Showing posts with label M on Mary. Show all posts
Showing posts with label M on Mary. Show all posts

Tuesday, May 2, 2017

Recent Brisbane City Apartment Sales

M on Mary
Apt 1506, 1 bed, 1 bath, no car - $310,000

Charlotte Towers
Apt 4011, 1 bed, 1 bath, 1 car - $390,000
Apt 2804, 1 bed, 1 bath, no car - $311,000
Apt 3602 - 1 bed, 1 bath, 1 car - $410,000

Casino Towers
Apt 2306, 1 bed, 1 bath, no car - $310,000

Riverplace
Apt 277, 2 bed, 2 bath, 1 car - $600,000
Apt 157, 2 bed, 1 bath, 1 car - $552,000
Apt 175, 2 bed, 1 bath, 1 car - $552,500
Apt 234, 2 bed, 2 bath, 1 car - $772,000

Aurora
Apt 528, 2 bed, 2 bath, 2 car - $808,000

Admiralty Towers Two
Apt 3, 3 bed, 2 bath, 2 car - $975,000
Apt 95, 3 bed, 2 bath, 2 car - $1,350,000
Apt 100, 2 bed, 2 bath, 1 car - $730,000

Felix
Apt 216, 2 bed, 2 bath, 1 car - $520,000

Admiralty Quays
Apt 49, 3 bed, 2 bath, 2 car - $1,075,000

More the most part, these prices are similar to prices that were being achieved 7 years ago.  Riverplace has had the biggest increase in value over this period.

Monday, March 14, 2016

Recent Apartment Sales in Brisbane 4000

Here are some recent sales (all early 2016) with actual sales prices of apartments in Brisbane Postcode 4000.  These are all B and C quality buildings, and so expect to pay more for A quality:
  • Skyline, Apt 91, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 1 car - $747,000
  • Skyline, Apt 261, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 2 cars - $800,000
  • Skyline, Apt 41, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 1 car - $731,500
  • Festival Towers, Apt 3605, 2 bed, 2 bath, 1 car - $529,000
  • Festival Towers, Apt 4006, 2 bed, 2 bath, 1 car - $570,000
  • Festival Towers, Apt 1805, 1 bed, 1 bath, no car - $342,500
  • Festival Towers, Apt 2503, 2 bed, 1 bath, 1 car - $499,000
  • Charlotte Towers, Apt 508, 1 bed, 1 bath, no car - $350,000
  • Charlotte Towers, Apt 2902, 2 bed, 2 bath, 1 car - $540,000
  • M on Mary, Apt 3204, 1 bed, 1 bath, no car - $356,000
  • M on Mary, Apt 607, 1 bed, 1 bath, no car - $360,000
  • M on Mary, Apt 2609, 1 bed, 1 bath, no car - $327,000
  • Felix, Apt 303, 2 bed, 2 bath, 1 car - $600,000
  • Meriton Herschel St (Infinity), 2 bed, 2 bath, no car - $580,000
  • Meriton Soleil - 2 bed, 2 bath, 1 car - $575,000
  • Vue, 92 Quay St, Apt 2301, 2 bed, 2 bath, 1 car - $460,000
  • Vue, 92 Quay St, Apt 2602, 2 bed, 2 bath, 1 car - $437,500

Sunday, August 3, 2014

Recent Brisbane Apartment Sales


iStay River City - 79 Albert St

Apt 1201, 1 bed, 1 bath - sold on 27 July for $335,000

Charlotte Towers - 128 Charlotte St

Apt 2404 - 1 bed, 1 bath, no car - sold on 27 July for $340,000
Apt 1201 - 1 bed, 1 bath, no car - sold on 18 July for $365,000
Apt 4403 - 2 bed, 2 bath, 1 car - sold on 29 May for $650,000
Apt 2803 - 2 bed, 1 bath, 1 car - sold on 2 May for $495,000

Skyline - 30 Macrossan St

Apt 53 - 2 bed, 2 bath, 1 car - sold on 27 July for $603,000
Apt 193 - 2 bed, 2 bath, 1 car - sold on 2 June for $618,500
Apt 31 - sold on 16 May for $750,000

M on Mary - 70 Mary St

Apt 1205 - 1 bed, 1 bath, no car - sold on 2 July for $322,500
Apt 4302 - 5 bed, 3 bath, 3 car - sold on 31 May for $1.9M
Apt 1009  - 1 bed, 1 bath, 1 car - sold on 26 May for $365,000
Apt 506  - 1 bed, 1 bath, no car - sold on 10 May for $395,000

