This is independent editorial content written by a PropertyMash Journalist. While we try to ensure all information is as accurate as possible, please double check with the developer or real estate agent directly before making a purchasing decision. The information contained within this article may be incorrect or out of date.
Three60 Apartments in Coorparoo is a newly completed apartment building with 5 apartments remaining for sale. There is a selection of one (1), two (2) and three (3) bedroom apartments remaining for sale.
The design of these apartments will definitely appeal to those who are downsizing from a home. The developer has consciously included several storage spaces in each apartment beyond just the cupboards in the bedrooms. Also, in the larger apartment configurations there are free-standing bath tubs and large walk-in robes, which is uncommon in apartments of this price range.
Kitchener Street is a quiet suburban street that is lined with mid-rise apartment buildings, both new and old. The location of Three60 is just 300m away from the new Coorparoo Square mixed-use development which is currently under construction. This is a massive urban regeneration project that will benefit the local area upon completion. It will add 6,000m2 of retail, including shops, cafes, restaurants and a large Dendy’s Cinema Complex. It was recently announced that ALDI has signed a lease in this complex.
Three60 Apartments consists of two separate apartment buildings that are four storey each. They share a secure basement car park and a small outdoor BBQ and pool area. The two buildings are identical. Each one contains 4 x one (1) bedroom apartments; 4 x two (2) bedroom, two (2) bathroom apartments and 8 x three (3) bedroom, two (2) bathroom apartments.
All one (1) and two (2) bedroom apartments have a single car park allocated, whilst the three (3) bedroom apartments have two car spaces allocated. These are tandem spaces, not side-by-side spaces. Some three bedroom apartments also come with a basement storage unit. Each of the two buildings is accessible from the basement by a single lift, whilst ramp access from the street allows those in wheelchairs to get inside Three60 from street level.
The building is well-secured. There is swipe key access to all of the entrances and the car park. On top of this, there is video camera surveillance in the area around the lift-well on each of the floors and in the foyer. The lights in all of the common areas operate by sensor, which will save operating costs in the building overall.
Apartments on the very top level of Three60 have views of the city and back over Coorparoo. Below the top level, however, the view is suburban. Residents will look over the street or to their neighbours.
The balconies on these apartments are quite large and liveable. They range from 14m² to 104m². When Property Mash visited the site, we inspected a three bedroom apartment on the second level that has a 19m² balcony. Whilst this was a good size and had a nice atmosphere in the afternoon, a disappointing feature was that the air conditioning unit was located in plain view on the balcony. This really detracted from the balcony, taking up space and diminishing the aesthetic appeal, and also makes the balcony a noisy place to be when the air-conditioning is running. Obviously this does result in cost savings for the Developer (rather than putting the unit on the building roof) so it will no doubt have meant a lower purchase price as a result.
As we said above, Three60 apartments do have a generous amount of storage space for a modern apartment. The three bedroom apartment that we viewed had three storage cupboards in hallways and living areas. This level of storage is not the norm in most new apartments being built in Brisbane today. The floorplan for apartment 28, which is a one bedroom apartments that is still for sale, shows just one linen cupboard in the hallway. Another way apartments in this building save space is by having an instant hot water system. This is a small, wall-mounted system that replaces other, larger hot water systems. It ensures that hot water is delivered instantly, which residents will be extremely grateful for during Brisbane’s five minutes of winter. Instant hot water systems also reduce your running costs which will also be welcome by owner occupiers and investors alike.
Three60 is located at 57 Kitchener Street, Coorparoo. This address is 300m from the corner of Cavendish Road and Old Cleveland Road, which is home to a group of shops that offer some essential services. There is a medical centre, chemist, a hairdresser, restaurants, cafes and a Commonwealth Bank branch. A little bit further down Old Cleveland Road, just 650m from Three60, is a Coles supermarket and a Pure Health Club.
