The Fernery at 47 Conavalla Street, Ferny Grove, has apartments priced from $349,000 to $660,000.
A locked in building contract is acting like price control for buyers at the $140m Ferny Grove Central landmark development, with remaining apartments priced at levels “not likely achievable on a new project” now.
MORE: Swift sales make way for new lot releases
Aussie prankster drops $2.9m on wacky Gold Coast mansion
Massive Brisbane site in 2032 Olympic village hub hits market
Locals have been the biggest buyers of apartments at The Fernery.
Construction of The Fernery will begin after the first phase of the $140m project is complete.
Apartment sales in The Fernery – the residential centrepiece of the $140m Ferny Grove Central landmark urban renewal project eight years in the planning – have passed the milestone 70 per cent mark two months after project construction officially began, with developers expecting all 82 units to be sold within a year.
“With a pre-construction contract locked in with builder Broad Construction, a subsidiary of CPB Contractors (part of the ASX-listed CIMIC Group), it’s allowed Honeycombe Property Group to sell the balance stock at prices likely not achievable on a new project,” they said in a statement.
There are three types of configurations including a one bedder priced from $349,000.
How the lobby is expected to look.
The Fernery is a joint venture project by Honeycombes Property Group and MaxCap Group, with 82 luxury apartments priced between $349,000 and $660,000 as well as a resort style rooftop recreational deck with 15m pool.
Peter Honeycombe, managing director of Honeycombes Property Group, said with the rental property market tightening and construction prices on the rise, smart buyers and investors had snapped up the opportunity to lock in today’s prices while not having to settle for some time.
Around 85 per cent of buyers come from surrounding suburbs, and 70 per cent planned to live in the apartments themselves as owner-occupiers.
The Fernery has been popular with those looking to downsize but remain in the area.
Ferny Grove Central is about half an hour from the Brisbane CBD.
“A large proportion of current purchasers are locals, downsizing by selling the family home in a hot property market, with apartments at The Fernery starting from $349,000. Based on an appraisal by local agents, the yield is likely to be circa 5 per cent.”
Stage 1 of construction at Ferny Grove Central involves a multi-level commuter parking complex for the railway station park and ride car park – which is backed by $9m from the Queensland Government and $11m from the Federal Government’s Urban Congestion Fund. The Fernery and Ferny Grover Central retail complex would follow, with a 28-month build time frame which should see completion in late 2023.
FOLLOW SOPHIE FOSTER ON FACEBOOK
The post Price control sees rise in sales at $140m Brisbane development appeared first on realestate.com.au.