Saturday, January 12, 2008

Devine's Plans for Alice Street

As reported in the Courier Mail in late December 2007:

BRISBANE is about to get its most expensive apartments, as local developer Devine prepares to launch a French-inspired project boasting units priced at up to $15 million.

The price tags will far exceed the $12.36 million being asked for apartments in a proposed Kangaroo Point development, Scott Street, unveiled earlier this year.

Property records reveal the highest price paid so far for a Brisbane apartment was the $7.37 million shelled out for the penthouse in Riparian Plaza, while several units at New Farm and another at Hamilton have all topped $5 million.

The yet-to-be-built Vision tower between Mary and Margaret streets has a two-level apartment that sold for $3.89 million.

Penthouses in Skyline, on Macrossan St, are expected to bring $5 million-plus.

Devine managing director, David Devine believes the Brisbane market is ready to accept apartments of this value.

The apartments will be part of a French Quarter precinct on sites Devine owns on the corner of Albert, Alice and Margaret streets in the city heart.

The first stage will feature a tower with a luxury six-star hotel, the apartments on top, retail and commercial space on the lower levels and Parisian-style cafes and walkways.

An international design competition for the building has been whittled down to a shortlist of three.

Devine marketing director Ken Woodley hopes a final decision will be made on the design early in the new year.

He said there would be 70 to 90 residential apartments above the hotel on the Alice St site. These would range from 300sq m to 800sq m and cost $2.5 million to $15 million.

Mr Devine said while there would be only one penthouse, luxurious sub-penthouses were expected to fetch $12 million to $15 million. Another international competition will be held to design the interiors of the apartments, which Mr Devine said would feature the highest quality finishes available.

The building will incorporate the latest in "technomenities" – the latest generation smart home technology.

This will include automated systems for lighting and climate, in-home entertainment and electronic concierge services.

Mr Woodley hopes work will start on the development in the second quarter of 2009, with completion in late 2012.

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