The Palais – Seaside Living at Wynnum

By: Property Mash: March 1, 2016, Updated: October 14, 2016

 

  • Wynnum location, 15km from Brisbane’s CBD
  • Five level multi-use development
  • One (1), two (2) and three (3) bedroom apartment living
  • Priced from $510,000 to $920,000
  • Permanently unobstructed water views

The Palais is a five-level commercial and residential development located in the heart of Wynnum, a seaside town set on the shores of Moreton Bay and located 15km south of Brisbane’s CBD.

The top three floors of The Palais are residential apartments, with four different layout and pricing options, and all apartments take in some of Wynnum’s spectacular panoramic bay views.

The Project

Brisbane City Council’s recent decision to allow for higher building limits in Wynnum has been to the advantage of property buyers and investors seeking stunning coastal views.

Facing onto Wynnum’s main street, Bay Terrace, The Palais is a five level multi-use development designed by Think Tank Architects, and is divided into two lower-level commercial zones and three upper-level residential zones.

The aesthetic is unmistakably modern, with strong vertical and horizontal lines featuring prominently.  It’s a signature style of Think Tank, who are setting up shop in one of The Palais’ first-level commercial areas.

The ground floor will feature a wine bar and the top three floors of The Palais will be residential, facing northeast, and will take in some of Wynnum’s spectacular panoramic bay views.

Together with the building’s aesthetic, it is definitely the views that make The Palais special, particularly with the fact that the views are protected thanks to stringent council regulations.

There are four different layouts available: Three (3) bedroom, two (2) bathroom; two (2) bedroom, two (2) bathroom; two (2) bedroom, two (2) bathroom and study, and two (2) bedroom, one (1) bathroom.

Prices start at $510,000 and rise to $920,000. At the time of writing, more than a third of the residences had been sold.

An added bonus and in keeping with the current trend of premium apartment design, there is a communal roof terrace. And considering just how spectacular the views are, you’d expect it to be a popular area with residents.

Location

It would be easy to think that Wynnum is miles away from the hustle and bustle of city life, but it’s actually part of Brisbane city – at least in terms of council classification.

The town is located on the shores of Moreton Bay, about 15km east of Brisbane’s 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 1.5km. All three stations provide access to the Brisbane CBD (about 40 minutes’ ride) and the end-of-the-line  town of Cleveland (about 20 minutes away).

Opposite the site. 13/01/2016.

Opposite the site. 13/01/2016.

Bus stop 97 is only 150 metres away for a bus to the city.

Local sporting clubs include Wynnum Seagulls Rugby League Club, Wynnum Bugs, Rugby Union Club, Wynnum-Manly District Cricket Club and Wynnum Golf Club.

The Wynnum Esplanade is a highlight of the area. On a clear day you can easily make out Moreton Island and North Stradbroke Island, in Moreton Bay.

Together, Wynnum and the neighbouring town of Manly (often referred to as Wynnum-Manly) stretch along 10km of waterfront. And as the scenic esplanade is perfect for outdoor exercise, it is very popular with runners, cyclists and dogs walking their people.

Bay Terrace. 13/01/2016.

Bay Terrace. 13/01/2016.

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 Palais apartment site, is the largest boat harbour in the Southern Hemisphere, with more than 3000 wet berths and dry standings.

There are several schools within 5km of The Palais. These include Wynnum State High School, Wynnum West State School, Brisbane Bayside State School and Iona College (a Catholic boys’ school).

And as the apartments are in the business district of Wynnum, Coles Supermarket is less than 600 metres away.

13/01/2016.

Bay Terrace – opposite direction. 13/01/2016.

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.

Neighbouring Projects / Competition

Thanks to the Brisbane City Council’s recent building height amendment, 5-storey and up to 8-storey builds are now allowed at selective locations, resulting in many new developments.

High Point (77 Chestnut Street, Wynnum) is worth investigating. It is about five blocks away from The Palais and about a block further back from the water. The views may not be quite as uninterrupted as those from The Palais, but the standard of design is impressive.

Alto (100 Florence Street, Wynnum) can’t go without mention. Standing 8-stories high and situated just 250 metres away it will be the tallest building in the Wynnum-Manly area. The proposed architecture is similarly striking to that of The Palais, and it too will be a mixed-use affair.

Both these developments are under construction with their completion slated for this year.

Builder / Developer Profile

Think Tank Architects takes pride in distinguished design and attention to detail. The company was founded by director Michael Jullyan in 1992.

The Cullen Group developed this project. Wayne Cullen is the founding director of the boutique construction firm. The company prides itself  on its ‘quality over quantity’ approach.

Investment Analysis – Rent / Onsite Managers

Rental return is around 4.5%.

Sales agent Reno Muscat, of Remax, explains it:  “Rent return will run at approximately 4.5% gross per annum, e.g. (a) $600,000 unit should return around $27,000 per annum. Gross rental yield = $520 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.”

There is no onsite management for this development.

Sales Agent Profile

Tandi Gill and Reno Muscat are the sales agents.

Tandi is the co-owner of Remax Advantage Project Management and worked formerly as a highly successful chartered accountant. Now part of the family business she has accrued an outstanding sales record.

Reno – originally from Hawkesbury in New South Wales – is a sales associate at Remax and has a background in human resources. He has worked in real estate since 1998 and has achieved some of the highest sales rankings in the local industry.

 

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