A luxury mix-use apartment development in Melbourne’s thriving CBD has been conditionally approved by the Victorian government.
One Queensbridge will comprise of a 388-room six-star hotel alongside approximately 700 apartments, a restaurant and bar.
The project is being heavily marketed towards an international audience, as well as appealing to Australian investors.
“One Queensbridge is creating a new super-prime residential market in Australia and putting us on the global map for luxury property. There is a significant international market for properties of this calibre,” said Knight Frank’s director, One Queensbridge sales and marketing, Erin van Tuil.
“Wealthy investors are more mobile than ever and investment flows are targeting new markets – including Australia. There is a growing amount of ultra-high net worth investors looking to buy into Sydney and Melbourne projects,” said Ms van Tuil.
“Considering uncertainty in global markets, following on from Brexit and the US presidential election last year, it is clear that people are looking to safe-havens such as Australia for investment and they want to deal with established global wealth advisers like Knight Frank to do so,” she said.
“According to our latest figures, there are now 187,468 ultra-high net worth investors globally – marking a 61 per cent rise from a global ultra-high net worth investor population of 116,800 in 2005. By 2025, the global population of ultra-high net worth investors is set to rise by 41 per cent to 263,483. This market is growing, and they will be looking to invest in the best-quality offerings,” said Knight Frank’s director, residential research, Australia Michelle Ciesielski.