Lincoln On The Park – Investment Apartments In Stones Corner

Written: 14 October 2016, Updated: 6 August 2018

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  • 93 apartments over eight levels plus rooftop pool deck
  • 40 x one (1) bedroom apartment; 53 x two (2) bedroom, two (2) bathroom apartments
  • Located on Lincoln Street in Stones Corner, opposite Hanlon Park
  • Prices start from $381,000
  • 250m away from Stones Corner Village
  • Five minute walk to Eastern Busway
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Lincoln On The Park is an entry-level apartment project that is targeted towards investors and first home buyers.  As the name suggests, the building is on Lincoln Street, opposite Hanlon Park. Lincoln Street is a cul de sac, so it is relatively quiet and has little through-traffic despite being so close to Old Cleveland Road which is a major arterial.

Investors and first home buyers will be attracted to this project due to its low price and its proximity to transport and shops.  One (1) bedroom apartments in this development are all below $400,000 and the two (2) bedroom apartments range from $510,000 to $599,000.  These prices aren’t the absolute cheapest in the area for new apartments, but they are pretty close to it.

This is a pretty good location for day to day shopping and transport.  Stones Corner Village is just 250m away and has a variety of stores.  Also, the Stones Corner Busway Station is just a five minute walk from Lincoln On The Park.  This station is on the Eastern Busway, so travelling around Brisbane from here is quite speedy.

The Project:

Lincoln On The Park consists of 93 apartments over 8 levels.  Of the 98 apartments in the building, 40 are one (1) bedroom apartments with a single bathroom and 53 are two (2) bedroom, two (2) bathroom configurations.

Internally, the one (1) bedroom floor plans are 54m², with balconies ranging from 8m² to 13m².  The two (2) bedroom apartments at Lincoln On The Park range from 65m² to 114m² internally, with outdoor areas ranging from 13m² to 30m².  On the lower levels, the apartments have small courtyard spaces, which would definitely appeal to owner occupiers.

The building has a rooftop pool terrace that is actually quite impressive for a smaller building like this.  It is a large space with two different BBQ areas and a separate sun deck.  There is also a small swimming pool  as well as toilet and shower facilities.

The building itself is built around a covered breezeway, which is intended to provide good cross-ventilation to apartments.

Most bedrooms in this building are the standard size of 9m2, however some of the larger apartments have bigger master bedrooms.

The apartments on higher levels of this building will have great views, particularly those on the Lincoln Street side of the building – these will overlook Hanlon Park and the City.

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Location:

Lincoln On The Park is a great suburban location for three reasons: it is across the road from a park, it is 250m away from a shopping village and it is a five minute walk to the Eastern Busway.

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Bike path and play ground at Hanlon Park. Photo taken 19/07/2016.

Hanlon Park is across the road from this apartment project.  This park has lots of trees, some sporting facilities and a bike track.  It is perfect for a picnic, a long walk or a leisurely bike ride.  It is also a great facility to have for kids to play in.

Also located on Hanlon Park is a small child care centre.  This is directly opposite Lincoln On The Park.

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Child care centre across the road from Lincoln On The Park. Photo taken 19/06/2016.

Just 250m away from Lincoln On The Park is Stones Corner Village.  Walking here would take approximately three minutes from Lincoln On The Park.  There are quite a few shops inside the centre and in the surrounding precinct.  The largest shop in The Village is Aldi, but there is also a pharmacy, Asian grocer, hairdresser and newsagent.  There is also an alfresco dining area at the front of the village that has several restaurants.  There are also lots of shops in the immediate area surrounding Stones Corner Village.  These include a butcher, a medical centre, post office and several cafes.

In terms of public transport, the Stones Corner Bus Station is just five minutes walk from Lincoln On The Park.  Situated on the Eastern Busway, this station allows quick and easy travel across Brisbane.  The inbound station has regular services to places like Roma Street, the CBD and UQ, whilst the outbound station goes to the Carindale Interchange and Coorparoo.

Interestingly, a bus trip from Stones Corner Bus Station to UQ takes just 7 minutes, because the trip is entirely on the Eastern Busway.  This particular service runs every 15 minutes.

