Melbourne-based developer Buildcap is facing down headwinds in Brisbane's apartment market, unveiling plans for boutique apartment project in Brisbane's Kangaroo Point.
The developer is confident of sales at the future seven-storey development at the 525sq m site at 75 Main Street, which is located on one of the few remaining slices of land to be developed in the riverside suburb, about 5 kilometres from the CBD.
The $30 million project, dubbed The Holman, will feature a range of 13, two and three-bedroom apartments, with views of the Brisbane skyline, Story Bridge and Captain Burke Park.
While sales have slowed across Brisbane — in keeping with a cooler market, Buildcap with a portfolio of $300 million currently under management, has continued to press forward with a diverse range of projects along Australia’s East Coast.
Buildcap director Stuart Biggs said he was confident of his new project given its lifestyle proposition within a highly desirable location.
“There is nothing of this calibre on the northern edge of the Kangaroo Point Peninsula,” Biggs said.
“This truly is the ideal spot for anyone looking for the perfect fusion of panoramic city vistas and thoughtful, meticulously designed opulence inside.”
The project is designed by Brisbane-based architecture firm WallaceBrice, which has designed a number of multi-residential developments.
The development will feature private balconies, patterned brickwork, premium furnishings and integrated landscaping, including a communal roof terrace with plunge pool.
“Multi-residential design is WallaceBrice’s forte, they have an exceptional understanding of how individuals live, work and play, and they exude design excellence,” Biggs said.
“The way The Holman responds to its local surrounds means this design will undoubtedly stand the test of time and for Kangaroo Point, it is a sleek but monumental design.”
Brisbane's apartment values, “an oversupply hangover”, are finally expected to recover in 2020 after a tough few years following the apartment construction glut.
Many industry professionals have noted that the units still available for sale in the city are gradually being absorbed according to the Real Estate Institute of Queensland — particularly in the investor sector.
The state budget's investment in economic development was also predicted to boost house prices in regional areas in the year ahead.
The latest REIQ market monitor reveals that while unit prices have stabilised, they remain in the softening sector of the market cycle.
CoreLogic-Moody's Analytics has mirrored the sentiment in its recent home value index, forecasting that Brisbane's apartment values were predicted to recover in 2020 following the construction boom and excess supply between 2013 and 2016.
Unit rental yields have also remained steady over recent months across Greater Brisbane, ranging from 4.3 per cent to 6.5 per cent.