90% of $72m East Brisbane development sold in just six weeks

Following the success of The Sinclair by Mosaic in East Brisbane, Mosaic Property Group's latest $72m Brisbane apartment release is approaching sell-out in less than two months after a strong response from local buyers.

In a prime riverside position on Archer Street in Toowong, The Patterson by Mosaic recorded the convincing performance within just six weeks of its October soft-launch, at an average sale price of $1.2m.

With all but a handful of the 62 apartments over 16 levels secured during challenging COVID-driven conditions, The Patterson proves there is a robust appetite for exceptionally designed, high-quality, low maintenance living in Brisbane’s inner-west.

This latest achievement follows Mosaic's early 2020 launch of its $92m The Sinclair in East Brisbane, which sold over 85% through the COVID pandemic. The result made it one of Brisbane's best-selling projects this year and allowed construction to commence six weeks ahead of schedule. 

Designed in partnership with acclaimed architecture firm Rothelowman, The Patterson experienced rapid momentum, particularly from down-sizers and empty nesters seeking to "right-size" to a premium property close to retail, dining, and entertainment. 

Mosaic Property Group Founder and Managing Director, Brook Monahan, said the result was a direct response to buyers who follow the Mosaic brand closely and quickly recognised the scarcity and compelling nature of the offering. 

"Patterson by Mosaic is a really special mix of spectacular architecture, incredible amenity, and beautiful living spaces that take full advantage of a rare, elevated, riverside location. Add to this, a position on the doorstep of the very best Brisbane has to offer, this collection of stunning residences will be a true address of distinction.

"Our commitment to quality and craftsmanship comes to the fore with The Patterson. No expense is spared to create homes that feel as good as they look, in what is an exceptional, blue-chip location, rich in character and history."

Apartments range in size from a generous 96sqm for 2-bedroom to an expansive 243sqm for 3-bedroom. Mr Monahan said some buyers jumped at the opportunity to merge apartments and create their ultimate riverside home complete with breathtaking river, city and hinterland views. 

"Several clients have amalgamated two properties to create ultra-luxurious Sky Homes, some boasting 300sqm of total living space. You simply cannot find anything that compares in the inner-west."

Enhancing its appeal is an extensive range of high-end resident amenity, including a ground-floor café, health and wellness centre, wine room, library, and rooftop recreation level with sweeping city and river views, an infinity-edge pool, fire pit, and private dining. A concierge service completes the impressive suite. 

The Patterson is just steps to the Brisbane River, Bicentennial Bike Path, Toowong Village, Regatta Hotel, the new $450m Toowong Town Centre, and the planned Toowong to West End Green Bridge. In close reach is Queensland University of Technology, Wesley Hospital and Indooroopilly Shopping Centre.

Mr Monahan said that in addition to a sizable VIP waitlist, they were inundated with enquiries the moment a sign went up on site.

"There is a real appetite from people chasing the incredible offerings of Brisbane's inner-west, which is why we have invested so much in this area over many years and will continue to do so.

"Over 60% of buyers are from the immediate and surrounding area, demonstrating the confidence they have in the calibre of what we are consistently delivering. It is great news for those who moved quickly and purchased early as this is a project that will be very challenging to replicate in the future.

"We feel very fortunate to have the opportunity to bring this vision to life and provide a lasting legacy that delivers enduring value to the local community and the people that reside there."

Mr Monahan added that despite the extreme challenges created by COVID-19, 2020 had been a notable year on many fronts for Mosaic which has a current $1billion pipeline of projects being delivered across South East Queensland over the next 3-4 years.   

"September saw Mosaic achieve the highest number of sales in our history across our three core markets and we are continuing a similar trend into Christmas.

"We also have a number of really exciting new releases over the coming 12 months, and our construction arm is powering ahead with completing five developments with a combined value of over $400m in 2021."

The Patterson by Mosaic has a limited range of luxury residences remaining, with 2-bedroom priced from $720,000 and 3-bedroom from $1,505,000 and is due for completion in mid-2022. For more information visit www.thepattersonbymosaic.com.au