Consolidated Properties sells 70 apartments at Monarch Residences in Brisbane’s Toowong

In just over two weeks, Consolidated Properties has sold 70 apartments valued at more than $120m in its twin tower Monarch Residences in the trendy riverfront Brisbane suburb of Toowong.

Consolidated Properties Group has sold 70 apartments valued at more than $120m in its twin tower Monarch Residences in the trendy riverfront Brisbane suburb of Toowong since it officially launched the project just over two weeks ago.

The two riverfront towers, with 15 levels apiece, total 224 apartments and with buyers to date comprising local Brisbane purchasers from the western suburbs of the city. However, the developer said there was also increasing interest from interstate as well as from overseas buyers.

Apartments in Monarch Residences’ most popular floorplans range from 95sq m two bedroom plus two bathrooms to larger 201sq m three-bedroom and three-bathroom options with a multipurpose room attached that can be turned over to a fourth bedroom, a games room or a media room.

However, Consolidated Properties has also sold all types of apartments, from one-bedroom with multipurpose rooms to four-bedroom and four-bathroom apartments with multipurpose rooms.

Consolidated Properties said the cheapest apartments sold to date were priced at $600,000 rising to $5.1m for the most expensive units it has shifted.

A series of penthouses and riverhomes will be launched to the market towards the end of April, while early construction work has started, with completion expected late next year.

Most buyers in the $450m complex which Consolidated Properties is developing with Qualitas are owner-occupiers, while a smaller proportion of investors have purchased one-bedroom units with multipurpose rooms and two-bedroom apartments. Specifically, about 88 per cent of buyers are owner-occupiers, with 12 per cent investors.

“Local buyers like the product, but I suspect investors are going to catch on to the rental increase story in Brisbane more and more over the next six months,” said a Consolidated Properties spokesman.

The two riverfront towers feature 224 apartments with direct views of Brisbane River.

The 600 Coronation Drive, Toowong, complex features 130 metres of direct river frontage, and the project includes the restoration of the heritage-listed 150-year-old Middenbury House.

The project is set among 1.2ha of landscaped gardens, incorporating the proposed landing area for the new green pedestrian bridge connecting Toowong to West End.

Consolidated Properties chairman and chief executive Don O’Rorke said Monarch Residences would set a new benchmark for apartment living in Brisbane’s inner west on one of the best riverfront sites in the city.

Consolidated Properties’ head of residential, James MacGinley, said part of the appeal was its range of floor plans for one, two, three and four-bedroom riverhomes, apartments and penthouses.

“We’ve worked closely with our architects – Wardle and Cottee Parker Architects – to curate the right mix to appeal to a broad cross-section of buyers whether they are downsizing or right sizing. The common link across the buyers is they are all locals who understand the value of a piece of real estate that can’t be replicated in Brisbane’s inner west,” he said.

“There’s no better connected site in Brisbane especially when you consider the rail, bus, ferry, pedestrian and cycleway linkages as well as the future green pedestrian bridge.

“The landscaped gardens, including 3000 sqm of public parkland, will make people forget they are right on the doorstep of one of Brisbane’s major centres.”

Consolidated Properties purchased 600 Coronation Drive for $43.5m from developer Sunland in March 2021. The development application was filed in November 2021 and approved in July last year.

It is undertaking Monarch Residences with Qualitas, which is the project’s funding partner acting on behalf of its managed funds.

Hutchinson Builders chairman Scott Hutchinson said construction on the two towers, which will be built simultaneously, would begin in March and take about 2.5 years to complete.

“We’re looking forward to delivering another great project for Consolidated Properties Group and building on a partnership that has lasted more than 25 years,” Mr Hutchinson said.