Sinclair project speeds up despite tough conditions

CONSTRUCTION of two major apartment towers in East Brisbane have been brought forward despite testing times for the economy.

The dual-tower Sinclair project from Brisbane-based developer Mosaic Property will start in late August rather than October.

The site of the 122-unit proposal along Wellington Rd was formerly owned by failed “alternative investments’’ firm BlueSky, which targeted investors.

Mosaic Property managing director Brook Monahan however said Sinclair had sold strongly through lockdown, with luxury apartments targeted at owner-occupiers still in demand despite the doom and gloom.

“It’s a pretty amazing story against the flow,” Mr Monahan said.

“We’re well over 75 per cent sold.” He said the $92.5m project would create 2000 jobs through construction, and sales in July had been as busy as prior years despite the pandemic. Among the features of the project would be a sky bridge linking the two towers, which Mr Monahan said was the “first of its kind” in Brisbane. The developer, who founded Mosaic in 2004, was also upbeat about the state’s path charting its way out of the COVID-19 pandemic.

“Queensland is in a better position than any other state in the country for economic growth,” he said. “It’s just given us confidence to stick with the plan.”

The fast-tracked Sinclair project comes as the latest Australian Bureau of Statistics figures show building approvals have hit an eight-year low.

June dwelling approvals dropped 4.9 per cent, with COVID-19 slowing planned construction across Australia. Dwelling approvals in Queensland fell by 10.9 per cent.

Source: Courier Mail, 31/7/2020