With pre-sales totalling $117 million, Madison Heights is sure to be a striking addition to the skyline of Brisbane’s inner-city suburb of Bowen Hills.
Construction has begun on the $140 million joint venture between David Devine’s Metro Property Development and Indian company Pearls Australasia, which will see the Campbell Street project transform into a 30-level high rise apartment building.
Due for completion in mid-2013, the joint venture project is currently being built by Canberra construction company PBS Building, and will provide 550 jobs at its peak.
Featuring 308 apartments, only 40 apartments remain available for purchase, placing Madison Heights as the top-selling high rise project in Brisbane as of May this year.
As a result of its strong performance in sales, the Madison Heights project has scored a funding agreement with the Commonwealth Bank.
The residential building will house 8 studio apartments, 228 one-bedroom and 62 two-bedroom units.
Pricing starts at $346,000 for a one-bedroom unit and $556,000 for a two-bedroom, two bathroom apartment.
The Madison Heights project joins two other projects under the Metro and Pearls partnership, including Brooklyn on Brooks in Fortitude Valley and the sold-out Chelsea Tower, also in Bowen Hills.
Pearls Australasia joint managing director and CEO, Paul Brinsmead, believes that the sales and construction of Madison Heights sheds light on the market’s avid support towards projects that represent value to buyers.
“The fact we have got two major projects under construction and a third due to start later this year underlines the strength of the market for the right product,” Mr. Brinsmead said.
Metro Property Development’s Executive Chairman David Devine adds to this, stating that Metro has “well and truly achieved our vision of becoming the dominant force in the Brisbane apartment market”.