Gasworks Residences – Affordable and larger than average apartments in Newstead

By: Property Mash: June 6, 2016, Updated: May 9, 2017

  • Located in the heart of the Gasworks project in Newstead
  • Two (2) and three (3) Bedroom Apartments from $495,000
  • Generally larger floorplan sizes for this area of Brisbane
  • Anticipated strong rental demand due to location
  • Affordably priced and really well positioned for restaurants, shops etc
  • Sits alongside the Gasometer so expect light and some noise from the public
Construction update 09/05/2017
Construction Not Started - June 2016
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Gasworks Residences sits in the heart of the Gasworks project which itself is part of the 17ha urban renewal project called Newstead Riverpark. Gasworks is named after the  historical Gasometer, and right beside it you will find the Gasworks Residences building.

Gasworks Residences are affordably priced apartments for this area, and are generally larger. Many feature a Multi-Purpose Room (MPR) which adds significantly to the size of the standard two bedroom apartment.

Gasworks Residences Artists Impression Apartment Lounge

Gasworks Residences Artists Impression Apartment Lounge – from Developer’s Website

The location of Gasworks Residences makes it attractive to both investors and owner occupiers, and the price point and sizes would indicate to us that the project would suit investors and owner occupiers again looking for affordable apartments in this area of Brisbane.

The Project

Gasworks Residences sits at the heart of the Gasworks project, and arguably at the centre of the encompassing 17 ha Newstead Riverpark project. Gasworks Plaza is a mixed use retail and commercial project that has been at the centre of the rejuvenation of this whole area. Anchored by Woolworths, it is a true boutique dining and shopping location with a mixture of delicatessens, cafe’s, restaurants, hair dressers and boutique clothing shops. It is a successful retail project that has attracted quality tenants and strong patronage both during business days and on weekends. Ultimately, Gasworks Residences is really an addition to Gasworks Plaza as it is they are that close to each other. You will literally be able to walk out your front door and perhaps 50 steps later walk into the Max Brenner shop nearby. This is not to say this is a positive or a negative, but it is the reality of living at this location. You will be inexplicably connected to the Gasworks Plaza and the Plaza forecourt which features the Gasometer.

The Gasometer is a historically listed structure that will sit in front of Gasworks Residences, guaranteeing you will always have a green forecourt and somewhat open views. If it seems a little obtrusive at first, once you see it in the flesh it is really only a small encumberance to your view and we wouldn’t think it would be particularly confronting to most residents. The forecourt will be busy during business hours and weekends however, and you should not be surprised to have perhaps 20 or more people sitting and eating in this space during a normal business day.

Gasworks Residences Looking Past Display Suite

Looking past Display suit with Gasometer in front

The Gasometer itself is also a local landmark, and every Friday and Saturday night you will experience a audio and light show at 6pm and 8pm that goes for approximately 10 minutes.

The project features some interesting floorplan designs, many with a MPR room which add significantly to the overall size of the apartments. The examples shown to us, Type 7 which is a two bedroom apartment with MPR, with 130sq m internal and 34sq m balcony is a very large two bedroom apartment.

The roof will feature a podium for residents use that will include a pool, yoga space, gym and a barbecue area.

Gasworks Residences Artists Impression of Podium

Gasworks Residences Artists Impression of Podium – from Developers Website

All apartments come with car parking which will be essential if your preferred mode of transport is by car, as car parking is at a premium in this area. You should not expect to easily find street parking.

Gasworks_Residences_Hoarding

Looking down Longland St. Gasworks Residences sits beside entrance to Woolworths and Gasworks Plaza. Limited parking in the area so residents will need a car park or take public transport

Location

In the 2011 census, Newstead had a population of 836 people; 49.8 per centfemale and 50.2 per cent male.

The median age of the Newstead population was 36 years of age, one year below the Australian median.

Newstead is a suburb consisting of premium river frontage, a strong and growing commercial precinct, and a smattering of older warehouse structures and character housing that is reminiscent of its industrial and warehousing past.

The 17ha Newstead Riverpark project has transformed the southern part of Newstead that borders Teneriffe. With new premium grade commercial buildings, luxury waterfront apartments and now a broad cross section of investment units, it is both an investor, owner occupier and tenant hot spot for inner city Brisbane.

Newstead Riverpark Aerial

Newstead Riverpark Aerial

The changes to Newstead personifies the sophisticated urbanisation of Brisbane’s inner city suburbs that has been an ongoing trend now for the last two decades.

Newstead also borders Fortitude Valley, which is the dining and entertainment precinct of Brisbane. Quality restaurants (both inexpensive and expensive) abound, coffee shops and a wide arrange of retail and commercial services abound in the area.

Transport is best served by bus with regular services down Breakfast Creek Rd, and inner city loop buses down Skyring Tce. A short walk to the CityCat Ferry Terminal makes accessing the City or University of Queensland campus at St Lucia also very easy.

There are no schools within the suburb of Newstead, but a number are only a few minutes drive away in New Farm and Albion. A number of private schools are perhaps 10 minutes away by bus. As an inner city suburb access to and from Newstead by car is not easy, although the Inner City Bypass and connecting tunnel services can be access quite quickly in the neighbouring suburb of Bowen Hills.

Quality and Finishes

There is a display suite onsite with a sample kitchen, however unfortunately we were asked not to take photo’s of it. We have limited information on finishes but our observations were that overall the quality of the finishes is reflected in the objective to bring the apartments to market at an affordable price.

We would recommend asking to inspect an apartment at Skyring Gasworks which is nearing completion so you can view the quality of finishes and the build itself.

Investment Analysis – Rent/Onsite Managers

Unfortunately our questions as to whether an onsite manager will be appointed to the project have not been answered. Given the number of rental apartments in the Newstead location, we would expect quality property management will be readily available should onsite managers not be appointed.

Developer & Builder Overview

Gasworks Residences is being developed by Tom Dooley Developments (TDD) who will also be the builders. TDD are experienced Brisbane based developers who have delivered a number of projects in the Kangaroo Point and New Farm areas to date. Most recently they have sold out and are currently completing the Skyring Gasworks building which is a short walk from Gasworks Residences.

Sales Display & Contacts

A display suite is open onsite at 70 Longland St Newstead. Our recommendation is to park in the Gasworks Plaza carpark and then walk to the display (50m). It sits right beside the Max Brenner shop.

Gasworks Residences beside Max Brenner

The display includes a sample kitchen and also has a model of the building to view. No brochures have been produced for the Project but floorplans are available.

The display is open Sunday to Tuesday 10am – 4pm and Wednesday to Saturday 10am – 7pm.

Developer Promotional Video:

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Have you visited this project recently, or perhaps you live nearby or bought in a neighbouring building? Tell us what you love about this project, or perhaps what you don't.

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