Local developer and builder JonBuild has launched Magnolia Apartments, a $25 million boutique residential development in the heart of St Lucia.
The four level development consists of 38 spacious apartments, with two bedroom apartments selling from $579,000 and three bedroom apartments from $699,000.
The north facing site is located on the corner of Sir Fred Schonell Drive and Raven Street, opposite Guyatt Park, with many apartments offering views of the park and Brisbane CBD.
“Following on the success of our nearly completed Evoque Apartments in Indooroopilly we identified this site as our next local opportunity,” said Mr Taouk, Director of JonBuild.
“Local buyers really understand the fundamentals of the established inner western suburbs especially Toowong, St Lucia and the University of Queensland.”
Lily O’Connell, Project Manager at Colliers International said that St Lucia was a particularly popular suburb in the inner western precinct with a mix of families, wealthy professionals and students residing in the area.
“St Lucia is one of the most established and affluent suburbs in Brisbane, and with the development being only 5km from the Brisbane CBD, we expect these well designed, spacious apartments to be highly sought after by local owner occupiers and investors alike.
“The Brisbane apartment market is on a flight to quality, as owner occupier demand for spacious apartments with high quality finishes in premium A-grade locations continues to persist.
“St Lucia is also popular with local and interstate investors due to the strong rental demand from students at the University of Queensland which has more than 50,000 enrollments, and the local workforce from the Wesley Hospital which employs over 2,000 staff.
“With strong rental yields, premium location and close proximity to key infrastructure, the area ticks all the boxes for investors,” said Ms O’Connell.
Specially designed to incorporate a modern lifestyle and contemporary materials, Magnolia Apartment’s spacious two and three bedroom apartments offer a high quality schedule of finish.
These include 100 per cent wool carpets in bedrooms, tiles throughout kitchen and living areas, Ilve gas appliances, stone benchtops, ducted air-conditioning throughout, 2.7m high ceilings and a unique study area in most master bedrooms with additional storage.
The residents will also have access to onsite pool, function pavilion and BBQ facilities.
This great location is within walking distance to University of Queensland, and offers easy access to leading public and private schools, and public transport options including bus, City Cat stop at Guyatt Park and train at Toowong station, as well as the bikeway to the CBD.
There are a variety of retail destinations within close proximity from the recently upgraded Toowong Village Shopping Centre and expansive Indooroopilly Shopping Centre through to a diverse and multicultural local café and restaurant scene.
According to the latest figures from Urbis, the average price paid for an apartment in the inner western suburbs was $659,000. Magnolia Apartments represents excellent value with two bedroom apartments priced from $579,000.