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Property Summary Location:                                 Hamilton, Brisbane QLD Type:                                        Apartment Expected Completion:         Mid 2011 Tenant Profile:                       Mainly professional couples with                                                   or without children

PROJECT DESCRIPTION

This development is a mixed use development incorporating residential, commercial and retail just off the Brisbane River in Hamilton. The site area is 1.7 hectares and the development is comprised of four major buildings (two commercial buildings on Kingsford Smith Drive and two residential towers in Harbour Road and Hercules Street) and a retail boulevard – Hamilton Walk – between the commercial and residential buildings.

PROJECT FEATURES

The first residential building comprises 238 quality apartments over 22 levels. Each level has apartments that either look towards the Brisbane River and the City or towards Hamilton and Ascot and beyond to Moreton Bay. The lower levels on either side of the development will enjoy pleasant street and precinct views around the development. 

INVESTMENT OUTLOOK

Capital Growth:          

• The waterfront apartment market in Hamilton has been at the forefront of a growth in median apartment prices in Brisbane over the past five years and looks set to magnify further in the future. Market evidence from 2008 clearly indicates apartments have become the property type of choice in the Hamilton market with more apartments having sold during this period than houses.
• The potential for strong capital growth at Promenade is highlighted by recent increases in the Brisbane population and the number of people working in the city. Employment growth has been concentrated around the CBD and nearby airport creating strong demand for housing. It is no surprise that demand for inner city living now exceeds new apartment supply.
• Hamilton has long been recognised as one of Brisbane’s most prestigious suburbs with continual good capital growth. The “Double Bay” of Brisbane. Median House Price (29.01.08) $1,335,000. (Source: Resolution Research, Qld Valuer General’s Office)

Rental Return:          

• Rental growth information provided by the Residential Tenancies Authority (RTA) reveals that there is a high level of demand for apartment living in Hamilton. The RTA highlights that the median weekly rents recorded for apartments located in Hamilton and Ascot have experienced impressive growth over the past two years. In total, and on average, median weekly rents for one, two and three bedroom apartments located in this geographic location have increased by 14% per annum over the past two years or experienced total growth of 29% over this two yearly period.

"X" FACTORS / KEY GROWTH DRIVERS

• Presently home to 7,000 businesses and forecast to generate 106,000 jobs by 2026.
• Premium apartment living is one of the key growth drivers influencing Brisbane’s property market. People are prepared to pay a premium to live by the water in Brisbane.
• Future new modern suburb of 10,000 with enhanced lifestyle amenities and facilities over the next 20 plus years.

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