Brisbane based developers Pradella have staked a further claim in the city's flourishing West End precinct with the launch of a new $260 million riverfront development. The three hectare site – previously a cardboard box manufacturing plant – was purchased in late 2007 and will now be home to Waters Edge. It is the company's sixth project in the region.

Since its launch on Saturday, there has been close to $40 million in sales with 48 of the 221 apartments sold. It is a coup for the development group, with recent studies by RP Data revealing unit prices have increased 12.5 percent over the past five years.

The development will consist of two eight-storey buildings comprising of one, two and three bedroom apartments. There are also 32 premium riverfront apartments.

Pradella's director of sales and marketing Ross Higgins says West End has become one of the city's most sought-after residential precincts and Waters Edge would be a benchmark residential project for the area. Construction on Waters Edge is due to begin in 2009 with scheduled completion expected in late 2010, early 2011.