Festival Towers - 108 Albert St

Apt 3807 - 2 bed, 2 bath, 1 car - sold on 30 June for $516,000
Apt 1503 - 2 bed, 1 bath, 1 car - sold on 25 June for $460,000
Apt 4007 - 2 bed, 2 bath, 1 car - sold on 10 June for $541,000
Apt 704 - 1 bed, 1 bath, no car - sold on 5 June for $298,500
Apt 2610 - 1 bed, 1 bath, 1 car - sold on 3 June for $400,000
Apt 905 - 1 bed, 1 bath, no car - sold on 2 June for $319,500
Apt 2510 - 1 bed, 1 bath, no car - sold on 22 May for $350,000
Apt 2301 - 2 bed, 2 bath, 1 car - sold on 9 May for $525,000
Apt 508 - 2 bed, 2 bath, 1 car - sold on 8 May for $475,000

Felix - 26 Felix St

Apt 217 - 2 bed, 2 bath, 1 car - sold on 29 June for $580,000

Riverplace - 82 Boundary St

Apt 92 - 2 bed, 2 bath, 1 car - sold on 27 June for $645,000
Apt 147 - 2 bed, 1 bath, 1 car - sold on 23 June for $551,000
Apt 52 - 2 bed, 1 bath, 2 car - sold on 7 May for $650,000

Admiralty Towers One - 35 Howard St

Apt 44 - 2 bed, 2 bath, 1 car - sold on 8 June for $810,000
Apt 146, 2 bed, 2 bath, 1 car - sold on 12 May for $585,000

Infinity - 43 Herschel St

Apt 3807 - sold on 27 May for $400,000
Apt 4303 - 2 bed, 2 bath, 1 car - sold on 26 May for $630,000
Apt 6304 - 2 bed, 2 bath, 1 car - sold on 20 May for $640,000

212 Margaret St

Apt 82 - 2 bed, 2 bath, 1 car - sold on 26 May for $555,000

Admiralty Quays - 32 Macrossan St

Apt 137 - 3 bed, 2 bath, 2 cars - sold on 12 May for $1,100,000
Apt 34 - 2 bed, 2 bath, 1 car - sold on 2 May for $850,000

Riparian - 71 Eagle St

Apt 4302 - 1 bed, 2 bath, 2 car - sold on 8 May for $1.5M

Admiralty Towers Two - 501 Queen St

Apt 166 - 3 bed, 2 bath, 2 car sold on 28 April for $979,900

Aurora - 420 Queen St

Apt 301 - 2 bed, 2 bath, 1 car - sold on 26 April for $627,500

Quay West - 132 Alice St

Apt 103 - 1 bed, 1 bath, 1 car - sold on 24 April for $510,000

Tuesday, April 22, 2014

Brothel in your building

There is an interesting article in Domain regarding a Sydney apartment building that became home to a brothel.  In Brisbane, a number of inner city apartment buildings are used by travelling escorts on a regular basis to see their customers.  Some of the escorts are Eastern European, posing as tourists.  Many are from Australia or NZ.  An example list of visiting tourists is here.

Based on the informal surveys I have done, the preferred Brisbane apartment buildings for travelling escorts are [X ]and [Y].  M on Mary is also popular.

If you reside in one of these buildings, you may find that your neighbour for a week is a busy busty blonde from Prague with many male friends.

For reference,  an old Commissioner's decision on this topic is here.

Update on May 8, 2014:

The blog received a letter of demand from a management rights owner, threatening a lawsuit.  As a result, the names of two buildings have been deleted from this post at the present time.  Before buying or renting in an inner-city apartment building, it is recommended to conduct appropriate investigations.

Sunday, February 2, 2014

Recent Brisbane City Apartment Sales

Based on recent apartment sales in the Brisbane CBD area (resales, not off the plan), it looks like the market is strengthening.

Skyline, 30 Macrossan Street
  • Apt 242, 2 bedrooms - reported sold at $725,000
  • Apt 73, 2 bedrooms - reported sold at $660,000
  • Apt 121, 3 bedrooms - reported sold at $715,000
  • Apt 113, 2 bedrooms - reported sold at $602,000
  • Apt 125, 1 bedroom - reported sold at $347,000
  • Apt 173, 2 bedrooms - $588,000
M on Mary, 70 Mary Street
  • Apt 2202, 1 bed plus study - no car - $362,500
Aurora, 420 Queen Street
  • Apt 245, 2 bed, 1 bath - $620,000
  • Apt 435, 2 bed, 1 bath - $556,000
Riparian, 71 Eagle Street
  • Apt 4305, 3 bedrooms - $1,850,000
Riverplace
  • Apt 215, 1 bed - $510,000
  • Apt 37, 2 bed - $690,000
Casino Towers, 151 George Street
  • Apt 2002, 2 bedrooms - $690,000

Friday, October 11, 2013

Iglu Student Accommodation on Mary Street

At 65 Mary Street, Iglu Student Accommodation is planning to build a 23 storey building, with over 400 rooms (not really apartments).  It is a skinny block, with not much road frontage, and is right next to a government building on Mary Street.  The new development will be opposite M on Mary, which can be seen in the right on the photo below.  Details at BrisbaneDevelopment.


