Successful development and investment company, ARIA Property Group, has been granted approval to develop a ten storey residential development, with basement parking and retail component, in the increasingly popular cultural and lifestyle hub of South Brisbane.

Tim Forrester, Managing Director ARIA Property Group, said the development, which is located at 16 Merivale Street in South Brisbane, capitalises on the city's acknowledged lack of supply. 

"South Brisbane is one of the most infrastructure rich urban areas in Queensland, located 800m from Queen St mall," he said.

"The area is home to approx 26,000 white collar workers and 80,000 university students within a 1.5km radius." 

"These well designed, contemporary apartments will add striking architecture and much needed accommodation to the precinct."

The development will comprise 24 spacious one bedroom and 36 two bedroom apartments, including five dual-key options.  Finishes will include plasterboard ceilings, stone kitchen bench tops, and European appliances. 

The complex will offer a pool, fully equipped gymnasium, BBQ area and ample green space and feature secure underground car parking.

Peter Chittenden, Residential Managing Director from Colliers International, said Station 16 presents the perfect balance between liveability and investment.

"Starting at just $335K for a one bedroom apartment and $485K for a two bedroom apartment, each with car parks, this development will be very appealing to the astute investor," he said.

"South Brisbane is currently experiencing 10 to 15 per cent rental premiums considering an underlying demand which stems from the areas recent urban growth of new office developments and educational facilities."

"Gross property return for this area was 13 per cent for the 12 month period ending March 2010, compared to just 7.7 per cent for Brisbane CBD."

The development is located within close proximity to the Gallery of Modern Art, Brisbane Library, Museums, West End markets, South Bank parklands and gardens, entertainment, cinemas, walking and cycling paths and an abundance of premium retail options.

Station 16 will officially be launched to the market on the 14^th August 2010.

For sales enquiries please contact ARIA Property Group on 1300 254 337

 

For further information please contact:

Susan Epp
Communications Manager | Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026
Email: susan.epp@colliers.com