Waterfront developing well
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.