Project Review by Property Mash: February 28, 2016
  • Close to public transport.
  • Market entry price-points.
  • 16 x two (2) bedrooms apartments from $475,000
11 Besham Parade. 28/02/2016.
11 Besham Parade. 28/02/2016.

Musgarda on Besham is a small four level building in the heart of Wynnum, a Brisbane bayside suburb.

You see, Musgarda lies only just ‘west-of-rail’ in newly revitalized Wynnum.

‘East-of-rail’ Wynnum – being geographically nearer the water – attracts a premium price.  Again, let there be no confusion; to the eye there is no difference. There are no East Wynnum “latte Nazis” dropping Botox vouchers from behind some gauche designer wall… The distinction is purely a real-estate value one. Except, of course, for your hip pocket. And it is in this regard that this development benefits.

Classified as ‘west-of-rail’, it has almost all of the benefits of ‘east of rail’ Wynnum but not the latter’s premium pricing.

The Project

The development consists of 16 two-bedroom two-bathroom apartments, spread over four levels.

Prices start at $400,000, which is pretty darned good for something with two bedrooms and all the bells and whistles of a new-build.

The ground floor houses secure car-spaces. Each apartment comes with one.

There is also a lift, which services all floors.

The apartments all come with a balcony. And this being Wynnum, the views from these balconies are very pleasant. The top apartments even sneak distant bay views.

The interiors are modern-sleek. The palette consists of whites, beige and light timber accents.

The average interior space for apartments is around 75sqm – add to that a quite generous balcony, and it makes for a spacious abode.

Bathrooms, especially, are quite generous in size.

Looking down Besham Parade. 28/02/2016.
Looking down Besham Parade. 28/02/2016.

Location

The centre of Wynnum is a five-minute walk from these apartments.

Part of the Brisbane City Council’s region, Wynnum is located on the shores of Moreton Bay, about 15km east of the Brisbane CBD. Thanks to the contours of the coastline, you can clearly see the Port of Brisbane from the Wynnum foreshore.

By car, it is about half an hour’s drive from the city.

Railway access is excellent as the area is serviced by three stations on the Cleveland line. Wynnum Central is nearest to the apartments, at only a few hundred metres. Wynnum and Wynnum North Stations are both within 2km. All three stations provide access to the Brisbane CBD (about 30 minutes’ ride) and the end-of-the-line  town of Cleveland (about 20 minutes away).

Bus access is only a few blocks away.

Local sporting clubs include Wynnum Seagulls Rugby League Club, Wynnum Bugs (that’s right; the crustacean-critters!) Rugby Union Club, Wynnum-Manly District Cricket Club and Wynnum Golf Club.

The Wynnum Esplanade is a highlight of the area and is about 10 minutes away by foot.

Together, Wynnum and the neighbouring town of Manly cling to 10km of waterfront. The area is frequently referred to as Wynnum-Manly. And as the scenic esplanade is perfect for outdoor exercise, it is very popular with runners and cyclists.

Manly hosts a creative market on Sundays. All kinds of one-off items are on sale, attracting tourists and locals alike. Manly Boat Harbour, just 2.5km from the apartment site, is the largest boat harbour (for recreational vessels) in the Southern Hemisphere.

There are several schools nearby. These include Wynnum State High School, Wynnum West State School, Brisbane Bayside State School and Iona College (a Catholic boys’ school).

Coles Supermarket is five minutes away.

A great source of local information is to be found on WYNNUM WHAT!? The Facebook site is loaded with helpful local updates – especially if you’ve lost a pet, or seen someone else’s pets gallivanting about!

Check it out at: https://www.facebook.com/WYNNUM.WHAT.4178/?fref=ts.

View towards opposite direction of Besham Parade. 28/02/2016.
View towards opposite direction of Besham Parade. 28/02/2016.

Neighbouring Projects / Competition

A three level apartment complex at 34 Emsworth Street is just around the corner and is very similar in price and features. Also ‘west-of-rail’, it has two-bedroom, two-bathroom units priced from $395,000 to $490,000.

Berrima 120 is a few minutes away. It is also a relatively small development, but lies ‘east-of-rail’. It has a higher price point and will make for an interesting comparison, as the two developments are otherwise quite similar. Prices range from $540,000 to $595,000.

High Point (77 Chestnut Street, Wynnum) is also worth consideration. It is less than 10 minutes walk from Musgarda, and lies ‘east-of-rail’. The quality of the fit-out of this development looks very good. Prices start at $545,000.

Builder / Developer Profile

Wiltshire Stevens architects is a relatively young company but benefits from the extensive experience of its team. They offer interior and architectural design as well as master planning.  Their portfolio includes an array of different projects.

Investment Analysis – Rent / Onsite Managers

Rental return is around 4.8%.

Sales agent Reno Muscat explains it: “Rental yields sit at approximately 4.8% gross – for example, (a) property priced at $535,000 will rent for approximately $500 per week. Return on investment consists however of both rental yield and capital growth – the bay view will ensure the ongoing higher rate of capital growth.”

Sales Agent Profile

Tandi Gill and Reno Muscat are the sales agents. There is no display and inspections are by appointment.

 

 

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