Error message
  • Warning: array_flip(): Can only flip STRING and INTEGER values! in EntityCacheControllerHelper::entityCacheLoad() (line 73 of /srv/www/drupal7/sites/all/modules/entitycache/includes/entitycache.entitycachecontrollerhelper.inc).
  • Warning: array_flip(): Can only flip STRING and INTEGER values! in EntityCacheControllerHelper::entityCacheLoad() (line 73 of /srv/www/drupal7/sites/all/modules/entitycache/includes/entitycache.entitycachecontrollerhelper.inc).
  • Warning: array_flip(): Can only flip STRING and INTEGER values! in EntityCacheControllerHelper::entityCacheLoad() (line 73 of /srv/www/drupal7/sites/all/modules/entitycache/includes/entitycache.entitycachecontrollerhelper.inc).
  • Warning: array_flip(): Can only flip STRING and INTEGER values! in EntityAPIController->load() (line 219 of /srv/www/drupal7/sites/all/modules/entity/includes/entity.controller.inc).

Luxury Kangaroo Point development sells out whole floor apartments in just one month

Luxury Kangaroo Point development sells out whole floor apartments in just one month
Luxury Kangaroo Point development sells out whole floor apartments in just one month

Luxury development Silt at Brisbane’s Kangaroo Point, has sold out. All seven apartments have been snapped up in only one month, with more than $10 million of deals.

The complex, at 50 Holman Street, Kangaroo Park, had one apartment per floor that, from the exterior, appeared to be a commercial or industrial building, according to Place Estate Agents’ Simon Caulfield. Each of the sales were between $1.3 and $1.6 million, with $50,000 increases per floor. Sales material for online listings had the prices at $1.4 to $1.7 million.

{qtube vid:=h9GmytsfIJE}

The median price for units in Kangaroo Park is currently $475,000, with $460 as the weekly median asking rent.

These sales, which are notable at their price point, are not entirely unusual for the area. Two whole-floor apartments in the same development complex that transacted in 2012 went for the eye-watering prices of $4.13 million, and $4.62 million in the 15-level 1 Scott Street development. Bought by local owner occupiers, they were 432 square metres in size including over 100 square metres of balcony space.

The site was previously home to three houses occupied by the Burke family – relatives of renowned Captain Burke, who is the namesake for the local park.

The interior of Silt has an industrial feel, with exposed precast concrete, exposed load bearing walls and enclosed balconies with soft timber shutters.

“The latter in particular is something that hasn’t been done before; most conventional apartments have exposed glass balustrades and they’re painted, rather than having raw material on the outside,” said Caulfield.

“Once potential buyers saw the inside they were wowed with the finishes, and they loved it even more,” he said.

The development has park and river views, floor-to-ceiling glass windows and is located next to Story Bridge. Caulfield likens it to New York-style living, a style that is substantially popular the moment. In fact, Property Observer has even looked at the merits of the New York loft style designs, as presented on The Block, and how to replicate the style yourself.

Each of these apartments is 184 square metres with three bedrooms, two bathrooms, separate study and parking for two cars.

Developed by GBW Group, in an unusual twist, they waited for the project to be completed before launching them onto the market – rather than the usual approach of selling off the plan.

“This contributed to the sales success,” said Caulfield.

“It made the apartments more saleable – as soon as people saw the finished product and got a feel for it, they fell in love with it, and consequently we were able to find the right buyers quicker,” he said.

“This project was next to the Story Bridge and not on the riverfront, but we sold them for essentially record prices, and not only that, we sold them quickly.”

The sales approach was to take one apartment to market to start with, the middle floor, and once that sold they released the final six sell.

Settlement on the properties will occur for the end of this month. The buyers are said to be between mid-40s and early 60s, and included both upgraders and downsizers.

Interestingly, the majority of the sales went to buyers who were not initially looking to purchase.

“Four out of the seven buyers technically weren’t in the market, but once they saw the property - and how unique it was - many purchased on the spur of the moment,” he said.

“All of the buyers purchased with the intention of occupying the property, but one has since opted to rent out their apartment instead.”

Another apartment development from GBW Group is ready to begin on a riverfront site around the corner from Silt. The similar development will be substantially larger, with 2016 completion expected.

According to historical online listings, 50 Holman Street was purchased in a listing of a group of three sites as part of a deceased estate. Located on 334 square metres, it was advertised along with 11 Wicklow Street and 105 Main Street. All three are zoned High Density Residential, with the largest of the three being 11 Wicklow Street, at 417 square metres. The blocks were for sale individually or as a group, with 50 Holman Street the only vacant land plot.

jduke@propertyobserver.com.au

For the latest development listings, brought to you by Property Observer and partners, see our Investor Showcase.

                 

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?