Skyhomes Fetch Nearly $30 Million, Luxury Market Booms

Kangaroo Point is cementing its status as a luxury property hotspot with the latest sales at River House development totalling close to $30 million for just four skyhomes.

Development managers Fortis confirmed the sale of four whole-floor luxury residences in River House, a project that is transforming the Kangaroo Point skyline. The sales reflect the suburb’s growing appeal to high-end buyers, with prices showing a marked upward trend. Two residences sold for $6.8m and $6.5m before site demolition, while two more recently commanded even higher prices of $7.9m and $8.2m.

River House, currently in early construction on the Kangaroo Point riverfront, will feature 14 whole-floor luxury apartments upon completion. The development is strategically located just 1 km from Brisbane City Council’s forthcoming $190m green bridge, which will provide a direct link between Kangaroo Point and the CBD, further boosting the suburb’s desirability.

Photo Credit: Fortis

Place Kangaroo Point agent Simon Caulfield highlighted the area’s transformation, stating, “Kangaroo Point’s luxury real estate market is undergoing a significant shift. Local buyers are now competing with interstate investors, willing to pay premium rates for luxury full-floor residences in this prime location.”

Photo Credit: Fortis

The suburb’s appeal lies in its proximity to the city centre, coupled with its quieter, more exclusive atmosphere. River House capitalises on this, offering residents unparalleled views of the Brisbane River and city skyline, along with the convenience of inner-city living.

Photo Credit: Fortis

“River House is designed to set a new standard for luxurious living in Kangaroo Point. The strong sales demonstrate the high demand for premium properties in this unique suburb,” Fortis associate director Dan Boman said.

Photo Credit: River House – Kangaroo Point

The development features bespoke architecture by Plus Architecture and interiors by Mim Design, aiming to complement Kangaroo Point’s existing mix of heritage homes and modern apartments.

As Kangaroo Point continues to attract luxury developments like River House, it’s rapidly becoming one of Brisbane’s most prestigious suburbs. The area’s transformation is driven by both local and interstate buyers seeking high-end properties that offer both lifestyle benefits and strong investment potential.

Published 5-July-2024

Brisbane Approves Plans for 15-Storey ‘River House’ in Kangaroo Point

Developers have cleared a major hurdle for constructing a proposed 15-storey apartment tower called ‘River House’ in Kangaroo Point, after receiving approval for the project, bringing the high-rise building one step closer to breaking ground.

Read: Sydney-Based Developer, Fortis, Lodges a Kangaroo Point Riverfront Apartment Tower Proposal

The luxury development from Fortis Property Group, designed by Plus Architecture and featuring interior design by Mim Design, will bring 14 high-end residences to the neighbourhood.

The site at 44 O’Connell Street has sat vacant for years, but construction is now slated to begin in the second quarter of 2024 according to Fortis. The project, estimated to cost around $100 million, will have three levels sitting above a 1,196 sqm site.

river house
Photo credit: Plus Architecture

The group acquired the land from previous owner Joe Adsett earlier this year after plans for a similar 14-unit tower were approved but later revoked in 2021 due to legal proceedings.

Photo credit: Plus Architecture

River House will consist of 14 three-bedroom apartments, each with a multipurpose room and expansive views of the Brisbane River and city skyline. The penthouse will additionally feature a private rooftop terrace and pool. Wellness facilities like an infinity pool, sauna, steam room and landscaped gardens will provide amenities for residents.

river house
Photo credit: Plus Architecture

The plans also call for 46 total car parking spaces to be built across three underground levels – 43 resident spots and 3 visitor spaces. Vehicle and pedestrian access to the tower would be provided through the current single-lane crossover and driveway on O’Connell Street to the west side of the site.

Read: Elevated 30-Storey Residential Tower Planned for Brisbane’s Dockside Precinct

While best known for luxury developments in Sydney’s prestigious neighbourhoods, River House signifies Fortis Property Group’s inaugural project in Queensland as the developer expands its footprint.

River House is set to launch to buyers in mid to late November 2023, with estimated completion by late 2025. The new development promises to bring modern luxury living to one of Brisbane’s most desirable neighbourhoods along the river.

Published 21-November-2023