Saturday, November 17, 2012

Recent Apartment Sales in Brisbane CBD

Riparian Tower - Apt 4101 - 9 November for $3.3M after owner purchased it in June 2012 for the same price. [A reader has emailed me to say that this is incorrect.  I obtained this information from the RP Data database.  The 9 November sale information is as reported to RP Data by North South Realty.  The June 2012 sales data is from government records.]

MacArthur Chambers - 229 Queen St - Apt 205 - 1 bedroom - sold for $540,000
Apt 402 - two bedrooms - sold for $725,000

M on Mary - 70 Mary Street - Apt 2302 - 1 bedroom, no car - sold for $341,000

Festival Towers - 108 Albert Street - Apt 4105 - 2 bedrooms - sold for $452,000 (seller had paid $515,000 in 2007 off-the-plan buying from Devine).

Riverplace - 82 Boundary St - Apt 167 - 2 bedrooms - sold for $495,000

River City - 79 Albert Street - Apt 2706 - 2 bedrooms, 1 bathroom - $420,000

Saturday, December 3, 2011

Hotels in Apartment Buildings

Many of the apartment buildings in Brisbane are "class 2" buildings -- which means they are for residential use.  To operate a hotel, the building must be a class 3 building.

A number of onsite managers operate hotels from class 2 buildings.  An example is Oaks.  Many owners are not happy with this situation.  See prior posts for example.

At M on Mary, an owner tried to stop the onsite manager operating a short term rental operation from the building, on the basis that the building was only a class 2 building.  A decision of the Tribunal said that it did not have the power to deal with this issue.  See decision.

Sunday, April 17, 2011

Albert Street


Photo of Albert Street, showing M on Mary and Festival Towers. Note that these buildings will be impacted if and when the small 6 story building in the front of the photo is demolished and a new high rise is built on that site. See here, and here.

Friday, December 24, 2010

Capital Growth

In December's Australian Property Investor magazine, there is a chart from Collier's that lists average capital growth and average hold years for certain Brisbane apartments, as at August 2010. The capital growth period and methodology to produce these figures is not disclosed:

Casino Towers - 5.9%, 3.7 years average hold
Aurora - 5.4%, 3.6 years average hold
Felix - 5.25%, 3.8 years average hold
Quay West - 4.9%, 5.1 years average hold
Festival Towers - 2.3%, 3.9 years average hold
M on Mary - 1.1%, 2.9 years average hold
Charlotte Towers, 0.9%, 3.5 years average hold.

My guess is that the hold period is calculated from when the off-the-plan contract is signed, not when settlement takes place.

Off-the-plan investors in Devine's Festival Towers and Charlotte Towers have clearly lost money. A word of warning for investors in Devine's Hamilton Harbour. Devine's Casino Towers has done ok, but that is unlikely to be repeated now that Jupiters is building a massive hotel across from Casino Towers that will block much of this buildings river views (but not the western sun). Out of this group, my pick would be Quay West -- only 132 apartments, with a long hold period and good capital growth, never to be built out views.

Sunday, October 31, 2010

Risks With Short Term Rental Buildings

When I am looking to buy an apartment in Brisbane, I look at Trip Advisor to see if there are reviews about the apartment building and the onsite manager. As a general rule, if the apartment building is listed with TripAdvisor, I will only buy if I am seeking a non-residental investment. There is limited resale opportunities for short term non-residential buildings.

Example Reviews:

Many reviews highlight the problems -- these buildings were designed for residential apartment living, not as hotels. People ask for adjoining rooms, and don't get them (of course). Items from rooms are stolen. Linen trolleys and food trays are left in hallways, as there are no service cupboards or service rooms for hotel staff. Furniture breaks, as the apartments were furnished for residents, not using hotel quality furniture. No minibars. Parking problems. I wonder what the owners of these apartments think about their real estate agents who are managing their investment -- a real estate agent pretending to be a hotel company.

I love this recent review for Evolution: "What a disaster. We never new accomadation could be so foul .. so many light bulbs broken, Filthy carpets, No drinking glasses (even when you ring & ask a certain staff member who couldn't have been any more passive agressive they still don't come) We changed rooms which was even worse, kitchen tap fell off in our hand, no shower door as it had broken off, huge rip in the lounge, even filthier carpets, rug all ripped, more light bulbs out, TV not tuned so most of the channels hissed at you a lot like most of the staff.. broken light shades, blind pullies broken. When we checked in they held on our credit card $200 for breakages.. there was nothing left TO BREAK!! This place is not rateable unless there is a minus."

Why would anyone want to buy in this building?

