Locals dominate sales at $30m Annerley project

A stellar off-the-plan sales run has prompted construction at Citimark’s $30 million inner-city Annerley residential project to begin.The low-density apartment project, The Pavilions, is 70 per cent sold since launching to the market in September last year, achieving more than $20 million in sales.Leading Queensland construction company RCQ Construction has been awarded the build contract and has begun earth works, paving way for the three-level apartment building to be completed by August 2017.Citimark director sales and marketing, Megan Barron said the tender process was highly competitive given the rarity of low-density projects in Brisbane’s new apartment market, which is currently dominated by high-rise product.She said the development’s location and sophisticated apartment design appealed to an owner-occupier market and had driven sales to date.“The sales result is an indication there is still strong demand for high quality, well priced and centrally located boutique developments in Brisbane,” she said.“It demonstrates the demand for end-user targeted product close to the major western corridor hospitals and Brisbane’s city centre.“The Pavilions has proved to be a popular choice for first time owner occupiers who are employed within a two kilometre radius of the site, which tells us the product and location mix is resonating with this particular market.“It is a very large site, on a well positioned street which has also appealed to investors who have identified rarity in the location and value in the lower density of this project.“There are only two active off the plan projects in Annerley – it is a truly undersupplied suburb with very stable long term low vacancy rates which have been consistently below three per cent over the last five years.”The Pavilions will comprise 66 one and two-bedroom pavilion style apartments across a half-hectare site in three low-rise pods inspired by townhouse design.Local Brisbane resident, Celia Lian recently purchased a two-bedroom, two-bathroom apartment within The Pavilions and said she was attracted to the project’s location, price point and surrounding shops, cafes, parklands and schools.“I’ve been searching for an inner city apartment project for five or six years, and when I saw The Pavilions I knew it was the right choice for me,” she said.“I recognised the limited opportunity for new apartment product like this within Annerley and jumped at the chance to secure an apartment in what I believe is one of the most unique projects in the area.“It’s a highly convenient location – within proximity to Brisbane’s CBD, three major hospitals, really easy transport systems as well great schools and universities almost on the doorstep.“The attractive price point, low body corporate fees, communal facilities and high quality finishes were also major drawcards.”Located just four kilometers from the CBD, the Cottee Parker architect-designed complex will sit opposite the Ekibin Park South parklands.It is only meters from the heritage listed Junction Park State School and high street retail outlets on Ipswich Road and is serviced by three major hospitals.Mrs Barron said demand for boutique developments like The Pavilions had stemmed from the lack of new apartment product in the heritage suburb.“At a time when new housing in Annerley is undersupplied, The Pavilions will deliver a much-needed product that incorporates superior fittings and unique design elements,” she said.“The project offers affordable inner suburb living and is perfect for anyone wanting proximity and lifestyle tucked away from the hustle and bustle of Brisbane’s CBD.“In addition, Annerley is undergoing a major rejuvenation and is being recognised as one of Brisbane’s great eclectic hubs with a vibrant dining and retail precinct right at your doorstep.”Residences will be equipped with high quality finishes and will include stone benchtops, kitchen island benches, air-conditioning as well as European style appliances.Resident-only facilities at The Pavilions include a serenity yoga lawn as well as barbecue facilities with two internal garden entertainment areas.Designed by award-winning architects Cottee Parker, apartments at The Pavilions will range from 63sqm to 91sqm and are priced from $385,000 for a one-bedroom plus multi-purpose room apartment configuration and carpark.The Pavilions is part of Citimark’s $1.5 billion diversified development portfolio, which is currently focused on South East Queensland.Past projects include the $120 million Evolution CBD riverfront residential tower; multi-award winning $95 million 42 level Felix Tower; $155m Central Brunswick riverfront urban renewal in Fortitude Valley; 330 lot Emmadale Gardens residential community in Gladstone; and an $85m sub-regional shopping centre in Melbourne.Citimark is jointly owned by Angus Johnson and Robert Pullar.For more information visit ww.thepavilions88.com.au or call 1800 588 806.