Investors Seek Out Barton Apartments
Launched only six months ago, Colliers International agents have already sold 75% of the One Sydney Avenue apartments in Barton, totalling more than $22 million.
Australian Capital Territory (ACT), Australia, June 23, 2009 --(PR.com)-- Canberra’s most successful residential project in recent months has been the Doma Group’s One Sydney Avenue, Barton. Launched only six months ago, Colliers International agents have already sold 75% of the apartments totalling more than $22 million.
One Sydney Avenue is the second stage of the development within the Realm Life precinct and went to market after the successful sale of the first residential stage Realm Quarters. The Realm Life precinct already features five-star Hotel Realm, day spa, gymnasium, indoor pool, conference rooms, restaurant, bar, hair salon and a number of prominent businesses.
Derek Whitcombe, Colliers International Residential Project Marketing Director – Canberra, said one of the biggest groups of purchasers were savvy investors looking to take advantage of the extremely high returns the apartments offer.
Mr Whitcombe said 70% of the smaller apartments were purchased by investors and a number snapped up by first home buyers not wishing to live in the outer areas of Canberra. Larger size apartments were sold to downsizing couples who were looking to move on from the large family home.
“The well priced apartments also appeal to owner occupiers. We are seeing a trend emerge with high paid career public servants purchasing their first home in well located areas like Barton – the centre of the business district”, said Mr Whitcombe.
The suburb of Barton is in the heart of the Parliamentary Triangle and has mixed dwellings including some apartment complexes that date back to the 1900’s. Only a short drive to the City and close the fashion centres of Kingston and Manuka, Barton is home to many Government Agencies and National Corporations.
Mr Whitcombe said many investors have been keen to get their stamp duty payments caught in the current financial year as stamp duty is tax deductable in the ACT.
“We have been surprised by the number of investors who have been advised by their accountants to purchase well located apartments off the plan.
“The delay until completion is very attractive as investors can lock in their price and have plenty of time to arrange their finances and a good tenant before settlement”, he said.
One Sydney apartments are made very attractive due to the location alone. Barton employees boast the highest income of any suburb in Canberra. Combined with Canberra’s very low vacancy rate and high rent returns, the suburb of Barton would suit first home buyers and investors alike.
Barton is anticipated to provide good capital growth over the next few years, and with strong rental demand expected to continue in the area, Mr Whitcombe believes the One Sydney one bedroom apartments are great investment properties for the future.
“The rental return for investors in Realm has been remarkable, with some achieving as much as $630 a week rent for a furnished one bedroom apartment.
“Unlike the serviced apartment approach there is virtually no risk in finding a tenant for these apartments who are prepared to pay for the location, various amenities within the complex and proximity to Parliament House and the other larger Commonwealth public service centres”, said Mr Whitcombe.
“Investors have consistently targeted the high renting one and two bedroom designs with the most popular being 70 square metre one bedrooms and 104 square metre two bedroom layouts.”
“One of the really attractive things about these apartments is the inclusion of very spacious balconies and excellent solar orientation”, said Mr Whitcombe.
One bedroom apartments in One Sydney have sold from as little as $370,000 and there are still some available at $415,000. Two bedroom apartments range start from $625,000 and three bedrooms from $795,000. One Sydney also boasts two beautiful three bedroom penthouses overlooking Telopea Park available at $1.5 million each.
Completion of One Sydney is expected at the end of 2010.
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Colliers International is proud to be the Real Estate Institute of Australia’s Commercial Agency of the Year 2007, 2008 and 2009 – setting a benchmark for industry excellence.
About Colliers International
Colliers Macaulay Nicolls Inc. (CMN), operating as Colliers International, is a leading global real estate services company that provides a full range of services to real estate occupiers, developers and investors worldwide. The organisation’s 12,700 employees span the globe in 294 offices in 61 countries. On a worldwide basis, Colliers manages more than 1 billion square feet and has revenue of $1.6 billion. Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, project management, mortgage banking and research. Colliers International is a worldwide affiliation of independently owned and operated companies. Founded in Australia in 1976, Colliers International is the largest locally formed real estate services firm with professionals that serve clients throughout Australia. Find out more at www.colliers.com.au.
