Kate – Owner Occupier - Providence Property Group

Testimonial

Great experience with Providence – I’m now happily settled and I am confident in this as both a home and an investment. Providence were wonderful to deal with and were always open to answering my (extensive) questions throughout the process.

Kate - Owner Occupier

North East Brisbane

1 bed, 1 bath

Investment details

Blue-chip property in one of Brisbane’s most affluent suburbs 1.7km northeast of the CBD. The building has a range of retail destinations on ground level, with 190 one, two and three bedroom apartments spread over 14 levels above.
Located within the New Farm peninsula – an area considered to be one of the most prestigious in Brisbane. Indicative of this is Brisbane’s most expensive apartment being only 500m from this site which recently sold for a record $14.25 million.
The unit block boasts a rooftop recreation area, which has a 55m outdoor sky roof pool with waterfall, the longest rooftop pool in the country. It is also equipped with a sundeck, sunbeds, poolside bar, bathroom and shower facilities, a gym, yoga room, and a golf simulator. BBQ and teppanyaki grills, private lounges and an organic vegetable garden complete the rooftop amenities.
In addition, a strong annual average capital growth rate of 5.2% (API, July 2015) and healthy rental growth of 4.2% p.a. over the past 10 years (Residex) present a compelling picture of the development and the suburb as a quality investment.
A short 1.7km northeast of the CBD and within 200m of the scenic Brisbane River, Newstead is one of Brisbane’s most prestigious and affluent areas. The economic status of the area is highlighted by its standing as having the second-highest per capita income among all Greater Brisbane suburbs. Together with the neighbouring suburbs of Teneriffe, which ranks first in terms of individual income, and New Farm, Newstead is one of the three suburbs that make up the New Farm peninsula.

Key Investment Drivers

Over the past 20 years the New Farm peninsula has been vastly redeveloped by the Urban Renewal Brisbane (URB) initiative set up by the Brisbane City Council. It has seen 120ha of industrial or obsolete land repurposed, more than 20 heritage site redevelopments and 8,400 additional employment opportunities created. It is this type of active progress that creates appeal and ensures property is always in great demand.
The URB is continuing this gentrification of the region with a $1.1 billion development called Gasworks. The redevelopment of the Gasworks Precinct will see 103,400sqm of A-grade office space, 16.860sqm of retail space and some residential apartments delivered to the area. A large portion of this has already been delivered. The unit lies within this Gasworks Precinct and is therefore set to benefit from this massive infrastructure spend.
Newstead’s demographics, as per the latest Census, is dominated by 25 to 34-year-old individuals and couples with no children. Almost two-thirds of the entire labour force are employed as managers and professionals, translating to high earnings. This is illustrated by the suburb’s median personal weekly income of $1,276, which is more than double the $633 recorded in Greater Brisbane.
Over the past 20 years the New Farm peninsula has been vastly redeveloped by the Urban Renewal Brisbane (URB) initiative set up by the Brisbane City Council. It has seen 120ha of industrial or obsolete land repurposed, more than 20 heritage site redevelopments and 8,400 additional employment opportunities created. It is this type of active progress that creates appeal and ensures property is always in great demand.