Keen to sit un­der the Banyan Tree

The Weekend Australian - Life - - PRESTIGE PROPERTY - LISA ALLEN

Ahead of its of­fi­cial May 14 launch, the lat­est lux­ury apart­ment block to hit Bris­bane — The Banyan Tree Res­i­dences — is al­ready pop­u­lar with lo­cal buy­ers, par­tic­u­larly those keen to amal­ga­mate two apart­ments into one larger home.

Banyan Tree’s mar­ket­ing agent Paul Bar­ratt, the man­ag­ing di­rec­tor of CBRE Res­i­den­tial, says it is “fas­ci­nat­ing” that three amal­ga­mated apart­ments in the $150 mil­lion 76-unit block fronting the Bris­bane River have al­ready sold. The high­est price achieved to date is the $3.9m forked out by a lo­cal cou­ple.

The pair bought one two-bed­room and one three­bed­room apart­ment with Banyan Tree to re­design the floor plate into four-bed­rooms with study.

Although two-bed­room apart­ments at the yet to be built com­plex in trendy Kan­ga­roo Point are avail­able for $900,000, which is rel­a­tively cheap com­pared with Syd­ney and Mel­bourne pres­tige apart­ment prices, Bar­ratt says buy­ers to date are spend­ing a min­i­mum of $1.6m buy­ing into the com­plex on the edge of the Bris­bane CBD.

The 76 pri­vate res­i­dences will be stacked over 10 lev­els, with three of the four pent­houses sport­ing rooftop in­fin­ity pools.

Two-bed­ders with river and city views are priced from $1.5m while three-bed­room apart­ments start from $1.9m. Pent­houses be­gin at $3.25m.

Apart from lo­cals there is strong in­ter­est in the Bris­bane project from Syd­neysiders and Asian buy­ers, hail­ing from China, Hong Kong and Malaysia.

“There are no con­cerns about price or qual­ity, Asians are happy to buy sight un­seen based on the strength of the Banyan Tree brand in Asia,” Bar­ratt says. “If you talk to any­one at all in Asia they are fa­mil­iar with the Banyan Tree brand be­cause they have 30 re­sorts pri­mar­ily in Asia and 70 day spas.

“There’s also very strong in­ter­est com­ing from the Syd­ney mar­ket in Banyan Tree be­cause there is a strong rental mar­ket for ex­ec­u­tive rentals and it is the most un­der-sup­plied mar­ket for ex­ec­u­tive rentals in Bris­bane. But the de­vel­oper was keen that we mar­keted in Bris­bane, they wanted to first fo­cus on mar­ket­ing to the lo­cals.”

Banyan Tree se­nior vice-pres­i­dent and man­ag­ing di­rec­tor of Ar­chi­trave, which de­signed the apart­ment block in con­junc­tion with Woods Bagot, Dhar­mali Kusumadi, says the project has large bal­conies to bring the out­doors in. “You can en­joy the river view from your unit, I found it much more like an ur­ban re­sort,” Kusumadi says.

Woods Bagot as­so­ciate Sarah McMa­hon says the unique tri­an­gu­lar ge­om­e­try and com­mand­ing lo­ca­tion of the Kan­ga­roo Point site lends it­self to a strik­ing sculp­tural de­sign that is in­spired by the sur­round­ing nat­u­ral land­scape, the river, the cliffs and the gar­dens.

Far­ther south, Banyan Tree is still un­de­cided about its plans for its Gold Coast site.

“We bought two pieces of land and we can have twin tow­ers, a com­bi­na­tion of ho­tel and res­i­den­tial, but we have not de­cided yet what the com­bi­na­tion will be,” Kusumadi says.

The build­ing will have strong lines and will not look like an of­fice tower: “It will be trop­i­cal and or­ganic.”

Prices for Banyan Tree Res­i­dences on the Gold Coast are yet to be set.

An artist's im­pres­sion of the planned Banyan Tree Res­i­dences in Bris­bane

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