Another major drawcard of this location is its proximity to several major health institutions which employs many people.  This will particularly appeal to investors.  The Princess Alexandra Hospital, which employees 6,500 people is just 1.2kms from Lincoln On The Park.  The Greenslopes Private Hospital is 2km away and that has a total of 2,000 staff.  Also, the Lady Cilento Children’s Hospital and The Mater Private and Public Hospitals are 3kms away.  Together, these hospitals employee close to 10,000 people.  This puts a total of 18,500 hospital staff within 3kms of Lincoln On The Park.

The location is, however, quite busy and feels more ‘inner city’ than ‘suburban.’  Just 100m down Lincoln Street is an eight level apartment tower midway through construction called Cedar.  This is located at 9 Regina Street.  Also, on the block directly beside Lincoln On The Park, there is an approval for two apartment towers, eight and nine levels.

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Construction photo of ‘Cedar’ just 100m from Lincoln On The Park. Photo taken 19/06/2016.

Stones Corner is a small pocket of Greenslopes in Brisbane’s South.  Greenslopes is a family-oriented neighbourhood. According to the latest Census, couples with children were the predominant household type in the area. The population of the area is currently 8,551 persons and it has grown by 5% over the past five years. Renters make up 55% of households in the area and the median rent is $470 per week.

Quality and Finishes:

The finishes at Lincoln On The Park are modern and economic, fitting in with its price point and investor/first home buyer target market.

There are two colour schemes in this project – a light and a dark.

The kitchen is pretty standard for a new apartment in Brisbane’s suburbs.  The bench top is 20mm reconstituted stone and the floors are covered with a large floor tile.  The splash back is either coloured glass or small tiles, depending on which colour scheme is chosen.

In the bathroom, the vanity is wallmounted.  The cupboards are a timber-look laminate and the basin is ceramic.  The basin sits atop a 20mm reconstituted stone bench.  There is a wall mounted cabinet with a sliding mirror door that has shelves inside.

The laundry has a large tub with a cupboard beneath it, as well as a 4kg wall mounted dryer.

The living areas are carpeted which is rare in open plan apartments like this which are usually tiled.

The bedrooms are carpeted and have built in robes with sliding laminate doors.  The shelves inside these robes are built in with four shelves and hanging space.

Each apartment has split system air conditioning to the living area and main bedroom.

Window furnishings are not included at Lincoln On The Park.

Investment Analysis – Rent / Onsite Managers:

As these apartments are predominantly targeted towards investors, there is plenty of investment information available from the sales agents on request.  This includes rental appraisals, management information, depreciation schedules and body corporate rates.

Local Competition:

Greenslopes and particularly the Stones Corner area are seeing a surge in new apartment construction at the moment.  There is a fair amount of local competition, particularly for investment apartments and smaller complexes.

In the immediate vicinity of Lincoln On The Park, there are two investment grade apartments buildings currently under construction and being developed by Blue Sky.  One is called Cedar, located at 9 Regina Street and the other is called Stone & Co, located on Logan Road.

Also, there are a number of new apartment projects for sale in the area around the Princess Alexandria Hospital.  These include Princess Regent, Palazzo, Vicinity and Sapphire Apartments.  These buildings are all of a lower price point and slightly lower quality than Lincoln On The Park.  They are also in a much busier area.

Developer & Builder Overview:

This project is being developed by DevCorp and built by Rimfire Constructions.

DevCorp is a Brisbane based development company that has been doing business since 2001.  It has completed projects across Australia’s east coast during this time.  Other projects that they are undertaking at the moment include The 28 in Fortitude Valley, Lume at Kangaroo Point and The Woodstore at Chermside.

Rimfire Constructions is also Brisbane based.  It was founded in 2013, but the directors of the company have been working in the industry for much longer than that.  The company has built many mid-sized apartment projects across Brisbane that are similar to Lincoln On The Park.  These include Alton On Priory in Indooroopilly and The Winn in Fortitude Valley.

Sales Display & Contacts:

The sales display for Lincoln On The Park is located in the Lume sales display, which is at Kangaroo Point.  There is not a lot to see at this display.  There is a model of the building, a finishes board and some renders on the wall.  The office is open from 10am to 4pm Tuesday, Wednesday, Thursday, Saturday and Sunday.

 

 

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