METRO Property Development’s $450 million Central Village development at Fortitude Valley has again raised the bar in the Brisbane apartment market, with buyers snapping up 71 apartments at the launch of Stage 2 over the weekend.
Buyers purchased a range of modern one and two bedroom apartments, which offer style and comfort in the heart of Fortitude Valley for under $575,000. Studios start from $275,000, one bedroom apartments from $353,750 and two bedroom apartments from $467,000.
The success of the second stage has prompted Metro to bring forward the release date of the third stage to late August.
Metro Property Development founder and Chairman David Devine said Central Village would be one of the most iconic addresses in Fortitude Valley upon completion and buyers were keen to buy their own slice of the stunning development.
“Central Village is a unique development in today’s market,” he said.
“It offers a level of amenity that is unparalleled in Brisbane’s inner city suburbs, with a multimillion dollar resort-style beach, lagoon and parkland complex the jewel in the development.
Residents can enjoy a man-made beach, lagoon pool, lap pool, plunge pool, shaded lawns, timber decking, ‘Queenslander’ style shade structures, BBQ facilities, kiosk and amenity block. “A minimum 50 per cent of the development will be dedicated to open green space. Other features are a rooftop terrace, gyms, BBQ areas, reading rooms and communal facilities.
“Combined with a strengthening market, steady interest rates and a central location close to transport, shopping, community facilities and the Brisbane CBD, it’s an amazing investment.” Resolution Research’s Diana Howes confirmed Central Village’s lifestyle opportunities made it a very appealing long-term choice for renters.
“This offering will demonstrate itself to be a key lure of tenants to the building and will ensure fast rental take up and longevity of rental leases over time,” she said.
She said demand for apartments in Fortitude Valley was extremely high in the current market. “Fortitude Valley is a highly coveted residential address amongst renters, with more than half of all households within Fortitude Valley currently held under rental tenure,” she said.
“The level of pent-up demand for inner city rental apartments is significant as a direct result of a distinct lack of new supply entering the market over the past five years. This is particularly the case within Fortitude Valley. Testament to this fact is the prevailing vacancy rate within Fortitude valley of 0.8 per cent, a clear indicator of supply failing to keep up with demand. The net result is the rental market is experiencing high demand.”
On completion Central Village will comprise five towers and approximately 970 apartments in a prime location less than two kilometres to the CBD, near the Valley entertainment and retail precinct and a range of employment and transport hubs. The project is expected to take approximately five years to complete.
Three heritage-listed buildings on the site will be retained, enhanced and utilised as commonuse facilities for all residents.
The development will be a blend of architecture from two of Australia’s leading practices, bureau^proberts and Deicke Richards. Apartments on upper levels will have views over RNA Place and around to the CBD and Brisbane river.
Central Village is just 150 metres away from the $2.9 billion RNA Showground redevelopment and within walking distance to the Fortitude Valley entertainment, shopping and dining precincts of the Emporium, James Street and China Town. Access to bus and rail transport is at the doorstep of the development and major employment nodes such as the Royal Brisbane Hospital, which employs more than 7000 staff, are nearby.
Metro currently has more than 800 apartments across four different projects under construction throughout inner city Brisbane. The projects – including Madison Heights at Bowen Hills, Brooklyn on Brookes at Fortitude Valley and The Plaza at South Brisbane – have combined end value of more than $400 million.
Metro Property Development was created in 2010 by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman. The company currently has a portfolio of projects concentrating on quality, affordable residential high rise projects and broad acre land development in Queensland, Victoria and South Australia.
For sales enquiries call 1300 663 301. For more information visit www.metroprop.com.au.
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