Princess Regent – Affordable Woolloongabba Apartments Close To Completion

By: Property Mash: June 22, 2016, Updated: September 12, 2016

  • Located on Regent Street in Woolloongabba (4102), adjacent to the Pacific Motorway
  • 2 x one (1) bedroom apartments and 76 x two (2) bedroom, two (2) bathroom apartments
  • One (1) bedrooms start at $380,000 and two (2) bedrooms start at $439,000
  • Due to be completed in August 2016
  • All remaining two (2) bedroom apartments are less than $500,000
  • Within walking distance of Princess Alexandria Hospital, Buranda Shopping Centre, Buranda Train Station and the Buranda Bus Station
  • Built without reliance on pre-sales, 60 apartments currently remaining for sale
  • Suits first home buyers and investors.
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Princess Regent is an eight level apartment tower that is due to be completed in August 2016.  There are 78 apartments in the building, 76 of which are two (2) bedroom, two (2) bathroom configurations.  The two remaining apartments are one (1) bedroom.

This project has three key selling points.  Firstly, it is due to be completed soon in August 2016.  Secondly, the apartments in Princess Regent are very well priced.  All of the two (2) bedroom, two (2) bathroom apartments remaining for sale at the time of writing this article were under $500,000.  Thirdly, this building is located close to several major employment nodes (PA Hospital, Mater Hospital, CBD) and public transport options.  This will greatly enhance its appeal to investors and first home buyers.

The site is separated from the Pacific Motorway by a nature strip.  Regent Street is a no-through road in a small pocket of Woolloongabba that is currently undergoing a significant period of transformation.  There is a new apartment building close to completion just two doors down from Princess Regent.  There are a further three new apartment projects under construction in Carl Street and Wolsely Street, the two streets next to Regent Street.  This area is convenient because it is within walking distance of Princess Alexandria Hospital, Buranda Shopping Centre, Buranda Train Station and the Buranda Bus Station

The Project

As stated above, Princess Regent has 78 apartments, the majority of which are two bedroom, two bathroom configurations.  There are four different floor plans for this type of apartment which range from 78sq m internally to 90sq m internally.  Balconies on these apartments range from 14sq m to 40sq m.

The one bedroom apartments in Princess Regent are 66sq m and 77sq m  internally.  The 77sq m one bedroom apartment is located on the ground floor of the building and also has a 38sq m outdoor courtyard area.

This is an affordable building, with one bedroom apartments starting from $380,000 and two (2) bedroom apartments starting from $439,000.  The most expensive apartment remaining at the time of writing this article was $492,000.

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Professional photo of the balcony at the Princes Regent sales display. Supplied by developer.

Every apartment in Princess Regent has one car park allocated to it.  Two of the larger apartments come with two side-by-side car parks as well.

Resident amenities in this building include a plunge pool, outdoor communal space, indoor recreational area and an outdoor BBQ area.  These features are covered by an annual body corporate contribution of $3000 per apartment.

As stated above, this building is quite close to completion which is one of its major selling points.  First home buyers that want to take advantage of the $15,000 new home grant from the government, but feel uncomfortable buying off-the-plan can come to Princess Regent and get a feel for what their apartment will be like while still taking advantage of the government grant.

As this building is adjacent to the Pacific Motorway and in a relatively high-density neighbourhood, there is a fair amount of noise.  To minimise the impact of this, the developers have provided double glazed windows and glass doors on level three and above. We did not get to assess the efficacy of these, however, because we inspected an apartment on level two.

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Location

Princess Regent is located on Regent Street in Woolloongabba.  This is a no-through road that is separated from the Pacific Motorway by a nature strip.

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The nature strip that separates Princess Regent from the Pacific Motorway. Photo taken 08/06/2016.

In the immediate vicinity of Princess Regent, there is a large amount of construction currently underway.  When we visited the site on the 8th of June 2016, there was another apartment building that was close to completion just two doors down.  This is called Empire and it is being developed by Blue Sky.  On top of this, there were two more apartment buildings close to completion in Carl Street (Palazzo Apartments) and Wolsely Street (Vicinity).  Carl Street and Wolsely Street are the next two streets that run parallel to Regent Street.  There is also a new building in Carl Street that is being marketed and awaiting construction called Sapphire Apartments. Finally, Essence is another project in Carl Street that is about to start being marketed.

The major benefit of this location is the convenience of transport.  Within 10 minutes walk, there is the Buranda Bus Station and the PA Hospital Bus Station. These stations are each on the South East Busway and the Eastern Busway respectively. Both of these stations have frequent services that run to the CBD and other parts of Brisbane.  For example, on weekdays, the Buranda Bus Station has services that run every three minutes that go to The CBD and The Mater hospital, which is a major employment node.  Since these services run along the South East Busway, the trip to the Mater Hospital takes just two minutes and a trip to the City takes eight minutes.  It is not likely  the people who live in these apartments will need a car to travel to work, which is a major advantage for investors and a key selling point for first home buyers.

