RESIDENTIAL PROPERTY
Developers of a new CBD apartment block believe they are on a winner by bucking the “bigger is better” marketing trend of the past.
Local developer Aurora Pacific is about to launch New York style project The Apple which it says is “at the frontier of a downsizing movement that’s embraced by environmentalists and that challenges decades of a bigger-is-better trend in Australian homes”.
The boutique 14-storey development will be built on Ann Street with frontage to the new Poppy Lane – one of the new laneways to be constructed in the city heart which will consist of cafes, bars, a florist, fashion and other discoveries. As well as 48 one-bedroom apartments ranging from $339,000-$439,000, The Apple building will include four one-bedroom penthouses, which are being marketed at $545,000.
And four larger podium apartments with large balconies ($459,000). A free scooter, and a place to park it, is on offer to buyers of the apartments.
Aurora Pacific director Simon McGuire is confident the project will be well received by the Brisbane market. “The smaller apartments make sense in places like the CBD, where the cost of land is high and there is an abundance of jobs and commerce,” he said.
“Local and interstate buyers are being drawn to the affordable asking price, as well as strong rental and capital growth possibilities.”
The Apple will feature a luxury rooftop garden for residents to escape to which will include a BBQ area, pergola, coffee machine, bar fridge, kitchenette and seating along with day beds to capture the city views. “Every owner has access to the private roof garden with river and city views for functions, gatherings, relaxation, Riverfire and New Year’s Eve as part of the purchase price,” Mr McGuire said.
Agent Adam Gray of PRDnationwide New Farm said there was a definite market for smaller apartment developments, particularly for Generation Y buyers and cashed up business executives looking for an inner city ‘crash pad’.
“Brisbane in particular needed an inner-city product which was designed efficiently and provided a solution to this affordability crisis,” he said.
“The year 2010 has become less about the square metre and more about the price point,” he said.
“The CBD has high tenant demand for single, double income no kids, young executives and students that need to be able to walk to everything.”
Mr McGuire hopes work will start on the development in the last quarter of 2010, with completion in early 2012. For more information visit www.theapplebrisbane.com.au
