Yungaba moves into 2013 backed by strong sales

Australand is finalising plans for the historic centrepiece of its $150 million flagship project Yungaba at Kangaroo Point in the wake of strong sales in the development’s initial stage.The diversified property group expects to start work this year on the complete restoration of iconic Yungaba House into 10 luxury residences overlooking the Brisbane River.It will follow the completion of Promontory, Yungaba’s first residential offering, featuring 68 one, two and three-bedroom dwellings with views across the river and Yungaba’s landscaped, heritage-listed gardens.Residents have moved into Promontory, which has chalked up more than $41 million in sales, representing 70 per cent of the apartments in the boutique low rise building.Australand general manager, Queensland residential division Richard Fulcher said the pace of sales, quality and volume of buyer enquiry in Promontory had encouraged the company on to the next phase of Yungaba.“Buyers have been drawn to the inner city riverside location and the unique combination of contemporary apartments with a heritage-listed house and gardens that Yungaba offers,” he said.“We experienced a definite upsurge in buyer activity once Promontory was completed and purchasers could get a real sense of the quality interiors and the spectacular views.”Mr Fulcher said buyers in Promontory were a mix of owner occupiers and astute investors, who understood the limited nature of new apartments on the Kangaroo Point peninsula.“There is a scarcity of land available for development, and certainly very little opportunity to buy property with never to be built out river views and protected heritage gardens,” he said.“Kangaroo Point is very much in demand for those looking for modern, inner-city living options and buyers are finding that at Yungaba.”All of Promontory’s one-bedroom apartments have sold but a limited number of three bedroom absolute riverfront apartments and two bedroom river or garden view apartments remain for sale, priced from $770,000 - $1,600,000.Promontory’s new three bedroom display apartment is open for viewing.  Beautifully styled by the team from SPACE furniture, the new display apartment showcases progressive and fashion-forward trends in interior design.Inspect by appointment daily between 11am and 5pm. To make an appointment, contact Australand on 13 38 38 or visit the Yungaba Sales Centre, Wharf Street, Kangaroo Point.