This article is from the Australian Property Journal archive
METRO Property Development has sold out the third stage of its $450 million Central Village masterplanned development in Brisbane.
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Stage 3 (Canterbury Towers) comprises 195 apartments and were sold out in five months, achieving total sales of nearly $100 million. Two retail tenancies have also been sold to local investors for approximately $1 million.
Metro`s managing director Luke Hartman said the group was well positioned to benefit from the continued upswing in demand in the Brisbane apartment market.
“We have seen a marked increase in demand from investors in New South Wales and Victoria where big increases in value have priced them out of the market.
“In relative terms the price of an inner city apartment in Brisbane is far lower than a comparable apartment in Sydney,” he added.
Co founder and marketing director Ken Woodley said the rental market in Brisbane’s inner city remained very strong with relatively low vacancy and yields of about 5% still available.
“Metro has received more than 15,000 rental enquiries for the 1,200 apartments across six inner-city developments that we have completed to date and this provides a good indication of the strength of the inner city market. This is more than 12 rental enquires per apartment, an excellent result,” he pointed out.
Metro has appointed PBS as the builder for stage 3 with the tower expected to be completed in the first quarter of next year.
On completion Central Village will comprise five towers and approximately 1,000 apartments. The project is expected to take five years to complete with stages 4 and 5 to be released to the market later this year.
Australian Property Journal
