EAST Brisbane will get a new $30 million mixed-use development from QM Properties on the back of the sell-out of the group’s Mowbray East Brisbane project.
All 56 one and two-bedroom apartments in Mowbray East Brisbane on the corner of Lytton Road & Manilla Street have sold, six months ahead of building completion. QM is also fielding strong interest in Mowbray’s ground-floor commercial space.
QM Properties Development Manager Glenn Rix said the acquisition of a new 1,214square metre site at 54-58 Manilla Street, 50 metres from Mowbray East Brisbane, would cater for buyer demand in the under-supplied suburb.
“Recent research reports confirm sales activity is strong and the sell-out of Mowbray and this recent acquisition reaffirms our belief that East Brisbane has all the qualities purchasers are looking for,” said Mr Rix.
“We attribute Mowbray’s success to its quality architectural design and a starting price of $339,000, combined with proximity to the CBD, multiple public transport options and lifestyle amenity.
“Demographic shifts – including increasing numbers of Gen Y property buyers and middle-aged downsizers – also seem to be lifting the appeal of city fringe living, together with potential new infrastructure like a pedestrian bridge from Kangaroo Point to the CBD.”
Mowbray East Brisbane has continued to attract attention as it begins to reshape the local skyline, prompting QM Properties to bring forward plans for its second site.
“The new mixed-use development will be similarly placed, providing an ideal market entry to the 4169 postcode and tapping into buyer desire for well-designed one and two bedroom apartments near employment and education hubs,” said Mr Rix.
“We are currently finalising our plans for DA submission and hope to launch the project in early 2015, for completion by 2016.”
QM Properties has recently expanded its focus on the Brisbane apartment market following more than 35 years creating award-winning residential estates like Pacific Harbour at Bribie Island, Caboolture’s Central Lakes and Coomera Retreat on the Gold Coast.