Aria Signals Confidence in Apartment Market with 20-Storey Tower
Bullish Brisbane developer Aria Property Group has lodged its second residential development application within a month, in a sign of confidence for the Brisbane apartment market.
Aria has lodged a proposal for an ambitious 128-apartment mixed-use tower at 66 Hope Street with the Brisbane City Council.
The developer has tapped architecture firm Koichi Takada to design the tower, which is located on the doorstep of Brisbane’s cultural and performing arts precinct.
In a tentative lending market, the developer has tailored the offering to owner-occupiers, with three- and four-bedroom apartments, an open-air rooftop and “more than ten times” the communal open space requirement.
Aria development director Michael Hurley said Brisbane had experienced a flight to quality as the market weakened.
“If you compete on price you are going to be doing some pretty bad stuff, but if you are focusing on quality, that will allow you to stand out,” Hurley said.