Kelvin Grove Apartments

Another new apartment development in the Kelvin Grove Urban Village area.  It is Victoria Park Residences.  Currently in pre-sales.

Urban Edge Apartments at Kelvin Grove

Pradella has completed two of the three buildings in its Urban Edge complex at Kelvin Grove.  The "Horizons" building recently completed, and residents have moved in.  The Skyview building, the third of the buildings on the site, is in early stages of construction.

Horizons is an 11 storey development, with about 133 apartments.  As at late May 2013, about 40 apartments were available for sale.  The majority of these apartments are on the Ramsgate Street side, facing west, and not with city views.  I counted 20 one bedroom apartments available for sale on this side of the building.

Some example apartments that remain for sale:

• Apt 20808, level 8, 1 bedroom, 52 sqm internal, 66 sqm total, $429,000
• Apt 20506, level 5, 2 bedrooms, 2 baths, 72 sqm internal, 85 sqm total, $550,000
• Apt 21105, level 11, 2 bedrooms, 2 baths, 76 sqm internal, 91 sqm total, $584,000
• See also REA listings

These apartments appear to be of good quality construction.  However, I don't like high-rise where the air-conditioning compressor is located on the balcony and where there are aircon headends on the walls.  For a number of apartments, the kitchen is just a row of benches on the wall, and the dining area is in this kitchen space.  (That is, no separate room or even an island bench-top for the kitchen.)  Some of the bedrooms have very small windows.

Aerial Photos of Brisbane

Mirvac's Newstead Waterfront project

Mirvac's Tennyson project

Pradella's Water's Edge

Kelvin Grove Urban Village

Chermside

South Bank

(photos taken September 2010)

Edenview at Kelvin Grove

Edenview Apartments at Kelvin Grove are currently being marketed by a number of agents. Due for completion in mid-2011, this complex includes 15 one bed apartments (all sold), 40 two bed apartments (about 1o sold), and 7 three bed apartments (1 sold).

The prices for the 2 bed apartments range from $519,000 to $605,000. The 3 bed apartments start at $749,000.

As an example, apartment 126 is located on level 6, with street views. It has 2 beds, 2 baths and 1 car park. It is 78 sqm internal and 18 sqm on the balcony, for a total area of 94 sqm. It is listed at $579,000, which is about $6,150 sqm. The lounge/dining area is 4m x 6.3m, which is a good size. The bedrooms are 3m x 3.2m, a little tight. The second bedroom has a window onto the apartment hallway, which I don't usually like.

The complex has a pool, and the apartments have split system deducted air conditioning.

Rates Ripoff in Brisbane

CITY Hall will drag five times the amount of general rates out of Kelvin Grove Urban Village this financial year.
Information released by Brisbane City Council after a question with notice shows some inner city buildings will collectively pour 400 per cent more in general rates in to the city’s coffers than last year, with Kelvin Grove Urban Village facing the biggest rise. The Village’s 213 unit owners paid a total $83,411 in general rates to council in the previous financial year, the information shows. But this will jump to $443,750 for the 2008/09 financial year after changes are introduced in January, designed to increase rates for some of the city’s most expensive inner city apartments. The changes, which take effect in January, will lift the general rate for the average unit owner in the Village from $392 last financial year to about $2100 for this financial year. But just a fraction of those living in the Village are owner-occupiers, meaning all but 23 units are owned by investors.
Other addresses to be hard hit by the new ``parity scheme’’ include the Parkland Boulevard building in Brisbane’s CBD, which will collectively pay 364 per cent more in general rates than last year, increasing the building’s total contribution to $753,000. The building contains 168 owner occupied units and 232 investment units.
Council will collect 300 per cent more in general rates for the year from Riverplace Apartments in Brisbane, where 76 of the building’s 314 units are owner occupied.
Owners of units in Admiralty Towers II in Queen Street will fork out 310 per cent more than last financial year.
Riverscape West unit owners in MacDonald St, Kangaroo Point, face an increase of 150 per cent over last financial year.
The information shows just under 1000 owners of units in 116 inner-city apartment blocks will together boost council’s kitty by $6.3 million this financial year under the changes, representing a 127 per cent overall increase for the addresses.
Central ward Councillor David Hinchliffe (Labor) said the changes would take a toll on residents of Kelvin Grove’s Urban Village, which he said was ``not the most salubrious address.’’ Cr Hinchliffe said the impact on unit owners would be about an 800 per cent increase from one quarter’s rates bill to the next.
But council Finance chairman Adrian Schrinner said the information put to rest once and for all claims people were facing 1000 per cent rises in their rates bills. He reiterated a previous commitment to issue letters to unit owners showing the individual increases they face ahead of the January changes.
See City News

