19 posts tagged “quay west”

As mentioned in a prior post, Devine is selling the French Quarter site.

Here are the sale details:  http://www.frenchquarterbrisbane.com.au/

"The French Quarter vision has been shaped by Devine Limited after extensive research, planning and design. The French Quarter includes an agreement with IHG for an InterContinental* Hotel which will complement the development. The marketing and sales success of the apartments at French Quarter is predicated on five key success drivers:

• Brisbane’s best CBD residential address.
• A “cutting edge” architectural design.
• A broad mix of 4 and 5 star apartment types.
• The Parisian style retail environment presenting to Albert Street.
• The presence of the world renowned InterContinental Hotel.

Alice Street is Brisbane’s equivalent of Macquarie Street in Sydney and Clarendon Street in Melbourne. Alice Street has long been recognised as Brisbane’s best apartment address with the presence of The Parliament of Queensland, The Queensland Club, Quay West and The Grosvenor. Buildings on Alice Street overlook the city’s Botanical Gardens and the Brisbane River with high level views as far as the Border Ranges, Moreton Bay and the Glasshouse Mountains.

Albert Street is the principal pedestrian link between the gardens and the Queen Street Mall. This active pedestrian friendly street is well patronised for its many cafés and retail shops."

Introduction

Even though the vacancy rate is increasing in Brisbane, many of the good apartments for rent are hard to find. Often, this is because the existing tenant does not leave, and when they do become available, are snapped up quickly. For the better buildings, a large percentage of the apartments are occupied by the owner, and so are not rented out. Also, onsite managers often control the rental rolls, and don't often advertise on the usual property websites (as they don't need to do so). Some have their own website. Also, onsite managers may have a relationship with executive relocation services, that are fed the better apartments.

At one time, a good specialist website for apartments was http://www.seqrents.com.au However, it seems that some buildings are not using this site anymore, or are not bothering to update their listing on this site. So, although useful, it is less useful.

The largest number of listings are located on RealEstate.com.au, but a number of onsite managers do not use this website.

You have to find out how each manager advertises his/her vacancy.

Generally, you want to avoid any buildings managed by Oaks, as they focus on short term hotel style rentals.

Inner City Brisbane:

I recommend Arbour on Grey at SouthBank: http://arbour.com.au/cms/welcome.html

Also, Saville at SouthBank is one of the nicest buildings if you get a river facing apartment: http://www.seqrents.com.au/saville/index.htm. The best thing to do here is call, because the website is not updated regularly. Telephone 07 3305 2559

If you want to live downtown, then I recommend the Admiralty Precinct. This comprises three first-tier buildings (Admiralty One, Admiralty Two and Admiralty Quays), plus River Place (good location, not as good quality) and Skyline (second tier).

Admiralty One is good value, and has some of the largest two bedroom apartments in Brisbane - http://www.admiraltyone.com.au/

Admiralty Two also has good sized apartments, and the building has great facilities. http://www.admiraltytwo.com.au/

Admiralty Quays is newer, and has a great pool, but the apartments are smaller. and it is more expensive. http://www.admiraltyquays.com/

Nearby on the river in the city is River Place, that is not as good quality, but is likely to have availability as this is a large complex. Careful of Storey Bridge noise. Great views.

On Alice Street in the city, if you can get an apartment in Quay West, that is fantastic, as it has park and river views -- for long term rentals, the best agent to try is Blockside & Fergerson for this building. Half of this building is a hotel managed, so it is easy to get short term accommodation in Quay West. All apartments are privately owned. You want to get above level 7.

For an inner city downtown building, Metro 21 is one of the better quality buildings. It has only 4 apartments per floor -- and tries to be more upmarket so is better than most buildings that aim at students -- it seems to have better availability, and some of the two bedroom apartments have three bathrooms. The baloneys are large: http://www.realestate.com.au/realestate/agent/metro+21+brisbane/mlibri
and http://www.metro21apartments.com.au/

Apartments in Suburbs

The suburbs that I recommend, due to location, transport and large number of better quality apartments, are Toowong, St Lucia, Taringa, Indooroopilly and possibly Milton and Hamilton. I don't recommend Chermside.

The newest complex in the Toowong / Taringa area is Fresh. This complex has two pools, a gym and great gardens. http://www.realestate.com.au/realestate/agent/acorn+realty+taringa/nrqhzu

Next door to Fresh is Encore, which is a relatively nice complex, with good pricing (but not as nice as Fresh, and some of the apartments are small). http://www.seqrents.com.au/encore/

St Lucia is harder to find quality -- there are few onsite managers. So you have to try local real estate agents, such as Ray White (who also has listings in Fresh).

In Indooroopilly, there has been recent construction, so there are a number of new, quality buildings. My two picks are Riva and Ciana.