Monday, May 3, 2010

M on Mary

M on Mary advertises itself as a hotel. It is not -- it is a poorly designed apartment building with a large number of 1 bedroom apartments, and some 3 bed apartments.

Interestingly, this article says that they only do 28 days as the minimum stay. However, Wotif will allow me to book a 2 day stay. How can they advertise this low grade apartment building as a hotel?


i have been living here for about a year as i fly in and out of the country all the time this is the worst hotel i have ever stayed in nothing works and no one cares i have asked over the last year at least twenty times for my air con,tv reception,my shower,and my intercom to be fixed as i pay 500 dollars a week in rent to be told by the manager who is a real piece of work no we won't fix anything because that costs money,well so does the rent pal i have had clients stay here who have been shocked with the service and have commented that its like a rerun from faulty towers maybe they should rename the place shocking service terrible place to stay go somewhere else

Thursday, September 3, 2009

96 Albert Street

The property located at 96 Albert Street is listed for sale as a development site, zoned for high rise development. If developed, this will have a significant impact on the views from Festival Towers and M on Mary.

Saturday, August 1, 2009

Oaks "Hotels"

If you are thinking of buying or renting in an apartment managed by Oaks, then you should read the online reviews written by people staying in the building, who are short stay "hotel" guests. The problem with Oaks buildings is that they were built as cheap apartment buildings (not as hotels) but a large number of rooms are rented out (often for a night at a time, via Wotif) to people who think they are staying in a hotel. Thus, both residents and "hotel" guests are often not happy.

Example Reviews:
Aurora
212 Margaret
Festival Towers
Casino Towers
Charlotte Towers
Felix
Lexicon
River City

Similar issues for M on Mary.

Sunday, December 28, 2008

Predictions for 2009

At the beginning of 2008, I made a number of predictions in this post.

The predictions were mostly wrong!

The Brisbane apartment market did not grow significantly in 2008, and took a minor step backwards. At present, there are fewer buyers and more sellers. For some off-the-plan developments, no sales have been made for months. Second tier buildings and buildings with more than 200 apartments have not done well.

So I will be careful with my predictions for 2009:

I still believe that quality inner city apartments in Brisbane will do well in 2009. Provided there is no significant unemployment and provided that foreign students continue to come to Brisbane, vacancy rates will remain low.

In 2008, only four new inner city apartment buildings completed and settled. These were Evolution (over priced), M on Mary (which has mostly 1 bedroom apartments, and the developer is now in liquidation), Flow at West End and Iceworks at Paddington. In 2009, no new large inner city apartments will settle. Groundwork has started on Mertion's Soleil and the Trilogy Tower project, but these will no complete until 2012. Mirvac's Tennyson Reach project will settle two buildings in 2009, and FKP's SL8 at West End will also probably complete in 2009. So not much new stock.

So here are some predictions for 2009:

• The price of a good quality 2 bedroom 2 bathroom apartment in Brisbane, with views, will range from $780,000 to $850,000.
• The price of an average quality 2 bedroom 2 bathroom apartment in Brisbane will struggle to pass $550,000.
• Average rent for an unfurnished 2 bedroom apartment will rise to $600 per week.
• Investors will return to the market, as interest rates are falling and rents are rising.
• There will be more action in the inner suburbs than in the city. Prices for quality apartments in areas such as Indooroopilly and Toowong (where there is a train station and regional shopping, close to education facilities) will boom. By the end on 2008, it will be hard to find a good quality 2 bedroom apartment in these areas for less than $600,000.

• The Gold Coast apartment market will tank even more. The Sunshine Coast apartment market will remain steady.

Saturday, November 22, 2008

M on Mary in liquidation

Monday, November 3, 2008

in liquidation: M on Mary

"RECEIVERS & MANAGERS APPOINTED IN LIQUIDATION. BRAND NEW APARTMENTS. INVEST TODAY FROM JUST $295,000 IN THE HEART OF BRISBANE, AUSTRALIAS MOST EXCITING AND LIVEABLE CITY. PLUS A RENTAL GUARANTEE OF 6.5% GROSS (avg) MANGEMENTS FEES INCLUDED."

It appears that a Gold Coast company has been appointed to off load what remains for sale in M on Mary serviced (non residential) apartments. This building has 1 bedroom apartments, with some 3 bedroom apartments on higher floors. About 400 apartments in total, with over 100 reported as unsold. A very poor pool area. Most don't have car parks. Small apartments. Avoid!

Wednesday, October 22, 2008

M on Mary - bank takes over?

I heard that the developer of M on Mary has gone into bankruptcy or receivership. There are a number of apartments that remain to be sold. Unfortunately, I have no other details at this time.

Saturday, October 11, 2008

Future Brisbane Apartment Developments

Wednesday, January 16, 2008

M on Mary