On top of this, both the Buranda Train Station and Dutton Park Train Station are nearby. The Buranda Train Station is a 500m walk away, whilst the Dutton Park Train Station is just over one km away down Cornwall Street. These train stations are located on the Cleveland Line and the Beenleigh Line respectively, giving Princess Regent residents easy access to wider Brisbane.  Both of these train lines also run through the major interchanges at Roma Street and Central Station and they are both located just five stops away from Central Station.  A trip into the CBD takes only 15 minutes from either of these stations.

Approximately 700m away from Princess Regent, there is a small group of shops called Buranda Village. This complex has a Woolworths and Target, as well as Sushi Train, Nando’s and Commonwealth Bank.  Adjacent to this complex is another small set of shops that has a butcher, cafe and a small deli.

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Buranda Village is a small, suburban shopping complex. Photo taken 08/06/2016.

Another advantage of this location, particularly for investors, is how close it is several major employment nodes.  The PA hospital is one of Brisbane’s major employers and it is located a 500m walk from Princess Regent.  On top of this, the Mater Hospital complex is just down the road.  It is easily accessible by car, or from the Buranda Bus Station, which has services that go past the Mater Hospital every three minutes.  For people living at Princess Regent, a bus trip from the Buranda Bus Station to the Mater Hospital will only take two minutes.  Brisbane’s CBD, which is Queensland’s largest employment node, is also easily accessible from Princess Regent.  As stated above, it is just eight minutes by bus or 15 minutes by train.

Woolloongabba is an attractive suburb for renters.  According to CoreLogic, the proportion of people renting in the suburb has been increasing and it now sits at 59%.  The demographic make-up of the suburb is consistent with renters and first-home buyers. The median age of people in Woolloongabba is 31 years and people aged between 25 and 34 constitute the largest age bracket in the area.

Quality and Finishes

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Photo of the kitchen in the display unit detailing vinyl flooring and Samsung Fridge. Photo taken onsite 08/06/2016.

This apartment buildings key selling point is its low price point, with all two (2) bedroom apartments under $500,000.  As such, the appliances that have been selected maximise value.  The dishwasher, cooktop and oven are Valencia, a mid-range European brand, whilst the fridge is Samsung.

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Photo of kitchen inside display unit showing Valencia dishwasher and laminate cupboards. Photo taken 08/06/2016.

This level of finishes is continued throughout the apartment.  Flooring in the living area and kitchen is vinyl that has is made to look like timber.  The kitchen bench is an artificial stone and the light in the kitchen is a circular florescent light.  Also, the roof is a stipple ceiling, which is not very common in modern buildings.

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Professional photo of living room showing round, florescent lights and stipple ceiling. Supplied by developer.

There are split system air conditioners in all bedrooms and livings areas throughout the building.

Investment Analysis – Rent / Onsite Managers

Princess Regent has onsite management and a caretaker to look after the pool, communal areas and landscaping.  As we said above, each apartment in the building has an annual body corporate contribution of $3000.

A rental appraisal that was done on the 1st of February 2016 by Rent Star Property Management indicates that the two (2) bedroom, two (2) bathroom apartments in the building are likely to rent between $465 and $520 per week.  Due to the amount of new development in the area, Property Mash would recommend that any investors interested in this building get an independent rental appraisal done to verify these figures.

Developer & Builder Overview

Rovella is the developer/builder behind Princess Regent.  This is a 40-year-old, family owned company that has completed a total of 30 apartment developments.  They are a local firm that have completed projects across Brisbane in areas such as Kangaroo Point (4169), Bardon (4065) and New Farm (4005).

Sales Display & Contacts

The sales display for Princess Regent is located onsite. Omar Hamid, the lead agent on this project is currently doing open for inspections on Saturday and Sunday from 2pm until 4pm and on Wednesday nights from 5pm to 7pm.  He is also happy to do inspections outside of these times by appointment.

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Lead agent Omar outside the nearly completed Princess Regent. Photo taken 08/06/2016.

The display unit is a two (2) bedroom, two (2) bathroom apartment located on level two that looks over the nature strip separating Princess Regent from the Pacific Motorway. It is fully furnished.

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Fully furnished master bedroom inside display unit. Photo taken 08/06/2016.

 

Competitor Projects

As mentioned above, there are several projects in the immediate vicinity of Princess Regent that are close to completion and would be considered competition.  These are Palazzo, Vicinity and Empire.  All of these buildings are targeted towards the investor market and share similarities.  They are each approximately 10 stories and have similar levels of appointment.  Each building varies slightly, however it would be fair to say that they would fall into the same ‘category’ of apartment building.

One difference between Princess Regent and the other buildings that are nearing completion in the area would be the mix of apartment types in the building.  Buyers that are looking for a two (2) bedroom, two (2) bathroom apartment would likely have limited options in the other buildings.  This is because they would have had relatively few of these apartment types in them to begin with and it is likely that there would be a small number of apartments remaining in these buildings as it is common for the majority of apartments to be sold in new apartment buildings when they are close to completion. This is not the case with Princess Regent, however, as it is nearing completion and still has approximately 60 two (2) bedroom, two (2) bathroom apartments remaining for sale.

Sapphire Apartments is another building that would be considered a competitor to Princess Regent.  It is in a similar price range and targeted towards investors.  This building, however, is yet to begin construction so it is likely that it will not be completed for another 18 months at least.

Interested in this project?

We would love to hear your thoughts on this project.

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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