Construction of Brookfield’s Rivello apartment tower at Portside has been fast-tracked by six months

Strong demand from local downsizing empty nesters has prompted developers to fast track by six months the construction of a Brisbane riverfront highrise development. See the pictures.

The construction of a 21-storey apartment tower in Brisbane’s Portside precinct has been fast-tracked by six months in a move sparked by demand led by local downsizing empty nesters with two locals spending $5.5m on penthouses.

Tomkins Commercial and Industrial Builders will start construction of Brookfield Residential Properties’ Rivello tower in Hamilton on the Brisbane River in October after $118m in sales were secured within weeks of the development’s launch.

More than 80 per cent of the 150 one, two and three-bedroom apartments, sub-penthouses and penthouses in Rivello have sold off-the-plan. Two local owner-occupiers bought the penthouses for than $5.5m each.

Brookfield Residential Properties’ managing director Lee Butterworth said the building program was brought forward on the back of Rivello’s strong sales debut.

“We reached the 80 per cent sales mark within weeks of launch, which has prompted us to accelerate the start of construction,” he said.

“It is a significant achievement to reach this sales milestone so quickly and is a credit to the lifestyle-centred design and desirable Brisbane River position, together with the exceptional demand in the market.”

An artist's impression of Rivello Hamilton's rooftop bar.

With construction starting six months earlier, completion of the $148m Rivello should be in late 2023. Brookfield said the availability of building supplies has been factored into the development program by the Tomkins.

Brookfield said the majority of buyers were owner-occupiers — retirees downsizing from their large family homes, generally within a 10km radius of Portside Wharf.

Strong interest also came from younger professionals, as well as an increase in interstate buyers including those from NSW and Victoria, either looking to move to Queensland in future or invest in the Brisbane market.

Rivello is the ninth building to be developed at Portside by Brookfield, which has already delivered more than 850 luxury riverside apartments.

Latest research from JLL suggests the apartment market — while well behind the general housing rebound — has surged led by owner-occupiers taking advantage of low interest rates and fiscal incentives. Investor demand is still important but has been more subdued.

An artist's impression of Rivello Hamilton's rooftop bar.

JLL senior director – Valuation Advisory Troy Linnane said the Brisbane apartment market now has a “lot of tailwinds” behind it that should see its recovery gain pace quickly over the next few years.

“Demand prospects are buoyed by an improving local economic outlook, increasing interstate migration and over the medium-term by a likely strong recovery in overseas migration,” he said.

“Winning the 2032 Olympic Games is a major confidence boost for Brisbane and should support the housing market through the direct economic activity and jobs created and indirectly via raising Brisbane’s global profile and long-term migration rates.”

An artist's impression of Rivello Hamilton's rooftop bar.

Rivello will offer a suite of resort-style amenities for residents, including a rooftop infinity-edge pool with expansive views across the Brisbane River to the CBD.

Residents will also enjoy a private dining room with kitchen and bar, a residents’ lounge, wine cellar, business centre, outdoor gardens and barbeque areas.

“The absolute riverfront location, array of restaurants, cafes, shops and the cinema, and the connectivity to the Brisbane CBD and Brisbane Airport is impossible to match and appeals to a broad range of purchasers,” Mr Butterworth said.

“Rivello is designed with lifestyle at the forefront, featuring a high-level of amenity within the building that complements all that is on offer in the precinct.

“The generous apartments are designed to maximise views and natural light through an open plan design, floor to ceiling glass and expansive balconies, so residents can relax and enjoy the picturesque location.”