With a lot of commentary about the inner city unit market over the last couple of years, most of which predicting a collapse is rental and sales prices, today I have a much more positive story from the front line.
FV apartment complex in the Fortitude Valley is taking the head wind of the market and forging ahead against all predictions according to Simon Petrie from 360 property group.
Over a glass of wine Simon told me that he has sold three, one-bedroom apartments, without car parks, in the $400,000s over the last three weeks.
These units are also highly sought after from Brisbane tenants as well. Open houses have been flooded with inquiries with tenants lined up to inspect these luxury apartments, with one bedrooms renting for as much as $500 a week.
So why all the fuss?
For those not familiar with this complex it’s been developed by young property developer and entrepreneur, Tim Gurner.
The unit complex sits in an area of the Valley that most Brisbanites would remember as the old ‘Den’ site at the Valley fiveways.
Now it is an exciting mirrored glass adaptation of the New York flatiron building and has transformed that part of The Valley.
The complex is getting interest from tenants because of the modern facilities that are now becoming the key draw card to new apartment complexes. FV boats an enormous gym, yoga studio and even private entertaining booths.
Over the last few years it’s these facilities that we have seen at Cavcorp and Aria developments that are helping property owners combat the downward pressure of competition.
With developers really listening to the feedback from owners and tenants, unit complexes are now more than just a place to hang your hat.
London Residences at West End, which is open to view this weekend, is an example of an inner city boutique complex that has been carefully designed with the owner occupier in mind, according to real estate agent Elisa McMahon of Ray White Spring Hill. Offering only three and four bedroom units, an executive lobby lounge, side-by-side tw0 car accommodation with storage cage and a 200sq m spectacular roof top entertaining precinct with lap pool, poolside dining and billiard tables.
As Brisbane comes of age it’s these vertical villages with extra facilities that will continue to under pin the values as tenants & buyers are seemingly voting with their wallets that they will pay for lifestyle.
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