Riverside apartments in the heart of the CBD will open in May 2017, with a total of 12 units set to go on sale at an average price of $1,350,000.
The new apartments will be located on the top floor of Riverside Towers, a $1.9 billion project that includes a hotel, two residential towers and a shopping precinct.
The apartments, which are scheduled to be completed by the end of 2019, will be a new addition to the Riverside property portfolio and will include a community centre, office space, an indoor fitness centre and retail space.
The project will be complemented by the construction of a residential precinct on the site.
Riverside’s development, which is part of a $4 billion plan to redevelop the north pointe site, is expected to be complete by the year 2020.
The company that owns the project, AECOM, will own a 51 per cent share in the new development.AECOM owns a 57 per cent stake in the current Riverside Towers site, while the Riverside Residential Investment Trust, which manages the Riverside site, holds the other 51 per a 51.6 per cent.
The property is owned by the City of Newport, which will continue to manage the Riverside sites.
The site has been earmarked for redevelopment for a number of years, with the redevelopment of the Riverside Towers and the nearby Riverside Towers Industrial Park.
The Riverside apartments are set to bring a new and exciting element to Newport’s revitalisation, with more than 10,000 square metres of retail space, including the first in the country to be constructed with a residential rooftop garden.