Water­front de­vel­op­ing well

The Courier-Mail - Property - - Who'sHome -

THE road is in place and work far ad­vanced on Mir­vac’s lux­ury apart­ment devel­op­ment, Water­front, at New­stead. The first stage is on track for com­ple­tion early next year.

But the best prop­erty on the block will come af­ter a long wait for lawyer Howard Stack and his wife Ros.

In June 2008 they com­mit­ted $14.25 mil­lion for the pent­house, well above the pre­vi­ous Bris­bane unit record of $11.2 mil­lion.

The canny lawyer is en­trenched in the state’s real es­tate folk­lore af­ter sell­ing a beach­front block at Surfers Par­adise in 2005 for $15 mil­lion.

Not long af­ter he bought the neigh­bour­ing prop­erty for less than $7 mil­lion.

Back at Water­front, Mir­vac Queens­land’s CEO Matthew Wal­lace says there is also less pricey stock be­ing sold in the devel­op­ment.

Prices start at $495,000 and so far this year there have been six sales at the lux­ury end – rang­ing from $2.6 mil­lion to $3.24 mil­lion. Some $184 mil­lion worth of units have been sold so far.

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