Monday, June 13, 2011

Waterfront Pier

I visited Mirvac's Waterfront project at Newstead recently, to see the completed Pier buildings. I was disappointed. The project has a barren, Russian communistic look. The buildings are light grey in colour, and have very little character. Nearby is the older Mariners Reach - it has a much more friendly and Queensland feel.

There is a park area behind Pier. Deserted and windswept. A very poorly designed and uninviting children's playground, with an unfenced pond nearby. A wasteland.

Shortly after, I drove to West End. Full of people, and much more lively.

Update: Mirvac reports that of the 99 apartments in Pier, 57 sold prior to completion. Of these, only 43 settled. That means that 14 buyers or about 25% of off-the-plan purchasers did not settle their contracts. Not good at all. Also, with prices for 3 bedroom apartments over $2 million, but rents only at $1750, not a great investment. That gives less than a 4.6% gross return, when other apartments in Brisbane are getting about 6% gross rental return.

No comments: