- Aria has sold 188 apartments in three residential towers it has completed in South Brisbane since mid-2012.
- It has a 20 storey tower under construction on Grey Street.
- It is about to start another 20 storey tower of the corner of Edmondstone and Boundary Streets.
- Aria owns a dozen more sites in South Brisbane.
- South Brisbane is catching up to Bowen Hills and The Valley for residential apartment development.
- The change is due to construction of office towers, bring 10,000 workers to the area.
- Residential building approvals have jumped from 151 in 2010/11 to 744 in 2012/13.
- Gross rental yields are said to be 6%.
- Prices for Aria's apartments are $7,500 to $8,000 a sqm, and are likely to rise.
- Aria has lodged a DA for a 26 storey tower on Hope Street that will have over 180 apartments.
- Aria pays interest on deposits for off-the-plan apartments.
- 75% of Aria's clients are investors, with fewer than 10% being SMSFs.
- Half the buyers are from SE Queensland.
- There are more than 4000 apartments under construction in inner Brisbane. The biggest supply potential is in Brisbane's North Eastern area, around Bowen Hills and The Valley - this is seen as a risk.
Saturday, February 1, 2014
Aria's South Brisbane Bet
The AFR on Thursday (30/01/14, p.38) had a full page story about Brisbane apartment developer, Aria. Some highlights: