Property developer Aurora Pacific has announced its plans to build a New York style apartment block in the heart of Brisbane, which is set to attract first home buyers and investors.
According to Aurora Pacific director Simon McGuire, the new boutique 14-storey development – otherwise known as The Apple – will be embraced by environmentalists and people looking for smaller sized dwellings the CBD.
“The smaller apartments make sense in places like the CBD, where the cost of land is high and there is an abundance of jobs and commerce,” Mr McGuire said.
“Local and interstate buyers are being drawn to the affordable asking price, as well as strong rental and capital growth possibilities,” he said.
The complex will be built on the popular Ann Street, and will include cafes, bars, a florist, fashion and other amenities.
One-bedroom apartments are set to go between $339,000 to $439,000, while larger apartments and penthouses are available for high end investors, which start at around $459,000 and $545,000 respectively.
In keeping with the New York theme, The Apple will also feature a luxury rooftop garden for residents to escape to, which will include a BBQ area, pergola, coffee machine, bar fridge, kitchenette and seating along with day beds to capture the city views.
PRDnationwide New Farm agent Adam Gray said there was a definite market for smaller apartment developments, particularly for Generation Y buyers and cashed up business executives looking for an inner city ‘crash pad’.
“Brisbane in particular needed an inner-city product which was designed efficiently and provided a solution to this affordability crisis,” he said.
“The year 2010 has become less about the square metre and more about the price point,” he said.
“The CBD has high tenant demand for single, double income no kids, young executives and students that need to be able to walk to everything.”
The project is expected to be completed in 2012.