Trilogy or Soleil?

With Empire Square and Vision both gone, it seems that the only two large inner city high rise on the horizon are Trilogy Tower and Meriton's Soleil. Both are similar heights, in a similar location, and are apartments without balconies. Both will have hotel / serviced apartments. Both will complete about the same time. I hear that some people who were initially interested in Trilogy are now interested in Soleil. They are different products. Soleil is cheaper on a price per sqm basis, and probably a different level of quality.

Trilogy (Mirvac managed hotel apartments) (residential apartments not yet on sale so not part of this comparision)

• 16 apartments per floor, over 12 levels. 192 apartments in total
• 3 elevators
• 1 and 2 bedroom configurations
• sold furnished, if one signs up with Mirvac
• 6% rental guarantee
• on sale for more than 3 months
• about 60 to 70 reported as sold
• one bedroom size - 53 to 59 sqm, most without car parking
• two bedroom size - 70 to 89 sqm, with 1 car park

Example pricing for 1 bedroom:
Level 35, East view - $530,000
Level 41, East view - $555,000
Level 41, River view - $570,000
2 bedrooms:
Level 35, river view - $890,000
Level 37, corner apartment, NE river view - $945,000
Level 37, corner apartment, SE river view - $940,000

Soleil - residential apartments

• 5 to 7 apartments per floor. 188 apartments on sale, with others being held by developer
  
• 3 elevators
• 1, 2 and 3 bedroom configurations
• sold unfurnished
• rental guarantee
• on sale for about 10 days
  
• less than 10 sold
  
• one bedroom size - 46 to 62 sqm, without car parking
• two bedroom size - 71 to 83 sqm, with 1 car park

2 bedroom apartments
Level 31, city view over Adelaide Street: $509,000
Level 40, views over All Hallows: $615,000
Level 42, views towards The Valley: $610,000
Level 42: views of River Place, and maybe Storey Bridge: $672,000
Level 47: views over Skyline towards the river: $755,000

Soleil Tower Sales Launched Today

Meriton's Soleil, its first building in Brisbane, launches this weekend. (Completion of the building is planned for 2011 or 2012.)

It will be 74 levels, and 234 metres high, located at the end of Adelaide Street, behind Skyline and next door to Macrossan (which is under construction).

Floors 31 to 64 contain the apartments that Meriton will sell. Floors 65 to 74, comprising 42 apartments, are not for sale. Floors 30 and below will probably be 175 serviced apartments, owned and managed by Meriton. A total of 188 apartments will go on sale this weekend. They are 1 to 3 bedroom apartments. The 2 and 3 bed apartments have 2 bathrooms, and an underground carpark (up to 10 levels below Adelaide Street level).

On the higher floors (above level 41), there are five apartments per floor. There are 3 elevators for about 220 apartments, which is not a great ratio. (Admiralty Two, just nearby, has 191 apartments and six elevators.)

None of the apartments have balconies. Airconditioned, full length windows, and floor to ceiling tiles in the bathroom. Indoor pool and gym.

Here are some example two bed, two bath apartments:

Apartment 6001, level 60, views south down the Brisbane River over the top of Skyline, 79 sqm and 1 car park. Listed for sale at $823,000, which is about $10,400 a sqm.

Apartment 4205, level 42, limited views between Admiralty Quays and River Place, but good views over All Hallows, 83 sqm and 1 car park. Listed for sale at $672,000, which is just over $8,000 per sqm.

Apartment 5204, level 52, views over Admiralty Quays, 78 sqm and 1 carpark. Listed for sale at $688,000, which is just over $8,800 a sqm.

Compare existing, older stock of 2 and 3 bedroom apartments nearby:

• Admiralty Two, Level 4, direct riverfront, 103 sqm (including balconey), listed at $720,000
• Skyline, Level 27, river views, 102 sqm (including balconey), fully furnished, listed at $720,000
• Admiralty One, Level 18, direct riverfront, 3 bedrooms, 2 carparks, 150 sqm, listed at $880,000.
• Quay West, Level 16, river and park views, 120 sqm, listed at $850,000
• River Place, Level 13, direct riverfront, 116 sqm listed at $675,000 or $675,000

From what I can tell, the current actual sales price for direct riverfront apartments in the city is between $6000 and $7000 a sqm.

Overall, Soleil is in a great location, the floor plans seem to be well designed, and Meriton will deliver. Care should be taken when selecting, as some apartments will not have great views due to neighbouring buildings -- but some apartments should have great views (if you like heights!). The apartments are a little small for my liking, and I am not sure about lack of balconey.

Soleil - Meriton's New Adelaide Street Highrise

Soleil is taking expressions of interest and they have started advertising.

"At Meriton we never compromise on quality with any of our apartments. You will always get the very best of everything at an affordable price. Meriton the country's only major developer that is 100% Australian owned and managed will be building a 74-level tower situated on Adelaide St within Brisbane's CBD called Soleil.

Soleil will be the most impressive building in Brisbane, with superb, affordable luxury apartments starting from the 31st floor, maximizing the outstanding views at every turn. This development will also include 30 commercial offices, 3 retail shops and 175 serviced apartments.

As with many Meriton developments, Soleil will have access to resort style facilities: an indoor heated lap pool, gymnasium, spa, sauna and theatrette."

As you can see from the image below, it blocks out Skyline completely.

Meriton on Adelaide Street

See Brisbane Times article

"...Meriton last week resubmitted plans for a new 250m building, to be constructed on the corner of Adelaide and Macrossan streets, which it describes as "tall, slim and elegant".

The tower's facade comprises grey-coloured glazed windows broken up by "continuous vertical elements" and horizontal perforated metal screens, according to Meriton's new development application.

Large expanses of clear glass on lower levels will create a colourful and active footpath space, the developer said. It plans to include street-level retail space for restaurants and cafes.

The highrise tower will combine a mixture of serviced and residential apartments, while a three-storey podium will include commercial space.

The building will also boast a 10-level basement car park that is tipped to require one of the biggest excavation efforts in the city's construction history...."

Photos

Meriton's Adelaide Street Tower

Meriton's large skyscraper for Adelaide Street in Brisbane has been redesigned. It is located next door to the Macrossan Apartments (under construction) and Skyline.

More details here.