Spyre Group Readies $110m Riverfront Tower

The Urban Developer

8 July, 2022

Ted Tabet

Spyre Group is readying its latest project, a $110-million riverfront apartment tower in Toowong, as demand for luxury apartments continues to rise higher amid falling supply.

The 10-level plus rooftop development, which was lodged late last year for an amalgamated 1500sq m site at 570 Coronation Drive, will offer 27 three-bedroom apartments and a four-bedroom penthouse.

Spyre Group joint managing director Daniel Laruccia said construction on the Toowong project is slated to begin early next year.

“A customer in one of our developments is not your typical buyer,” Laruccia said.

“Demand for these local premium listings comes in response to prestige homebuyers investing more in their homes as personal sanctuaries, a trend in Brisbane influenced by the interstate pilgrimage to the Sunshine State.”

It will neighbour the Regatta ferry terminal and will hold a 65m direct river frontage facing towards Brisbane’s CBD.

YPM group director Bryce O’Connor, who will be organising the sales for Arc, said Spyre Group’s vision had been backed up by its ability to mobilise a team of “extraordinary” suppliers.

“Arc is an incredible opportunity not only because of its rare position but because of the what the team at Spyre Group have created for the site,” O’Connor said.

“The interest from local buyers has been extremely strong and we expect buyers to move quickly.”

The announcement comes off the back of the success of Glasshouse another apartment project Spyre Group is undertaking on the Gold Coast.

The project, proposed for a 500sq m site at 10 Goodwin Terrace, smashed off-the-plan records in Burleigh Heads earlier this year after the penthouse sold for $20 million.

Meanwhile, in New Farm, Sypre Group is preparing to launch a similarly scaled riverfront project at 65 Moray Street.

As well, the developer is finalising construction on a project in Burleigh Heads, Natura, and is advanced on the construction of a 29-apartment project at 144 Marine Parade in Coolangatta dubbed Cala Dei.

The launch of the Toowong project to market comes as the rate of prime apartment sales in Brisbane and the Gold Coast continues to pick up.

Brisbane property prices further escalated with the onset of Covid when people placed a higher value on privacy with interstate migration to the Sunshine State also propelling Queensland’s property market.

According to Corelogic, Brisbane house prices increased 32 per cent in the year ended March compared with 15 per cent growth for units over the same period.

Rightsizers, or those downsizing to luxury apartments, have continued to target mostly newly built or off-the-plan high-rise apartments in Brisbane, where the lack of new stock has forced buyers to look at existing properties.