Record-breaking $285 million in riverside city apartments sold in one day

A massive $285m in apartments were snapped up in a day as the much anticipated development replacing a Teneriffe gravel factory hit the market officially

Queensland has had its strongest single day of apartment sales to date, with $285 million worth of apartments sold on Wednesday.

October 30 saw two buildings in the luxury development Teneriffe Banks go on sale, with over half of the available residences sold from private appointments with developer Kokoda Property Group.

Sales on the $1.5 billion project have blowing past the previous state record for apartment sales in a single day, a little under $200 million.

A render of the design for luxury development Teneriffe Banks: created by Kokoda Property Group in collaboration with Studio McCue, Cottee Parker Architects and Carr.

Kokoda Property Founder and Managing Director, Mark Stevens, said he found the sales figures to be humbling and overwhelming.

“It’s really been an amazing response to two years of work,” he said. “The sales and level

of interest in such a short period reinforces our belief that Teneriffe is ready for a development of this scale and sophistication, and speaks to the city’s growing demand for luxury and innovation in urban living.”

The available apartments were at two of the development’s five planned buildings: The Interloom and The Skyform.

Sales on both buildings are now nearly sold out. Thursday’s sales are currently north of $100 million, expecting to break the $200 million mark.

One of Teneriffe Banks’ apartment buildings, The Ferry Building, has its homes go on the market next week.

Homes in the riverside development range from $1.5 million for a two-bedroom apartment, to more than $25 million for a premium penthouse.

Each building will be constructed by the Brisbane River on 17-27 Skyring Tce, Teneriffe. The patch of land is 17,600 sqm large, and was previously owned by the Riverside Coal Transport company.

While Kokoda Property is still searching for a builder, Mr Stevens said he felt the LNP’s state election win may help free up trade for Teneriffe Banks’ construction.

“I think it’s a positive outcome, because I think government infrastructure work may not go ahead in its volume, as it previously may have done under a Labor government,” he told the Courier Mail.

Over 200 residences are being offered at the development, with options ranging from a two-bedroom home at $1.5 million to a top-of-the-line penthouse at more than $25 million.

Kokoda Property founder Mark Stevens said he hopes the LNP’s election win in Queensland will free up potential subcontractors to construct Teneriffe Banks. Picture: Liam Kidston

In the expressions of interest phase, Kokoda Property group received around 5,000 registrations and 600 appointments for The Interloom and the Skyform, booking them up for three weeks straight.

Luxury residences in The Interloom have spaces up to 404 sqm, while homes in The Skyform reach up to 334 sqm.

Each resident at the development will receive access to private dining rooms, baths and pools, along with membership to the private Canopy Club.

The development has plans to connect Skyring Terrace back to the Brisbane River, with a public marina also being planned.

The remaining buildings include The Ferry Building, The Store Houses, and Brisbane’s first five-star luxury Kimpton Hotel. Sales for The Ferry Building will go on the market next week.

Originally published as Record-breaking $285 million in riverside city apartments sold in one day