Showing posts with label vine. Show all posts
Showing posts with label vine. Show all posts

Friday, August 31, 2012

Aria in South Brisbane

Aria has been in the news recently.  Extracts from two stories below.  I think that South Brisbane is a good location, but a number of Aria's apartment buildings are located in non-prime and C-tier locations within South Brisbane.

"THERE are pockets of prosperity to be found in southeast Queensland's property sector despite the recent lacklustre performance of the market. Nestled between two flanks of the winding Brisbane River, medium-rise residential and commercial properties are popping up among the easy-living environs of Southbank, the city's convention centre hub, the Gallery of Modern Art and Griffith University. South Brisbane, just across the Victoria Bridge from Brisbane's central business district, is benefiting from local and state government changes to push it out of its light industrial past and into a trendy and bustling future.

 Aria Property Group has made the area a focal point of its activities, with sales of their medium-rise residential towers in the inner-city area almost completely sold out before the foundations are sunk. Aria Property head of development Chris Mitchell says apartment sales at the company's 65-apartment project, Station 16, have just settled, while construction was under way on two of the company's other residential developments.

"South Brisbane is the focus of the business at the moment because of its location and rental premium over alternative inner-city locations," Mitchell says.  "We did quite an extensive amount of research to make sure what we were trying to deliver would fit the market in terms of quality and price points.  Certainly, the location was a big selling factor."
Aria Property Group has developed its inner-city niche in South Brisbane since arriving on the Queensland property scene almost a decade ago.  The company has a $250 million investment portfolio that includes 63 commercial, retail and industrial sites and tenancies across southeast Queensland. Its future apartment pipeline could be up to 2500 apartments.
Formed in 2003 by developer Tim Forrester - the son of FKP co-founder and long-serving chief executive Rod Forrester - Aria has concentrated on delivering high-end investment product in the region."

Full story in The Australian


See also Brisbane Times:

"The CMC asked Brisbane City Council in June to investigate its role in letting Aria buy the eight square metres of footpath for the Edmonstone Street development.

A Brisbane City Council spokesman said yesterday the council's investigations were completed last month and no evidence of official misconduct by council officers or staff with the former state Department of Resource Management had been found.

Aria's managing director Tim Forrester said the developer had no "short term" plans to go ahead with the Edmonstone Street tower. "We're focused on these more boutique developments," he said. Mr Forrester would not be drawn on the developer's further plans for South Brisbane, but said there was a "chronic" under supply of housing in the suburb "There's such a demand for apartments and as a result we're seeing rents remain incredibly strong," he said. "There's an increasing number of office workers in South Brisbane and that's really pushing up demand on the southern side of the river."

Mr Forrester added young professionals were also showing a preference for boutique apartment buildings on the southern side of the river, over soaring towers in the CBD. He said he was hopeful the council would welcome the proposal for Grey Street, as it came in under the area's 20-storey height limit.   Just two two-bedroom apartments remain for sale in the Artisan development, which is due to be completed in June next year. The remaining apartments are priced at $594,000 and $629,000. The complex features 66 apartments over 10 levels with 37 one-bedroom and 29 two-bedroom residences."

Sunday, August 12, 2012

The Plaza South Brisbane

David Devine’s Metro Property Development group has increased its commitment to the inner-Brisbane apartment market, with approval granted for an $80 million project in South Brisbane.  The 12-level development, called The Plaza, has been designed by architects Deicke Richards and is due to be built at the corner of Russell and Manning streets on a 2,270-square-metre site and will feature 168 apartments.

Off-the-plan marketing of the project will begin later this month.  It will offer a mix of one- and two-bedroom apartments, ranging in price from $330,000 to $575,000. The project will take the value of Metro’s approved apartment developments in Brisbane to more than $400 million.

Metro currently has 1,337 apartments under construction or approved for development in inner Brisbane and a further 950 apartments in the pipeline.

See Property Observer and Prior Post

Comment emailed to me by a reader, after this post was published:

"I came across your blog while searching for a project called The Plaza by developer Metro as you would probably know about. I was basically doing more research on the project as I may be interested in investing in it. Upon researching I found out that Aria would build one called the Vines directly in front of The Plaza which probably would have The Plaza looking to another building rather then the great city views it promises. Bascially from reading through your blog, you have given your opinion on Vines being too expensive...i agree btw."

Saturday, March 10, 2012

Vine on Russell Prices

Vine on Russell was recently released by Aria Property Group.  It is located in South Brisbane, opposite Musgrave Park.  Construction to start in June and to be completed in mid 2013.

As at the end of the first week in March, after about 3 weeks of sales activity, 50 of the 56 apartments were reported as being sold by the developer.  This is a fantastic result, or the developer is not being truthful, take your pick.

Some pricing for the apartments that remain for sale:

  • Apt 702, a studio apartment, 55 sqm internal, $446,000
  • Apt 303, a two bedroom apartment on the corner of the building, overlooking Cordelia St (which is a major road, and noisy), 73 sqm internal, $609,000
  • Apt 705, two bedroom on Cordelia St, 75 sqm internal, $614,000
Looking at current sales of quality apartments in the inner city apartments, and what is currently listed for sale, these prices seem to me to be outrageously high for small apartments with few facilities that are located on a major road.  Obviously, 50 purchasers don't think so.

Monday, March 5, 2012

Vine on Russell, at South Brisbane

Another apartment building from Aria in South Brisbane:  Vine on Russell, which is on the corner of Russell Street and Cordelia Street (a busy main road), overlooking Musgrave Park.

An 8 storey building, with at total of 56 apartments, either 1 or 2 bedroom apartments.  No pool.