The Patterson: Mosaic fast-tracks 16-storey project after 90 per cent of units sold in two months

Ground-breaking for a major $72 million apartment complex in Toowong has been fast-tracked as sales reach a massive milestone despite the pandemic.

A surge in apartment sales for a 16-storey Toowong tower has prompted developer Mosaic to fast-track construction as locals snap up units at $1.2 million a pop.

Originally slated for mid-2021, groundbreaking for The Patterson has been moved forward to late March after 90 per cent of units were snapped up in less than two months.

The average purchase price for a unit was a whopping $1.2 million.

It’s the second apartment project for Mosaic to be accelerated since the COVID-19 pandemic, with the $92 million East Brisbane project Sinclair also sped up due to strong sales.

The 16-storey Patterson project, a mixture of 62 two and three-bedroom apartments, is primarily aimed at owner-occupiers.

A render of the 16-storey, $72 million Patterson tower in Toowong. Picture: Mosaic.

“Several clients have amalgamated two properties to create ultra-luxurious Sky Homes, some boasting 300 sqm of total living space,” Mosaic founder and managing director Brook Monahan said.

“There is a real appetite from people chasing the incredible offerings of Brisbane's inner-west, which is why we have invested so much in this area over many years and will continue to do so,” Mr Monahan said.

He said 60 per cent of buyers were from the “immediate and surrounding area.”

Despite the COVID-19 recession, Mr Monahan said Mosaic was on track to complete five developments at a total value of $400 million through 2021.