Saturday, July 23, 2011

Mirvac's Foreshore Hamilton

Mirvac has Foreshore Hamilton in pre-release at present. Mirvac sales agents are calling all potential buyers to make sales. Lower floor apartments in the first building, called Foreshore One, are being marketed off-the-plan. The building is about 23 floors, and only the top few floors will have a view. The actual outlook and location, although in the redevelopment area of Hamilton, is not great. The development will be located behind the Portside buildings, and next to a proposed Citimark building, Rivana. So really crowded. (Foreshore One will take away the rear views from the Promenade building being built by Multiplex.)

Many of the apartments are very small. One bedrooms are about 52 sqm to 55 sqm in total, no balcony, priced from $345,000. The two bedrooms range in size from 72 sqm to 105 sqm in total -- the smaller 2 bedrooms do not have a balcony. The larger 2 bedroom is priced from mid $600,000 to low $800,000. Not cheap. Some two bedrooms are priced from $495,000, but these are small.

Mirvac will probably build a quality product (better quality than Promenade and Rivana I suspect) but due to the apartment size, poor location and cost, I am not lining up to buy. Also, there are a huge number of apartments being being built in this area, including Hamilton Harbour by Devine next door, and so there will always be plenty of competition if you ever have to sell or find a tenant.

From a Mirvac email:
This is what will set 'Foreshore - Hamilton' apart in this exciting new urban development.  We will bring to the market 1 and 2 bedroom apartments:  1 bedroom apartments are priced between $345,000 and $525,000 - size range from 50sqm to  58.5sqm  2 bedroom apartments are priced between $495,000 and $975,000 - size range from 73sqm to 104sqm  Completion date will be the later end of 2013.

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