The sell out success of
ARIA Property Group's Vine on Russell residential development in Brisbane's inner-city suburb of South Brisbane confirms the significant rise of South Brisbane's apartment market and residential growth.
ROTHELOWMAN WHITE the 56-unit development sold out in three weeks well ahead of construction that started in June 2012.
Selling mostly to local investors and local owner-occupiers, Vine is now at full rental occupancy.
The project won the
Urban Development Institute of Australia Queensland’s 2013 prize in the urban renewal category and was a finalist in the multi-level development category.
Infill and urban renewal projects are breathing new life into South Brisbane, following a period of inactivity in the area’s apartment market during the late 2000s.
Urbis South Brisbane Apartment Report showed that the rush has been some time coming showing by 2031, an additional 9,800 residents are forecast to make South Brisbane home with the projected annual growth of 5.6% making it the fastest growing inner city Brisbane suburb.
Major construction of transport infrastructure and built infrastructure in South Brisbane in recent years has created the need for urban renewal recreation and business precincts in close proximity to the CBD.
The expansion of Southbank's Activity Precinct, the Queensland Cultural Centre, the Southbank Institute of Technology, the Queensland Children’s Hospital, the Brisbane Convention and Exhibition Centre and an expanding Business and Office Precinct are some of the major components that have contributed to approximately $4.1 billion worth of infrastructure existing or under construction and resulted in high demand for the area.
“Urban renewal is important because it reduces the need for urban sprawl and cleans up parts of the city which have previously been used for industrial and commercial activities,” Michael Hurley, of ARIA’s Residential Division, says.
“It is vital that these projects are designed to be complimentary to surrounding environments, to be consistent with existing infrastructure and to still be relevant in 10 or 15 years time.”
ROTHELOWMAN WHITE’s Simon White says the quality of Vine’s design and finish, the internal amenity for the building’s residents and local residents overall, the street level activation are among the features which set the project apart from other apartment developments.
“Vine provides housing choice,” White says. “The green wall ties the building’s design to the park across the road, while the pre-cast panel enhances the surface and acts as a feature for the building and the local area.”
“When we started on Vine, South Brisbane had not seen any significant residential development from 2008 to 2012. There had been 10,000 office workers that moved into South Brisbane during that five year period,” says Mr White.
“And with little or no residential units having been delivered in that same time period, an undersupply of housing occurred. Vacancy rates were the lowest in Brisbane at 1.4 per cent, which was driving rental yields up. Well located, quality residential units have been long overdue in the market.”
Construction of Vine was completed in June of this year.
ARIA Property Group have also released other residential developments in Brisbane's South Brisbane including; Botanica, Austin, Artisan and Station 16.