Weekly Property Pulse
Cameron Fisher | 10th June, 2014
A Skyline Evolving
Australia’s skyline is changing, with residential and mixed-use (including residential) high-rises being built at a significant rate. While in some cities this is more prominent than others, some records are being broken and others are being tiptoed around.
Here are the current tallest towers that include some aspect of residential, and those set to take their titles, across Australia.
ACT
In Belconnen, Geocon’s 88 metre tall Wayfarer Apartments a new 27-storey offering, hit the market earlier this year.
Comprising 235 apartments located at 120 Eastern Valley Way, the development was revised down in height following concerns form community members.
With over 150 appartments already sold a typical two bedroom apartment with a study will set you back $564,900
Completion is due in late 2016, the ‘Wayfarer’ will take the crown form the Sentinel Apartments, a 62 metre 2013-built offering of 20 storeys.
NEW SOUTH WALES
A $25 million state of the art creative hub –said to feature dance, theatre, music, film and visual arts facilities – has been launched on Bathurst Street. According to official information, the building is “set to be” the tallest residential tower on the street, called Greenland Centre. As reported yesterday, an offshore buyer is looking to snap up and combine three of the upper-level penthouses for $25 million.
The soon-to-be-built 115 Bathurst Street is set to be the tallest tower on the skyline, with Kannfinch explaining that it is a 4,000 square metre site with a retail and commercial podium. It will offer 70 residential levels, or 420 apartments, and will integrate with 339 Pitt Street.
Kannfinch, on behalf of Brookfield, organised the stage one development approval.
Pedestrian laneways have been introduced at ground level.
The building will sit at 240 metres in height, and will be “Australia’s most slender tower”.
It just about takes the title from Meriton’s 230 metre tall 2004-built World Tower.
Western Sydney will also soon see themselves with a new tallest structure – One Australia Avenue – at 30 storeys high or 106 metres tall. It will include 300 apartments and expects mid-2015 completion.
And Parramatta is also eyeing up the trend, with developers vying for the title for some time. In April, Property Observer noted that a new development application for the $250 million Riverside Tower at 53 levels may surpass V by Crown, which currently holds the tallest title.
QUEENSLAND
In Brisbane, a 90-storey CBD tower has been approved by the council with expectations for completion next year.
Brisbane tower set to be third tallest in Australia and loom over Harry Triguboff’s Soleil
Billbergia is behind the 274 metre tower, and it will be 31 metres above Meriton’s Soleil tower.
With two towers, the larger will be a mix of commercial and residential, including a 380-room five-star hotel, and 800 apartments.
However, the top title is still with 322.5 metre tall Q1 on the Gold Coast It remains notable for a $9 million apartment sale, which was resold at a later date for $7.7 million.
The taller they are, the harder they fall: Q1 prices falling steeply from boom-time Surfers Paradise highs
VICTORIA
The 297 metre Eureka tower in Southbank built in 2006, remains unsurpassed. The 91 storey building pushed 120 Collins Street off the list at the time of creation.
At present, there remain no contenders looking to take the crown.
WESTERN AUSTRALIA
The upcoming Concerto building, as part of Finbar’s Symphony City redevelopment at 193 Adelaide Terrace in East Perth, will become the tallest building.
It will include 226 apartments and 38 levels, and is expected for 2017 completion.
It now has development approval and is expected to launch mid-2014.
TASMANIA
While the tallest Tasmania building is Wrest Point Casino, it appears the tallest residential title is Empress Towers, also known as “Battery Square Apartments”. It’s 42 metres high and covers 12 floors, and was built in the 1960s.
Property Observer hasn’t yet heard of any taller developments planned.
SOUTH AUSTRALIA
In late-2012, plans were being created for the potential next tallest residential building in Adelaide from developer Datong.
Located on the corner of both Flinders Street and Pulteney Street, the plans were initially for a 39-storey 135 metre tall tower. Now the tower is slated to be 110 metres tall and is expected to be of mixed use, including residential apartments. The Development Assessment Commission has now approved the ‘Palumbo Building’ as it is to be called.
It was initially expected that this would become the tallest in Adelaide of any type, a title currently held by Westpac House, however it appears that it will just miss this title. At present, King William Tower at 70 metres is the tallest residential opportunity.
NORTHERN TERRITORY
The 2008-built Evolution on Gardiner is a 99 metre 33-floor creation from Sunbuild. It initially had 2006 stated as their completion expectation.
At 8 Gardiner Street, prices ranged from $840,000 to $1.52 million.
While it appears some tall residential towers are under construction, none are looking to take the title from Evolution quite yet.
Other areas are slowly opening up for development, with height restrictions becoming higher in Alice Springs under 2010 changes.
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