Citimark’s $30 million inner-city Annerley residential project gained momentum in its development process recently, after an outstanding sales outcome prompted construction as the next logical step.
The construction announcement came after the low-density apartment project, The Pavilions, achieved more than $20 million in sales, leaving the project 70 per cent sold since launching to the market in September 2015.
Queensland construction company RCQ Construction has been awarded the build contract and has begun earth works, paving way for the three-level apartment building to be completed by August 2017.
Citimark Director Sales and Marketing Megan Barron said the tender process was highly competitive given the rarity of low-density projects in Brisbane’s new apartment market, which is currently dominated by high-rise product.
“It demonstrates the demand for end-user targeted product close to the major western corridor hospitals and Brisbane’s city centre," she said.
“The Pavilions has proved to be a popular choice for first time owner occupiers who are employed within a two kilometre radius of the site, which tells us the product and location mix is resonating with this particular market.
“It is a very large site, on a well positioned street which has also appealed to investors who have identified rarity in the location and value in the lower density of this project."
The Pavilions will comprise of 66 one and two-bedroom pavilion style apartments across a half-hectare site in three low-rise pods inspired by townhouse design.
Purchasers believe The Pavilions rests on a highly convenient location that's within proximity to Brisbane’s CBD, three major hospitals, really easy transport systems as well great schools and universities.
It is only meters from the heritage listed Junction Park State School and high street retail outlets on Ipswich Road and is serviced by three major hospitals.
Mrs Barron said demand for boutique developments like The Pavilions had stemmed from the lack of new apartment product in the heritage suburb.
“The project offers affordable inner suburb living and is perfect for anyone wanting proximity and lifestyle tucked away from the hustle and bustle of Brisbane’s CBD.
“In addition, Annerley is undergoing a major rejuvenation and is being recognised as one of Brisbane’s great eclectic hubs with a vibrant dining and retail precinct right at your doorstep.”
Designed by architects Cottee Parker, apartments at The Pavilions will range from 63 square metres to 91 square metres and are priced from $385,000 for a one-bedroom plus multi-purpose room apartment configuration and carpark.