Tennyson Reach, QLD

Tennyson Reach
173 KING ARTHUR TERRACE, TENNYSON, QLD

DESCRIPTION

Tennyson Reach is located on north-facing riverfront land, approximately 8km from the CBD. The Queensland Tennis Centre occupies the southern half of the site with Tennyson Reach on the riverfront.

RESIDENTIAL – TENNYSON REACH

  • > 207 apartments over 3 buildings up to 11 storeys
  • > Stage 1 comprises 115 apartments, released in June 2007 with 111 exchanged. The average price point was $1.65m and gross revenue of $188 million. Stage 1 was completed in April 2009 with settlements commencing in May 2009. 111 apartments have settled to date and there are 4 apartments remaining for sale.
  • > Stage 2 comprises 92 apartments, released December 2007 with in excess of $57 million sold to date, 50 contracts exchanged and a total forecast revenue of $91 million. Construction was completed in January 2010 and settlements commenced in March 2010.
SUMMARY INFORMATION – 31 DECEMBER 2011 
IN PROGRESS 
ACQUISITION DATEAug 05
LOCATIONTennyson
PROJECT VALUE (INCL. GST)$280m
TOTAL LOTS207
PROJECT PERIODmid 2007 – mid 2016
OWNERSHIP STRUCTURE100% Mirvac Limited

UPDATE

The Brisbane flood in January 2011 entered nine ground floor apartments in Stage 1 and the common basement area across both Stages. Mirvac undertook clean-up and rectification works on Common Property on behalf of the Tennyson Reach Body Corporate, and most residents were able to re-occupy their apartments by March, 2011. At Mirvac's cost (approx $1.8m), the nine ground floor apartments were rectified and handed over in May/June 2011.

In mid 2011 Mirvac made the decision to sell the balance of underdeveloped land parcels to Brisbane City Council as parkland. The sale to Council settled in June 2011 and Mirvac plans to commence parkland construction works in April, 2012. The new parkland will be directly adjacent to Stage 2, which contains the majority of our unsold stock. The Sales Centre reopened on 3 January, 2012, supported by a media campaign.