News Column

Brookfield Multiplex - Newstead Towers Sales Pass $100 million in Four Weeks

May 30, 2014

ENP Newswire - 30 May 2014

Release date- 28052014 - DAVID Devine's Metro Property Development has scored another home run, with its highly anticipated Newstead Towers apartment project at Newstead achieving more than $100 million in sales in the four weeks since its launch.

The project has passed another major milestone with Brookfield Multiplex appointed as the builder for the $170 million development.

Located at 39 Longland Street, Newstead Towers will be the first apartment development in the prestigious suburb to feature a man-made beach. Buyer interest has been extremely strong, with Metro selling 206 of the 314 apartments, at an average price of $505,000.

'Newstead Towers is a very unique offering for inner-city Brisbane,' said Metro Property Development founder and Chairman David Devine. 'The lifestyle opportunities will be second to none, with residents able to take advantage of the suburb's first man-made beach, yoga lawns, teppanyaki barbecues and a gymnasium.

'Newstead Towers will also be across the road from the popular Gasworks precinct which features a Woolworths, Fresh Food Markets and Deli and other specialty stores. It's also within easy walking distance to the shops at Emporium and James Street.

'Quality of life is a high priority for buyers in today's market and we believe that Newstead Towers' superior amenities; inner-city location close to shops, transport and employment nodes and well-priced apartment products are the key reasons for its early success. 'Whether you choose to live there or rent out an apartment, Newstead Towers will be a great place to live or an excellent investment for the future.'

Brookfield Multiplex Regional Managing Director for Queensland, Rod McDonald, said Brookfield Multiplex was pleased to have been awarded the design and construct contract to deliver the project. 'We're delighted to be on board for our first project with Metro Property Developments and to add Newstead Towers to our growing Queensland workbook,' Mr McDonald said. 'Brookfield Multiplex has a strong track record in delivering innovative mixed-use residential developments in Queensland, which we were able to draw on in developing a unique construction and programming approach to meet the project team's needs.'

According to recent research by Urbis, one-bedroom apartments have recorded an average growth in median weekly rents of 2.3 per cent per annum (September quarter on quarter) between 2009 and 2013. Median weekly rental growth for the two-bedroom apartment market has also ben strong, achieving a 2.4 per cent increase in weekly rents over the past five September quarters (to September 2013).

Newstead Towers will offer a mix of one-bedroom, two-bedroom and three-bedroom apartments across two towers. Prices will range from $369,000 for a one-bedroom apartment to $750,000 for a three-bedroom apartment.

'The apartments at Newstead Towers are designed very much around what buyers are looking for today - a high quality, low-maintenance design, style and innovation,' said Marketing Director Ken Woodley. 'They also offer exceptional value.'

Construction on the apartment development is expected to commence in the last quarter of 2014.

On completion, Newstead Towers will be located less than two kilometres from the Brisbane CBD and a 15 minute drive to both the international and domestic airports.

It will offer excellent access to transport, with regular bus services including the City Glider nearby; the Teneriffe Ferry Terminal just a seven-minute walk from the building and train services from either Fortitude Valley or Bowen Hills train stations.

The Brisbane River is nearby and features recreational parklands and bicycle and pedestrian pathways linking Newstead, Teneriffe and New Farm.

The site will be Metro's first residential apartment development in Newstead. The company currently has more than 1000 apartments across five different projects under construction throughout inner city Brisbane, major home and land businesses in Melbourne and Adelaide and more than $1.5 billion worth of projects in the pipeline.

Metro Property Development was created in 2010 by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman.

For more information visit


Brookfield Multiplex

L22, 135 King St

Sydney, NSW 2000


Tel: +61 2 9322 2000

Fax: +61 2 9322 2001

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Source: ENP Newswire

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