Brisbane’s inner east is proving a hotspot for apartment activity, with savvy buyers snapping up almost half of the 56 apartments at $25 million development Mowbray East Brisbane in just ten weeks.
Developer QM Properties launched the boutique mixed-use project to the market in April and has been overwhelmed with the pre-construction response to its one and two bedroom apartments.
QM Properties Project Manager Nick Haseler said buyer profiles to date indicated strong interest from local Brisbane investors, as well as from interstate where buyers are seeing value in the Brisbane inner city market
“It’s not just long-time southside locals that value the area’s investment potential, but uncharacteristically, we’re also seeing northside residents bypass suburbs like Hamilton, Bowen Hills and Newstead to cross the river for their next purchase,” Mr Haseler said.
“Investors tell us they’re being drawn to Brisbane’s inner East fringe due to the limited supply of new mixed-use boutique living here and the area’s popularity amongst renters, with over 50% of East Brisbane residents renting.”
Mowbray East Brisbane has also proved popular with owner occupiers from surrounding suburbs, looking to downsize within the same community and enjoy the added location and lifestyle benefits, but still have room to move due to the larger than average apartment sizes. The fact that 247,000 jobs are within a ten minute drive which has also proven popular with all buyers
“One particular buyer is a keen traveller and was attracted by the low maintenance design and convenient ‘lock and leave’ aspect offered by Mowbray East Brisbane,” Mr Haseler said.
“Apartments start from just $339,000 and, with strong rentals achievable, we’re confident the majority will sell out before construction starts in September.”
The development’s site, located on the corner of Lytton Road and Manilla Streets East Brisbane, is next to the Shafston Hotel, adjacent to IGA and three restaurants, and close to bus stop, ferry and CityCat stations.
The nine-level development will also feature street-level commercial, a residents roof top terrace, a basement car park and secure bicycle parking, with apartments boasting generous balcony spaces, unrestricted river and city views, efficient practical designs and smart storage.
QM Properties is one of the largest and most successful private property development companies in Queensland with more than 40 current projects throughout south east Queensland including award winning work at master planned communities such as Pacific Harbour at Bribie Island and Noosa Waters, along with commercial precincts like ‘The Barracks’ on Petrie Terrace.
The Mowbray East Brisbane on-site sales office is open Wednesday to Sunday 12pm to 4pm or by appointment More information is available at www.mowbrayeast.com.au or by phoning 1800 354 443