Queensland developer Azure is releasing the final residence in its New Farm development as the appetite for riverfront living continues unabated.
The sub-penthouse on level five of One Five Six at 156 Oxlade Drive has hit the market, offering 226 sqm of internal living space, three bedrooms, three bathrooms, a three-car garage, and a 35 sqm river-facing terrace.
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Azure’s One Five Six development on the Brisbane River in New Farm is nearing completion. Image supplied.
It comes as the development finally nears completion, which is expected later this year.
The apartment is on the north-eastern side of the building, taking full advantage of the uninterrupted views of the Brisbane River and Oxlade Park, and is expected to attract offers around $8m.
The site itself sold to Azure in 2019 for $10.2m, which shows just how far prices have come since.
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“Apartment 5.02 is pretty well irreplaceable. In a building without compromise and in the best
street in New Farm, someone will be very lucky to secure it,” Azure director Trent Keirnan said.
The final residence in Azure’s One Five Six development on the Brisbane River in New Farm has hit the market. Image supplied.
Place Kangaroo Point’s Simon Caulfield, who is marketing the apartment, said buyers were becoming more demanding when it came to luxury apartments — expecting a six-star standard.
“When you consider the location, uninterrupted views, practical floorplan and quality finishes
throughout, the sub-penthouse residence has no compromise,” Mr Caulfield said.
The development will offer residents sweeping, uninterrupted views of the river and city. Image supplied.
“In the current market, a residential opportunity of this calibre is incredibly scarce. Most importantly, construction is nearing completion, where buyers have the benefit of occupying in the later half of this year.”
Mr Caulfield said Brisbane remained a standout performer at the prestige end of the market, where positive growth rates were being consistently achieved month on month.
A render of the kitchen in one of the apartments at 156 Oxlade Drive, New Farm. Picture: Supplied
“While Brisbane continues to grapple with limited inventory, particularly in premium
locations, there’s a noticeable influx of buyers, especially in the upper echelons of the
market,” he said.
“This demand underscores Brisbane’s status as an attractive investment destination,
offering a compelling mix of lifestyle amenities, urban sophistication, and comparatively
more affordable prices compared to Sydney and Melbourne.”
Azure director Trent Keirnan. Photo: supplied.
He said affluent buyers were typically looking to transition to a more streamlined lifestyle without sacrificing on quality or comfort.
With timeless architectural and interior design by Paul Conrad Architects, One Five Six offers a collection of 10 residences including a penthouse, garden penthouse and eight apartments, complemented by luxurious amenities.
A render showing the inside of one of the apartments in 156 Oxlade Drive, New Farm. Picture: Supplied.
The penthouse, comprising four bedrooms, five bathrooms, a seven-car garage, a 1500-bottle cellar, and a 200 sqm rooftop terrace with heated lap pool, sold for $11.3m in 2022.
Azure is a privately owned real estate development and investment company that has
delivered more than 1,400 terraces, units and residential lots since it was founded in 2014.
The company’s active portfolio of seven developments is valued at more than $500m, including One Earle Lane, Oakmont, and Dahlia, and it hosts a future pipeline of more than $1.3b.