For all the latest international news from Colliers International visit www.colliersnews.com.
One Sydney Avenue is the second stage of the development within the Realm Life precinct and went to market after the successful sale of the first residential stage Realm Quarters. The Realm Life precinct already features five-star Hotel Realm, day spa, gymnasium, indoor pool, conference rooms, restaurant, bar, hair salon and a number of prominent businesses.
Derek Whitcombe, Colliers International Residential Project Marketing Director – Canberra, said one of the biggest groups of purchasers were savvy investors looking to take advantage of the extremely high returns the apartments offer.
Mr Whitcombe said 70% of the smaller apartments were purchased by investors and a number snapped up by first home buyers not wishing to live in the outer areas of Canberra. Larger size apartments were sold to downsizing couples who were looking to move on from the large family home.
“The well priced apartments also appeal to owner occupiers. We are seeing a trend emerge with high paid career public servants purchasing their first home in well located areas like Barton – the centre of the business district”, said Mr Whitcombe.
The suburb of Barton is in the heart of the Parliamentary Triangle and has mixed dwellings including some apartment complexes that date back to the 1900’s. Only a short drive to the City and close the fashion centres of Kingston and Manuka, Barton is home to many Government Agencies and National Corporations.
Mr Whitcombe said many investors have been keen to get their stamp duty payments caught in the current financial year as stamp duty is tax deductable in the ACT.
“We have been surprised by the number of investors who have been advised by their accountants to purchase well located apartments off the plan.
“The delay until completion is very attractive as investors can lock in their price and have plenty of time to arrange their finances and a good tenant before settlement”, he said.
One Sydney apartments are made very attractive due to the location alone. Barton employees boast the highest income of any suburb in Canberra. Combined with Canberra’s very low vacancy rate and high rent returns, the suburb of Barton would suit first home buyers and investors alike.
Barton is anticipated to provide good capital growth over the next few years, and with strong rental demand expected to continue in the area, Mr Whitcombe believes the One Sydney one bedroom apartments are great investment properties for the future.
“The rental return for investors in Realm has been remarkable, with some achieving as much as $630 a week rent for a furnished one bedroom apartment.
“Unlike the serviced apartment approach there is virtually no risk in finding a tenant for these apartments who are prepared to pay for the location, various amenities within the complex and proximity to Parliament House and the other larger Commonwealth public service centres”, said Mr Whitcombe.
“Investors have consistently targeted the high renting one and two bedroom designs with the most popular being 70 square metre one bedrooms and 104 square metre two bedroom layouts.”
“One of the really attractive things about these apartments is the inclusion of very spacious balconies and excellent solar orientation”, said Mr Whitcombe.
One bedroom apartments in One Sydney have sold from as little as $370,000 and there are still some available at $415,000. Two bedroom apartments range start from $625,000 and three bedrooms from $795,000. One Sydney also boasts two beautiful three bedroom penthouses overlooking Telopea Park available at $1.5 million each.
Completion of One Sydney is expected at the end of 2010.
###
Colliers International is proud to be the Real Estate Institute of Australia’s Commercial Agency of the Year 2007, 2008 and 2009 – setting a benchmark for industry excellence.
About Colliers International
Colliers Macaulay Nicolls Inc. (CMN), operating as Colliers International, is a leading global real estate services company that provides a full range of services to real estate occupiers, developers and investors worldwide. The organisation’s 12,700 employees span the globe in 294 offices in 61 countries. On a worldwide basis, Colliers manages more than 1 billion square feet and has revenue of $1.6 billion. Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, project management, mortgage banking and research. Colliers International is a worldwide affiliation of independently owned and operated companies. Founded in Australia in 1976, Colliers International is the largest locally formed real estate services firm with professionals that serve clients throughout Australia. Find out more at www.colliers.com.au.
For all the latest international news from Colliers International visit www.colliersnews.com.
Contact
Colliers International (Australia)
Andrea Kopatsy
+61 2 6257 2121
www.colliers.com.au
Andrea Kopatsy
+61 2 6257 2121
www.colliers.com.au
Contact
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