Is Indigo embarrassed about Kelvin Grove?

In this weeks Brisbane News, there is a half page advertisement that has two apartments listed for sale. Strangely, the advertisement does not include the name of the developer or the suburb or the name of the development. It merely says "2km CBD". Internal photographs and floor plans are included, along with pricing (2 bedroom apartment for "only $559,000.")

The advertisement is for apartments in Indigo's Kelvin Grove Village Centre. See this realestate.com advertisement for the same apartment. ("And with 5.25% net rental return guarentee for 24 months, free legals and blinds, this property ticks all the boxes. Will rent unfurnished for $490 per week.")

The advertisement in the Brisbane News also puts the wrong floor plan against each apartment.

Why isn't Indigo identifying the apartment in the Brisbane News as being located in the Kelvin Grove Village Centre? Is it because this is considered to be a detriment, not a benefit?

Indigo Sued - Kelvin Grove Village Development

Today's Australian Financial Review (p. 60) reports a lawsuit against the developer of the Kelvin Grove Village apartment complex by three retailers. The developer is Indigo.

"According to the court documents, an Indigo employee had told the prospective retail tenants that more apartments had been sold in the complex than was the case."

I have always assumed this to be the case for most developments. I have seen agents say "development 50% sold" when that is not the case, or "construction started" when only demolition has started and the developer has not even obtained finance.

The AFR reports that several stores in the Village have already closed down, it would seem due to lack of people traffic.

The retailers are claiming over $700,000 in damages.

I visited the development last year, and my opinion was (at that time) that it was a dog. It seemed that it would take many years, if ever, for the area to develop into something. Although geographically close to the city, it is too isolated -- one cannot easily walk to the city, and the walk is unpleasant as you have to walk along major roads and cross a highway and a railway. There are no decent shops or facilities in walking distance -- other than the ones that are in the complex, and it appears that some are closing or have closed down. No-one I know living nearby would select the Village as a destination for shopping or relaxing.

The website states:

"Bordered by the Victoria Park Golf Course, Brisbane Grammar Schools, Queensland University of Technology, State Primary and High schools and within easy access to Royal Brisbane Hospital, the RNA Showgrounds, the Aquatic Centre, Suncorp Sports Stadium and the magnificant (sic) Roma Street Parklands - its the ideal location."

Really, the site is bordered four other development sites. Or your could say it is bordered by the six lane Kelvin Grove Road and the six lane Inner City Bypass highway. To get to Brisbane Grammar School, you have to cross the Inner City Bypass highway and a large railway line.

It is also in a gully.

About this time last year, none of the $770,000 townhouses had been sold.

A one bedroom is listed today at $420,000 by the developer being sued. Now, that sounds expensive! For that price, you could buy a 2 bed 1 bath in Skyline in the city, or a 1 bed in Quay West, or a 2 bed in a Devine building in the city.

Or you could snap up a 2 bedroom apartment from $549,000 to $625,000!!! (These are 77 to 90 sqm internal.) That is over $5,500 a sqm (including balcony) - very expensive for a suburb apartment building that has been on the market for some time.