A terrace courtyard apartment at EPV Developments’ $60 million The Wellington development in East Brisbane has been purchased off-the-plan by a savvy young buyer.
The brand-new one-bedroom apartment was the perfect property for first-time purchaser Jessica Ross, 26, who was attracted to The Wellington for the location and lifestyle opportunities it offers.
According to the developer, The Wellington incorporates spacious one- and two-bedroom apartments and recreation facilities above a vibrant boutique dining and retail centre on the ground floor, perfectly positioned just 1.5 kilometres from the Brisbane CBD in the highly sought-after East Brisbane/Woolloongabba café and dining precinct.
After several years of renting, the idea of owning her own apartment became increasingly attractive to Ms Ross, who decided to take advantage of the Queensland First Home Owners’ Grant and the affordable buying conditions created by the ongoing record-low interest rates.
According to Ms Ross, she had created a detailed vision board and checklist for her ideal new apartment, including a spacious floor plan incorporating outdoor living, residential recreation facilities, well-designed communal living areas and a convenient location in an inner-city lifestyle suburb.
“I was surprised to discover that with interest rates being so low, there isn’t much difference between mortgage repayments and rent, and getting finance was not as difficult as I thought it would be with the guidance of The Wellington’s sales team,” she said.
“I did my research and discovered that buying an apartment off-the-plan and being eligible for the Queensland First Home Owners’ Grant allowed me to purchase at a discounted price.
“Another major consideration is that buying off-the-plan gives me another 18 months or so to save further funds before I am required to settle upon the construction being completed.”
Ms Ross said she looked at a broad variety of developments offering off-the-plan apartments and found that The Wellington met all of her requirements.
“I can’t wait to achieve my personal goal of getting out of the rental cycle and enjoying the security and stability of home ownership, and I plan to move into The Wellington as soon as the development is completed.
“A stand-out feature of the apartment I chose is the spacious open-plan living area flowing into a large courtyard, creating an outdoor living room alongside an open-air area, perfect for entertaining.
“I am impressed with extras like The Wellington’s rooftop pool area and the garden and barbecue area located on my floor of the building, without having the responsibility of maintenance.”
According to Ms Ross, The Wellington also offers a retail area on the ground floor, which she believes will be a great place to grab a coffee in the morning, get groceries on the way home and go for breakfast on the weekends.
“I’m really looking forward to immersing myself in the lifestyle offered at The Wellington and the renowned dining precinct and vintage shopping scene in the East Brisbane/Woolloongabba area.
“I also love the location, as The Wellington is within walking distance to the vibrant South Bank precinct, and it is a lovely walk along Kangaroo Point to the city.”
EPV Developments director Denis Mackenzie said construction commenced at The Wellington in early April, with an estimated completion date of October next year.
“Our due diligence research showed that Brisbane’s inner south-east is fast becoming a lifestyle destination of choice, with The Wellington development site perfectly positioned in an area of increasingly high demand,” he said.
“We aim to make the most of The Wellington’s excellent location by creating a development where residents can enjoy convenient, luxurious inner-city apartment living with expansive city views and a real sense of style and sophistication about where they are living.”
The Wellington marketing manager and TOTAL Property Group managing director Adrian Parsons said inner-city apartment living is very popular, and new apartment developments in lifestyle-rich areas like East Brisbane that offer value for money and proximity to the Brisbane CBD are seeing strong demand from young first-time buyers wanting to set their financial goals in place.
“There are a lot of benefits for potential first home owners on offer at The Wellington, such as our deposit enhancer program, which may be available on select apartments to supplement the Queensland First Home Owners’ Grant of $20,000, as well as the long settlement time frame of buying off-the-plan,” he said.
“The Wellington has sold more than 60 apartments since its official launch in December and we are continuing to see strong interest in the development as construction gets underway.”
The Wellington’s one- and two-bedroom apartments are available in a variety of floor plans designed to offer contemporary living, and are priced between $349,000 and $615,000.
The Wellington is positioned on the corner of Wellington Road and Overend Street in the high-demand suburb of East Brisbane, just a short walk from The Gabba stadium and the dining and shopping destinations of Logan Road and Stanley Street.