Construction commences this week on Brisbane’s tallest residential building, Brisbane Skytower.

At 274 metres it will be the third tallest residence in Australia, only behind Q1 on the Gold Coast and Eureka Tower in Melbourne.

A joint venture between Sydney-based property developer Billbergia and leading fund manager, AMP Capital, the 90 storey tower has already generated more than $340 million in sales with 50% of its units selling out in the six months since its launch.

Leading building company Hutchinson’s has been appointed to undertake the lift core construction works based on Margaret Street, with an anticipated completion date for the first stage from late 2017. The builder has already transformed the eight basement levels of the building into a public car-park which will open in the first week of May 2015.

Billbergia Managing Director and Co-founder John Kinsella said that with its unique CBD position and innovative design, it was no surprise Brisbane Skytower had proven a hit with buyers and investors.

“Brisbane has a passionate desire to become one of the world’s top ten lifestyle cities, but unlike Sydney and Melbourne it was missing a landmark building to complement its cityscape – now that’s no longer a barrier,” he said.

“In addition to being the city’s tallest building, Brisbane Skytower also boasts an unrivalled investment opportunity for those wanting to be a part of Brisbane’s journey towards world city status.”

“The premium, yet attainable, proposition on offer at Brisbane Skytower will allow locals, as well as interstate and international purchasers, to invest in Brisbane’s ongoing transformation,” Mr Kinsella said.

The project will deliver approximately 1,119 residencies comprising a mix of one, two, and three bedroom apartments through to sub-penthouse and penthouse apartments.

Prices start from $425,000 for a one bedroom apartment with registrations now open ahead of the global launch of the second stage on 10 April 2015.

Urban Developer.