The five-tower, 900-apartment residential complex in Brisbane’s inner north has been given the green light by the Brisbane City Council.

THE final building in a five-tower, 900-apartment residential complex in Brisbane’s inner north will be built following approval to design changes.

The $400 million Newstead Central project from Metro Property Development is being built in stages next to the heritage-listed Waterloo Hotel and a former woolstore at Newstead.

The 20-storey fifth apartment block, named Como, which was approved by the council this week, will hold about 200 one- and two-bedroom units.

Metro Properties marketing director Ken Woodley said units in the building would go on sale next year.

The building underwent a redesign ahead of this week’s final development approval, with Cox Architecture increasing the number of apartments in each floor from 10 to 11.

The five towers are between 16 and 20 storeys and sit above a commercial and retail precinct.

Construction on the second and third apartment blocks is under way and is expected to finish next year.

The Como building is the last of five buildings at Newstead Central. Picture: Supplied

Work on the fourth building, which also had minor changes approved this week, has begun and is due for completion in March 2018.

The first building, Aqua, was completed midyear and is now renting. All of the units in the first three stages sold out, while the third building is 80 per cent sold.

Despite continued talk of oversupply in Brisbane’s apartment market, Mr Woodley said he had never seen such demand for unit rentals.

“I can’t believe the demand for the rent,” he said.

“What’s happening is the younger demographic are moving out of the suburbs and into the city and looking for a nice place to live.”

Mr Woodley said renters were also moving out of older apartments and into the newly constructed apartments available. The market demand was for the one and two-bedroom apartments the developments provided.