21 March 2006
The scarcity of new residential apartments on the river in the heart of the city is continuing to drive strong market demand for Citimark's Evolution project.
The $120 million, 37-level Evolution residential tower will be located on the corner of Tank Street and North Quay.
Evolution is the only waterfront residential development currently underway in Brisbane city and one of only two major towers to commence in the CBD this year.
Citimark's Development Director, Mr Peter Morrow said that the positive outlook for city residential apartments had triggered the start of demolition on Evolution's North Quay site.
"While Evolution has few peers in the design and quality stakes, it is its location that's made it irresistible.
"The simple fact is that there are precious few alternatives for those wanting genuine waterfront close to all the city action and facilities.
"This site is at the heart of a brand new city precinct where public and private projects worth over $1 billion will see it dramatically transformed over the coming years," he said.
Mr Morrow said that there were now definite signs of a growing undersupply of residential stock in the CBD due to rising construction costs and the scarcity of sites.
"Projects with water views are the only developments that appear to be proceeding as evidenced by sales rates and growth achieved on waterfront property throughout south east Queensland.
"It is certainly difficult to justify the costs involved with non waterfront property. Any product that does not have water views faces difficulties.
"The lifestyle trend to inner city/CBD living is continuing — evidenced by record low vacancy rates in the CBD.
"This lifestyle trend together with migration, rising construction costs and low land availability has meant the development community cannot meet demand for CBD property," he said.
Evolution will seek to create an unrivalled living environment for its residents.
Its emphasis will be purely residential and will include Brisbane's first resident's Sky Lounge on the 36th level.
"So whether it's a game of pool, entertaining friends or business colleagues, or cooking up a quick snack, the Sky Lounge will cater for it all, with unparalleled river and city views," Mr Morrow said.
"We're also providing for the body and health conscious with a Recreation Deck on Level 6, including a heated pool and spa, and fully equipped gymnasium. And there'll also be "down time spaces" with a library and media room," he said.
The Recreation Deck facilities will also feature a kitchen and barbeque.
Evolution's breakthrough design is the work of Brisbane landmark tower creators, Cottee Parker.
To ensure the building is one of style and distinction, architect Geoff Parker has designed a unique façade with significant copper element, as well as glass balustrades to bring the river into the apartments and maximize its riverfront location and views.
Meanwhile, one of the Queensland's leading property forecasters believes that demand for CBD apartments may potentially outstrip supply by 2007/08.
According to Myles Campbell, Research Director of Resolution Research & Marketing, the market's positive response to Evolution had put paid to the suggestion that inner city living was a limited short-term market.
"The progress of Evolution is demonstration of the on-going demand for well designed, finished, located and priced stock in the CBD market.
"Further, the median price of CBD waterfront apartments continues to outperform non-waterfront CBD apartments — since 2003, the former grew 18% while the latter grew 14%.
"Our research also reveals that at the end of November 2005, there were no new riverfront projects mooted to enter the CBD market in 2006," he said.
Over $1 billion is being invested publicly and privately around Evolution in infrastructure including the State Government's North Bank proposals; the Tank Street Footbridge to Southbank; the Queen Street Mall extension; the Queensland Place improvement to the Roma Street precinct; and the exciting plans forming part of the Brisbane City Council's new CBD Masterplan.
Brisbane-based Citimark Properties was the developer of the landmark CBD residence FELIX — the 42-storey multi-award winning project in the Brisbane CBD, completed in 2004.
The company currently has 21 projects under development including a $35 million luxury beachside resort — East on Byron in Byron Bay; and a new $35 million, 25ha industrial and business park on the former Mitsubishi engine plant site in Lonsdale in Adelaide's southern suburbs.
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