Riva has apartments with great river views. It is a quiet building, with a pool, and is close to the train station and Indooroopilly Shopping Centre http://www.seqrents.com.au/riva/

Ciana is a larger new complex, in a central location, with many large apartments. There is a pool and gym, plus a bowls club! http://www.ciana.com.au/

If you want an apartment complex that feels more suburban, then Parklands at Sherwood is a great choice. Many apartments have park/rural views, and there is a great pool and bbq area http://www.centralsherwood.com.au/.

Nearby is Tennyson Reach, where you can get a large new apartment on the river. This is a new complex, but (apart from river views) not a great location.

Also, look at the posts and links on this blog.  This website has a list of most city apartment buildings, with useful information and links about them. Also, try this customized search engine.

This is a list by a selling agent about various inner city buildings:
http://www.openhouserealty.com.au/html/residential/21/apartment-buildings

Admiralty Towers One - 3 bed, 2 bath, 2 car, 148 sqm, level 19, sold in March 2009 for $1,200,000

Admiralty Towers Two - 2 bed, 2 bath, 1 car, 106 sqm, level 14 - sold in March 2009 for $725,000

Quay West - 1 bedroom, 1 bath, 1 car - 75sqm, level 4 - sold in April 2009 for $450,000

Riparian - 2 bed, 2 bath, level 41 - sold at auction for $1,400,000

Grosvenor - 3 bedrooms sold at auction for $1,535,000 on 3 July

• Felix, Apt 317, Level 31, 3 bedrooms, 3 bathrooms, over 150 sqm - highest bid $820,000, now listed at $950,000
• Willahra Tower, Apt 49, 2 bed, 2 bath, 96sqm, no bid at auction, now listed at $449,000
• Quay West, Apt 401, Level 4, 2 bed, 2 bath, 126 sqm, vendor bid of $600,000
• Roma Street Parklands, Building 3, Apt 3095, 3 bed, 2 bath, end/rear unit, vendor bid $535,000, listed at $600,000 and reported as sold
• Roma Street Parklands, Building 4, Apt 4046, 3 bed, 2 bath, lower floor with no view, vendor bid $550,000, now listed at $700,000
• SoHo South Brisbane, Apt 605, 3 bed, 2 bath, impacted by new bridge being built, highest bid $550,000, now listed at $600,000
• Toowong, 24/12 Patrick Lane, 2 bed, 2 bath, sold for $487,000
• New Farm, 7/38 Elystan Road, 2 bed, 1 bath, sold for $780,000

One bedroom for sale in Roma Street Parklands - Pinnacle - for $669,000.  Nice apartment, but that seems expensive!  Compare a one bedroom at Quay West for $450,000

Ken Woodley, the Marketing Director for Devine, left the Harbour One sales office in Hamilton this afternoon with a big smile on his face.  As he drove back to his large apartment in the Mirvac Quay West building in Brisbane, he was no doubt thinking about the 85 apartments that his team "sold" by way of expression of interest over the past two weeks in the Hamilton Harbour development.

The glossy brochure for Hamilton Harbour given out at the sales office is very impressive.  You can feel the quality in the brochure.  It is a shame that the brochure is misleading.  There are nice PhotoShopped photos (i.e., fake photos) that show happy people on balconys with impressive river views.  However, no apartment in Harbour One will have a balcony with the designs shown in the brochure, and the views will not be anywhere near as impressive (because there are buildings between Harbour One and the river.)    And is it correct to say "Waterside Living" for a building on Kingsford Smith Drive that is two blocks back from the river with no direct river views?

The apartments with the best views face West, which is not great in a Brisbane summer.

The apartments are small and expensive.  There are only three elevators for 238 apartments!  There is no gym included -- you can join a commercial gym being built on the site.  The living areas for most apartments have popcorn ceilings with oyster lights -- not the highest quality.  Many one bed apartments do not have a car park.  And a number of the one bed apartments do not even have a laundry -- not even a cupboard with a washing machine or dryer.

Type A One bedroom
41 sqm internal, 50 sqm total
No river views.
No car park.
No laundry.
Kitchen is a strip of cupboards in living room.
No room for dining table inside -- plan shows dining table on balcony.
Sliding doors to bedroom.
Price range - $295,000 to $385,000.
Price per square metre for most expensive of this design - $7,700
But if you add $50,000 for lack of carpark, then price per square metre is $8,300.

Type C One bedroom plus "extended living space"
54 sqm internal, 64 sqm total
Potential river views.
Kitchen is a strip of cupboards in entry way.
No room for dining table inside -- plan shows dining table on balcony.
No bath - shower only.
Price range - $405,000 to $495,000.
Example:  Level 7 apartment is $430,000
Price per square metre for most expensive of this design - $7,734

Type E Two bedroom
73 sqm internal, 84 sqm total
Potential river views.
Second bedroom not near second bathroom
Both bedrooms at front
Price range - $555,000 to $695,000.
Example:  Level 10 - $640,000
Price per square metre for most expensive of this design - $8,273

Type F Two bedroom
84 sqm internal, 98 sqm total
Largest two bed apartment
End apartment.
Potential river views.
Excellent glass-fronted wall to ceiling living space -- should give this apartment a wow factor!
Bedrooms at side or back -- second bedroom looks into blank wall.
Price range - $605,000 to $805,000.
Examples:  Level 10 - $690,000; Level 12 - $745,000
Price per square metre for most expensive of this design - $8,214

It would be interesting to track re-sales in the recent Devine Charlotte Towers, to see if the apartments were priced too high when sold off-the-plan.