The most significant investment project to happen in Coorparoo for a long time is currently under construction 300m away from Three60. Coorparoo Square is a $232 million development that will have 6,000m2 of retail upon completion. This will include a large Dendy’s Cinema as well as an Aldi. Residents of Three60 apartments will no doubt enjoy having these close by.
One downside of the Coorparoo Square development is that it will also deliver 360 new apartments to the area. Those that are looking to invest may be wary of the added competition this will bring to the rental market. The flipside of this, however, is that the new retail and entertainment options available at Coorparoo Square will undoubtedly lift the profile of Coorparoo and attract more people to the suburb.
Three60 is also located in close proximity to several schools. Coorparoo State School is a well respected Brisbane primary school. It is well within walking distance of this project, just 250m away on the other side of Old Cleveland Road. For young people walking to school this will take less than five minutes.
In terms of secondary education, Villanova College is a mid-tier private school that is 1.2kms from Three60. Coorparoo Secondary College is also quite close, residents of Three60 will be able to walk there in less than 15 minutes. Being roughly 5km from the CBD means that many other educational institutions are accessible from Three60 such as Brisbane Grammar School, All Hallows, QUT and UQ.
Quality and Finishes:
On the whole, the fixtures and fittings at Three60 are economical, fitting in with their price point. Despite this, the project manages to attain a good level of quality. The appliances in the apartment are supplied by ILVE. The majority of apartments have 60cm dishwasher, oven and cooktop as well as a 90cm range hood. There are also 5kg Fisher & Paykel dryers for each laundry. The larger apartments on the top level have a larger oven and cooktop and the range hood is slide out instead of canopy. These apartments also have a wine fridge and microwave.
There are several features of these apartments that differentiate Three60 from its competition. One of these is the addition of freestanding bathtubs that are quite large. This is not a common feature in modern apartments where space is at a premium. These are included in the two and three bedroom configurations.
The three bedroom apartments in Three60 also have quite spacious walk-in robes. If you are interested in these apartments, we do recommend going to check these out on-site because it is rare that you see a walk-in robe of this size in apartments that are in this price point.
The apartments have zoned ducted air-conditioning throughout that can be controlled from a central panel.
Since the building has been built, buyers do not get a choice of colour scheme.
The prices for the remaining apartments are as follows. There is a single one bedroom apartment left which is priced at $409,000. There are 2 x two bedroom, two bathroom apartments remaining for sale that are $520,000. There are 3 x three bedroom apartments remaining that are $675,000.
Body corporate rates in Three60 are approximately $2,700 for a one bedroom unit, $2,800 for a two bedroom unit and $2,900 for a three bedroom unit.
Property Mash was supplied with a rental appraisal for the units in the building which showed that the one (bedroom units are expected to achieve a weekly rent between $420 and $450, the two bedroom units are expected to achieve a weekly rent between $480 and $500 and the three bedroom units are expected to achieve weekly rent between $640 and $660. This rental appraisal is not dated, so it is recommended that buyers validate these figures. Since the building has been recently completed, it is likely that there are tenanted units that could be used for comparison.
There are two other major projects in Coorparoo – Orion Apartments and Coorparoo Square. These are both quite close to Three60, within 1km of the project. All three of these projects – Three60, Orion and Coorparoo Square are quite different from each other, however. Orion is an 11 storey apartment tower located on Cavendish Road. It is a large apartment building on a main road. Coorparoo Square is also on Cavendish Road. This is a huge project of 360 apartments over several towers up to 18 storeys high. It will be a busy development, but it will provide residents with lots of amenity such as cafes and cinemas right on site. How Three60 differentiates itself is by being a much small project on a quiet back street of Coorparoo.
Northbuild is the builder of this project. It is a 25 year old company that builds residential, commercial, aged care and retail. Other apartment projects that they have completed include The Glass Factory in West End and Tannum Sands Apartments near Gladstone.
Since Three60 has been recently completed, there is a display unit available that prospective buyers can walk through. This is located on-site.