfront apartment building, Rivello, in Northshore Hamilton, which has seen over 90 per cent of apartments sold for more than $133 million in just 10 weeks.
The sales rush has been led by owner-occupiers, including young professionals and downsizers, many of whom live within a 10-kilometre radius.
Interstate purchasers looking to relocate or invest in the Queensland have made up around 10 per cent of the sales.
More than 1,000 jobs will be created during construction of the $149 million, 21-storey building, which will home 150 apartments and a suite of resort-style amenities, including a roof-top infinity-edge pool with expansive views across the Brisbane River to the CBD.
Developer Brookfield Residential Properties has appointed builder Tomkins Commercial and Industrial Builders - who have delivered more than 300 projects across the residential, commercial, industrial and education sectors - to construct the mixed-use development, with completion anticipated for late 2023.
Rivello is the latest stage of Brookfield’s activities in the Northshore Hamilton Priority Development Area (PDA), situated six kilometres from the Brisbane CBD, and the ninth building by Brookfield Residential Properties in the Portside residential and lifestyle precinct.
Brookfield Residential Properties Managing Director, Lee Butterworth, said the outstanding sales result had seen construction start on Rivello several months ahead of schedule.
“The response to Rivello has been exceptional, with sales including an ultra-opulent penthouse for more than $5.5 million, two sub-penthouses for more than $2.9 million each and the majority of our three bedroom apartments, which average $1.5 million,” he said.
“Those sales are a vote of confidence from the top end of the market in Rivello and we’ve seen an equal level of enthusiasm from purchasers across our one and two bedroom apartments, with only a handful of floorplans now remaining, with river, park or local views still on offer.
“We are looking forward to moving into the next phase of Rivello, by bringing our vision to life. To be able to accelerate the start of construction is a fantastic result, not just for our purchasers but the 1,000 workers who will be employed in constructing this exciting project.”
Butterworth said the start of work on Rivello was also a significant milestone for the broader Northshore Hamilton precinct, where Brookfield Residential Properties had been developing since 2006.
“We’ve been part of the major transformation of Northshore for over 15 years, delivering the Portside Wharf dining, shopping and entertainment precinct as well as more than 850 riverside apartments, and look forward to continuing to be part of the area’s evolution for many years to come.”
Economic Development Queensland General Manager Debbie McNamara said the project marks another milestone in Northshore’s transformation.
“I am proud of Economic Development Queensland’s continued investment in infrastructure to revitalise the Northshore Hamilton PDA, which paves the way for projects like Rivello,” she said.
“Rivello will be yet another reason for people to enjoy Northshore, which is home to Portside Wharf, Eat Street Northshore, Alcyone Hotel, and some of Brisbane’s best riverfront living.”
Butterworth said Northshore Hamilton continued to be in high demand due to its premium, riverfront location.
“There are very few opportunities to purchase a new apartment on the Brisbane River, particularly within six kilometres of the Brisbane CBD, which makes Northshore a highly sought-after locale,” he said.
“Northshore is a popular lifestyle choice because of the extensive mix of dining, shopping and entertainment in the precinct and the ease of access via CityCat or road to an array of destinations. The feedback from buyers at Rivello is that these factors certainly underpinned their decision to secure an apartment.”