According to REIQ, the medium Hamilton apartment price for December Qtr 2008 was $415,000, which is down 11.6% on the previous quarter.  Buying an existing apartment may be better value, or even Portside.  For example, a two bedroom apartment in Admiralty Two, with direct river views and absolute river front, can be purchased for less than $650,000 (106 sqm) and is less than $6,000 per sqm.  A one bedroom in Quay West, where Ken Woodley lives, is about 74 sqm, includes a car park, and is about $440,000 (less than $6,000 per sqm).

Meriton's Soleil, its first building in Brisbane, launches this weekend.  (Completion of the building is planned for 2011 or 2012.)

It will be 74 levels, and 234 metres high, located at the end of Adelaide Street, behind Skyline and next door to Macrossan (which is under construction).

Floors 31 to 64 contain the apartments that Meriton will sell.  Floors 65 to 74, comprising 42 apartments, are not for sale.  Floors 30 and below will probably be 175 serviced apartments, owned and managed by Meriton.  A total of 188 apartments will go on sale this weekend.  They are 1 to 3 bedroom apartments.  The 2 and 3 bed apartments have 2 bathrooms, and an underground carpark (up to 10 levels below Adelaide Street level).

On the higher floors (above level 41), there are five apartments per floor.  There are 3 elevators for about 220 apartments, which is not a great ratio.  (Admiralty Two, just nearby, has 191 apartments and six elevators.)

None of the apartments have balconies.  Airconditioned, full length windows, and floor to ceiling tiles in the bathroom.  Indoor pool and gym.

Here are some example two bed, two bath apartments:

Apartment 6001, level 60, views south down the Brisbane River over the top of Skyline, 79 sqm and 1 car park.  Listed for sale at $823,000, which is about $10,400 a sqm.

Apartment 4205, level 42, limited views between Admiralty Quays and River Place, but good views over All Hallows, 83 sqm and 1 car park.  Listed for sale at $672,000, which is just over $8,000 per sqm.

Apartment 5204, level 52, views over Admiralty Quays, 78 sqm and 1 carpark.  Listed for sale at $688,000, which is just over $8,800 a sqm.

Compare existing, older stock of 2 and 3 bedroom apartments nearby:

• Admiralty Two, Level 4, direct riverfront, 103 sqm (including balconey), listed at $720,000 
• Skyline, Level 27, river views, 102 sqm (including balconey), fully furnished, listed at $720,000
• Admiralty One, Level 18, direct riverfront, 3 bedrooms, 2 carparks, 150 sqm, listed at $880,000.
• Quay West, Level 16, river and park views, 120 sqm, listed at $850,000
• River Place, Level 13, direct riverfront, 116 sqm listed at $675,000 or $675,000

From what I can tell, the current actual sales price for direct riverfront apartments in the city is between $6000 and $7000 a sqm.

Overall, Soleil is in a great location, the floor plans seem to be well designed, and Meriton will deliver.  Care should be taken when selecting, as some apartments will not have great views due to neighbouring buildings -- but some apartments should have great views (if you like heights!).  The apartments are a little small for my liking, and I am not sure about lack of balconey.

Apartment 905 in Quay West went to auction - 1 bedroom, 1 bathroom, 1 car, furnished.  72sqm, 9th floor with park and river views.
Highest bidder was $445,000.
Now listed for sale at $470,000.

Residex have launched a new service, FindMeAHome.  From my quick review, it is not very user friendly or accurate.

Using a map interface, it lists properties for sale. First, the list is not comprehensive. Second, it lists properties for sale that have been sold.  When selecting a property, it gives an indicative value. For the apartments that I looked at, the indicative value is not very accurate.

For example:

• A two bedroom apartment in Quay West - indicative value given as more than $1,348,000. This apartment would be, at best worth in the $800,000s.
• A one bedroom apartment in Charlotte Towers - indicative value given as more than $731,000 to $837,000. This apartment would be, at best worth $400,000 (most likely $360,000.)
• Casino Towers, Apt 3702, indicative value given as more than $1,166,000. This apartment recently sold at auction for $705,000.

There are many other examples, including for suburban houses. John Edward's has clearly got this wrong.

Mirvac built (and continues to manage) the Quay West apartment building in Brisbane's Alice Street, overlooking the botanical gardens.  Large one and two bedroom apartments on the lower levels, with penthouse apartments on the top 5 levels.  One of the residents is a senior person from Devine, who is constructing the French Quarter development next door.  The French Quarter development will move the prices of Quay West even higher.

One bedroom on level 9, listed at $525,000
Two bedroom on level 16, listed at $850,000