Mosaic makes smart move with $12 million Savant project

Mosaic Property Group is targeting the high demand for quality apartment living in St Lucia with its $12 million Savant project.The project, which was released to the market on August 5, is 85 per cent sold withthree, three-bedroom apartments remaining priced from $737,000.Savant will front Sir Fred Schonell Drive, putting its residents close to the Brisbane River, University of Queensland, major retail, exceptional sports facilities and key public transport links.Mosaic Property Group Managing Director Brook Monahan said the site was chosen because of its location in a premier city fringe suburb.“St Lucia is one of the most desirable suburbs in Brisbane due to its proximity to the CBD, its vast expanse of prime riverfront land and the presence of the world-renowned University of Queensland,” he said.“There is a cosmopolitan mix of students, young couples and families, high income professionals and retirees.“The significant professional demographic means incomes are well above the Queensland average and a high percentage of owner occupiers and detached homes.”Mr Monahan said the area also had strong demand for quality rental properties thanks in large part to the proximity of UQ and the Wesley Hospital medical precinct.“There is a low supply of such properties which is something that we factored into our plans for Savant,” he said.Mosaic Property Group secured development approval for the 17-apartment project on July 12.Mr Monahan said Savant’s architect-designed apartments were spacious, iconic and would stand the test of time.“They have thoughtful, open-plan layout with generous living areas including large furnishable balconies to provide additional living space,” he said.Matthew Pearson was among the first to purchase within Savant and plans to use his two-bedroom, two-bathroom apartment as an investment property.“I really liked the older, more prestigious suburbs within 5-10km of the CBD but in terms of new product there isn’t much available, so Savant really stood out for me,” he said.“The short to medium term healthy rental yields as well as the long term capital growth potential were factors that contributed to purchasing.“The fact that Mosaic manages the property post-settlement is a huge value-add for me as an investor.”Each apartment will have an abundance of natural light and ventilation with higher than average ceilings and large doors and windows.The gourmet kitchens will have ample bench space complete with stone benchtops, island bench, European oven, integrated dishwasher, undermount sink and European tapware.Other features include fully tiled bathrooms, generous built-in and walk-in wardrobes, separate laundry, air conditioning to all bedrooms and living areas, and high speed internet.The building will have a luxurious lobby and fully secure lifts and car park with intercom entry.Savant is one of several suburban apartment and town home projects being launched by Mosaic Property Group following its completion of more than $110 million in development in FY15/16.