Chef Matt Moran buys in owner occupier Abian, Brisbane apartment block

Chef Matt Moran buys in owner occupier Abian, Brisbane apartment block
Chef Matt Moran buys in owner occupier Abian, Brisbane apartment block

Celebrity chef Matt Moran has spent close to $1 million to buy an off the plan Brisbane apartment in Sunland’s Abian tower.

Matt Moran secured a two-bedroom, two-bathroom low rise apartment in the 40-level tower which overlooks the city’s botanic gardens.

Moran controls two restaurants in the city, hence his decision to buy into the curvilinear, pewter glass tower.

Moran told The Weekend Australian the fourth floor apartment could be an investment property in the future, but he is visiting Brisbane most weeks.

It’s close to the restaurants, Aria Brisbane and Riverbar and Kitchen on Brisbane’s Eagle Street Pier.

It was late 2009 when the 2067 square metre French Quarter development site was bought from Devine for $24.88 million, with an anticipated 2013-2014 construction completion date. It was in 2006 when the listed property group Devine Limited completed its aggregated site in the Brisbane CBD for $22.7 million.

The amalgamation of the 2,067 square metre site on the corner of Alice and Albert Streets involved securing the 23 units in the Carrington apartment complex and contracting to buy an adjoining vacant site at 140 Alice Street. 

Some 110 apartments of the 147 in delayed landmark Abian tower quickly only sold earlier this year at a $1.6 million average with its penthouses and a two-level 1200 square metre sky villa still available for purchase at $16 million.

Construction of Abian, which is adjacent to Quay West on Alice Street, is due to start mid-year, with a reported 2017 completion.

The Sunland apartments will feature hand-applied gold leaf on the ceilings of its public spaces, 24-hour concierge, plunge pools, treatment rooms as well as Turkish baths.

RP Data recently reported the values of Brisbane’s premium unit market had increased 4.5% over the 12 months to the end of February, the strongest growth of any unit market segment in Brisbane

“There’s huge pent-up demand, particularly for luxury apartments," RP Data's Cameron Kusher suggested.

"Brisbane is much like Sydney and Melbourne 10 years ago, where we started to see a lot of  higher-end apartments; that trend is catching on in Brisbane.”

Over the last decade, the Brisbane residential apartment market had been catering for the investor market, according to Sunland managing director Sahba Abedian whose tower was pitched as the owner occupier.

At least 110 apartment blocks are planned for Brisbane, according to research house Urbis.

RP Data's Cameron Kusher noted this week the rising prominence of unit approvals in Brisbane is a relatively new phenomenon with unit approvals over-taking those of houses in Brisbane from June 2013.

The Gold Coast-based Sahba Abedian is moving to Brisbane where he will also oversee plans for three or four buildings on the former ABC site at Toowong.

Investors have emerged with a great presence in recent figures compiled by AFG for Queensland over April.

The mortgage broker recorded that loans to investors accounted for almost two out five (38%) of home loan arranged over the month, up from 32% in February.

AFG MORTGAGES SOLD QLD

MONTH

TOTAL NUMBER

TOTAL AMOUNT

AVERAGE SIZE

FIRST TIME BUYERS

PROPERTY INVESTORS

Feb 13

page2image144800page2image145280

1,697

page2image146520

605m

page2image147920page2image148240

$356k

page2image149320page2image149640

6.4%

page2image150720page2image151304

34.2%

Mar 13

page2image153912

1,615

564m

page2image156200

$349k

page2image157264

5.1%

page2image158328

34.5%

Apr 13

page2image161032

1,721

page2image162280

587m

page2image164152

$341k

page2image165080
page2image165552

3.5%

page2image166480
page2image166952

36.2%

page2image167880

May 13

1,803

629m

$348k

5.9%

32.3%

June 13

page2image174192

1,545

531m

page2image176480

$344k

page2image177544

5.7%

page2image178608

35.0%

July 13

page2image180632

1,799

614m

$341k

5.8%

33.9%

Aug 13

page2image187712

1,755

618m

page2image190000

$352k

page2image191064

6.0%

page2image192128

35.8%

Sept 13

page2image194472

1,756

627m

page2image196760

$357k

page2image197824

6.5%

page2image198888

35.9%

Oct 13

page2image201592

1,972

page2image202520

701m

page2image204712

$355k

page2image206112

6.1%

page2image207512

36.9%

Nov 13

1,906

686m

$360k

6.2%

33.6%

Dec 13

page2image214752

1,555

556m

page2image217040

$358k

page2image218104

6.2%

page2image219168

34.9%

Jan 14

page2image221192

1,349

473m

$350k

6.5%

33.5%

Feb 14

page2image227952

1,710

611m

$357k

6.9%

32.3%

Mar 14

page2image234576
page2image235072

1,891

704m

$372k

5.1%

37.1%

Apr 14

page2image243184

1,733

631m

$364k

4.7%

38.2%

But NSW remained the most investor-dominated market with almost one in two home loans arranged by AFG brokers over April for investment purposes. 

Investors accounted for a third or more of home loans arranged in Victoria, South Australian and WA over April.

"Investor activity does seem to be gathering pace in Queensland,” said AFG general manager Mark Hewitt noted. 

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