Keen to sit under the Banyan Tree
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