Tessa Developments has commenced construction of the $30 million Charlton Residences at Windsor, north of Brisbane's CBD.
The project will consist of 48 apartments with a mix of one, two and three bedroom layouts. It features a high spec finish throughout, along with a rooftop pool and entertaining area,According to the developer, Charlton Residences is currently over 70% sold. The project sits on a site over half an acre, 10% bigger than other stock on the market.
Price points range from $400,000 to $440,000 for one bedrooms, $540,000 - $580,000 for two bedrooms and $620,000 to $700,000 for three bedrooms.
"We have a great local following and this project has been a runaway success, it has so many distinct design elements which have made it so popular,” Tessa managing director Brendan Tutt said.
“We have more amenity than any other similar projects in our [market] and our project features a rooftop pool with full panoramic city views, outdoor dining area and further extensive rooftop recreational area these things will ensure we get a premium price and rent.”
Construction commenced recently and appointed builders RCQ are already through demolition and into excavation with completion due mid 2018.
Tessa noted that the majority of interest they have gained in their project has come from a mix of owner-occupiers and investors.
“The middle ring provides a great opportunity for developers to produce good owner occupier focussed stock not investor stock of other over developed markets. We focus on quality and size and not overdeveloping sites,” Tutt said.
Rental yields in Windsor are outperforming the market and we are getting on average a 5.2% return on other projects developed and manage the property management of in the area.