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MIRVAC (ASX:MGR) has made $165 million in settlements since launching the second stage of its Unison development at Newstead at the start of this year.
The $200 million development, which completed construction at the end of February, is now 90 per cent sold.
Mirvac Queensland residential general manager Warwick Bible (pictured right) says that a significant amount of sales were to buyers from the Brisbane area looking to make the switch to apartment living.
"We've seen a clear trend towards functional apartment living from buyers currently residing in more traditional dwellings within Brisbane's inner-north suburbs," says Bible.
The last collection of Unison apartments are now available, with prices from $437,000 for a one bedroom apartment to $875,000 for a three bedroom apartment.
The elevated site, with Brisbane city views, was secured in an off-market deal and is located on Gardner Road, 4 kilometres south-east of the Brisbane central business district.
Mirvac is planning to deliver approximately 140 homesites, which are expected to be put on the market in late 2017.
Data from CoreLogic shows the median house price in Rochedale has increased 9.5 per cent in the 12 months to December 2016, to $1.051 million.
The acquisition comes after the success of Mirvac's most recent inner Brisbane residential communities - Aston Grove at Bridgeman Downs and Greystone Terraces at Everton Park.
Mirvac is also developing the Gainsborough Greens masterplanned community at Pimpama on the Gold Coast - which posted $110 million of sales in 2016 - and is planning a major community at Greenbank in the Greater Flagstone Priority Development Area, in Brisbane's south-west.
Mirvac is trading steady on the ASX today, at $2.155 per share at 10:37am AEDT.
The company recently announced a statutory profit of $508 million for the six months to December 31 2016, up 7 per cent on the previous corresponding period.
Business News Australia
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