Showing posts with label foreshore. Show all posts
Showing posts with label foreshore. Show all posts

Wednesday, November 28, 2012

Mirvac Cancels Foreshore Hamilton

Things can't be that good in the property market in Brisbane.

"Mirvac has confirmed its refunding off the plan deposits for Brisbane and Townsville residential projects.  Construction was scheduled to commence on two key apartment projects this financial year, but given the limited sales and concerns on the off the plan market's immediate future looked, Mirvac's John Carfi confirmed to The Courier Mail that contracts had been cancelled and deposits refunded.

The first stage of Foreshore Hamilton was to be a 23-storey building with 263 apartments. Only three of the apartments had been sold, the paper noted. Prices of one bedroom apartments started from $345,000.

 It was possible within about 18 months that Mirvac would reconsider a fresh start on both projects. Mr Carfi said despite there being strong economic fundamentals evident in Queensland, confidence was at an all-time low.  "With the Queensland market, it is difficult to see what the catalyst is going to be (to improve confidence),'' he said."

 See Property Observer

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.

Tuesday, May 17, 2011

Mirvac's Hamilton Apartment Project

Mirvac is the next developer to announce an apartment project at Hamilton, called ForeShore Hamilton. Coming soon, a release of 1 and 2 bedroom apartments.

"With a total of 582 apartments throughout three buildings, Foreshore is going to be a major component of Northshore Hamilton which will be the epicentre of cosmopolitan Brisbane living over coming decades"