Strong employment and housing shortages are driving the popularity of Citimark’s $30 million Pavilions residential apartments at inner-city Annerley.
The Pavilions, a low-density apartment offering located just 4 kilometers from Brisbane’s CBD will rise in the long-established and leafy suburb where new housing product is in short supply.
According to the 2015 Urbis Outlook Annerley report, Annerley accommodates all three key fundamentals that make a sustainable suburb – population, infrastructure and employment.
“The Annerley Catchment has historically recorded strong price growth with the median apartment sale price increasing by 4.5 per cent per annum over the last 10 years,” the report outlined.
“Annerley and its surrounds will also benefit from over 144,000 new jobs by 2031.
“As commercial precincts continue to generate employment opportunities in the future, this increasingly attracts new residents in to the surrounding area and local residential market”.
The Pavilions will comprise 66 one and two-bedroom pavilion style apartments across three low-rise pods inspired by townhouse design.
Resident-only facilities will include a serenity and yoga lawn as well as barbecue facilities with two adjoining entertainment areas.
Director of McGrath Projects Steven Chen who is responsible for the sales and marketing campaign said the project meets growing demand for new, well-priced stock in Annerley.
“There is a great need for this type of product in Annerley at a time when the suburb is in higher demand than it has been for years,” he said.
“There’s sufficient supply of older apartment product in Annerley but finding quality, new apartment stock is a rarity.
“Annerley is within 2km of major employment nodes, a strong public transport network, medical facilities and features a wide range of community facilities and local amenities with easy access to Brisbane’ CBD.
“The community is well regarded as a green inner-city suburb with an abundance of parklands and tree-lined streets which is appealing to discerning owner-occupier buyers”.
Located in Waldheim Street, the architect-designed complex will sit opposite the Ekibin Park South parklands and just meters from the 127 year old, heritage-listed Junction Park State School and high street retail on Ipswich Road.
Landscaped surrounds complement the established leafy enclave setting amongst mature native trees.
Apartments will have high-end features such as stone benchtops, kitchen island benches, air-conditioning to main living area and master bedroom and European style appliances.
Each will have an onsite undercover car parking space and owners will pay a low body corporate fee.
Designed by award-winning architects Cottee Parker, The Pavilions’ three low-rise buildings will offer floorplates of between just seven and 10 apartments.
Apartments at The Pavilions range in size from 63sqm to 91sqm and are priced from $385,000 for a one-bedroom plus multi-purpose room apartment configuration.
Construction on the project is expected to start in the first quarter of 2016.
Annerley is a short distance from Yeronga State High School, St Lawrence’s, Somerville House, Villanova College, The University of Queensland and Griffith University’s Nathan and Mt Gravatt campuses.
The Pavilions is part of Citimark’s $1.8b diversified development workbook which is currently focused on South East Queensland.
Past projects include the $120 million Evolution CBD riverfront residential tower; multi-award winning $95 million 42 level Felix Tower; $155m Central Brunswick riverfront urban renewal in Fortitude Valley; 330 lot Emmadale Gardens residential community in Gladstone; $85m Sub-Regional shopping centre in Melbourne and the 149 lot residential community Parkway Green near Springfield.