With all 66 of its apartments now settled, Greater Springfield’s first apartment tower, Park Avenue is outperforming Brisbane counterparts and affirming the economic viability of Australia’s fastest emerging new city.
The $200 million Park Avenue project is part of an 8 stage development masterplanned by Plus Architecture, which will see a total of 605 apartments delivered across Springfield Central site in the coming years.
Springfield Land Corporation Chairman Maha Sinnathamby said Park Avenue represents an exciting next step in the evolution of Greater Springfield as an alternative to the Brisbane CBD, with greater housing and work choices, highly-evolved infrastructure and significant government investment.
“We can now confidently say, with our valuations coming through on par, that confidence in the Greater Springfield economy is growing and our economic plan is working.”
Conceived as a mix of both owner occupier and investor product, Park Avenue’s vision, architecture and quality were combined to achieve higher investment returns for purchasers.
Park Avenue's rental returns delivery of over 6 per cent outpaced Brisbane CBD apartment market, which is experiencing a downturn in rental prices according to Pace Projects’ January 2017 report The Road Ahead for Inner Brisbane’s Rental Market.
“Median rental prices for two bedroom apartments saw the strongest fall in values over the past 12 month period, decreasing by 5.2 per cent to $550 per week,” the report said.
Over the same period, one bedroom apartment rents fell by 4.8 per cent whilst median rental prices for three bedroom apartments decreased by 2.6 per cent.
Drawing inspiration from the traditional Queenslander house with expressed external framing and generous balconies, Plus Architecture created an elegant building with emblematic character and lifestyle comfort.
“We are proud to have introduced apartment living to Springfield and plan to replicate this early success in Stage Two, which we are now in the process of designing,” Plus Architecture Director Danny Juric said.
Mr Sinnathamby said Greater Springfield’s market is expected to remain strong in 2017, particularly for new apartments.
Twelve billion dollars has been invested in Greater Springfield so far and the emerging city is experiencing approximately $600 million in construction expenditure per annum, with total investment on completion expected to be in excess of $85 billion.
Greater Springfield is located in Queensland, Australia and has a total land area of 2,860 hectares (7,067 acres). Approximate travel times by car are: 30 minutes from south-west of the Brisbane CBD, 35 minutes from Brisbane’s domestic and international airports and 50 minutes from the Gold Coast.
"Buyers and tenants alike are continuing to seek out well-appointed residences in high amenity locations with direct access to infrastructure, transport and employment – all of which have been proactively considered in the planning of this nation building project," he said.