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PROJECT UPDATE JUNE 2018: THIS PROJECT IS NOW COMPLETE AND THERE ARE ONLY 6 TWO-BEDROOM APARTMENTS LEFT FROM $439,000.
Lutwyche is not inner city, but it would be far to say it is a near city suburb. With recent rezoning in Lutwyche along Lutwyche Rd there has been a surge in apartment projects in the area, of which Vantage Lutwyche is one.
The key attraction of Vantage Lutwyche is its entry level pricing. For first home buyers they are a realistic entry point to the market, and should offer investors good returns.
Vantage Lutwyche is a six-storey corner-block residential apartment development constructed on the corner of Isedale St and Lutwyche Road in a near city location on the north-side just six kilometres from the CBD.
It comprises 55 apartments with one (1) beds from $324,000 and 2 beds from $439,000. There are 43 two (2) bedroom apartments which average 79m² internally and up to a maximum of 85m².
Vantage Lutwyche is being targeted at both “sharing professionals that need their own space and owner-occupiers seeking above-average sized apartments.” As a result, two (2) bedroom apartments comprise three-quarters of the stock (or 43 units), with 10 of the remaining 12 apartments having one (1) bedroom.
Vantage Lutwyche would be a nice fit for professionals in their early 20’s or early 30’s who work in the CBD, first home buyers and considering share accommodation to help supplement repayments. There is good separation between bedrooms for privacy which is a nice feature for owner occupiers who want to rent out the second room which could help service their mortgage loan.
The 10 x one (1) bedroom apartments are each 50m² and the remaining apartments are priced between $329,000 and $339,000. These are small and you will need to check that you can get finance on them in the current market, as many lenders are not lending on apartments under 60m². The two three (3) bedroom apartments about 130m² have been sold.
As the project is situated on Lutwyche Road, reduction of noise is important. Acoustic engineers will test all windows. It’s expected noise abatement for apartments facing the main road will include stronger-grade window glass, shutters installed on the balcony, and the use of concrete rather than glass balustrades.
Two ground-floor commercial offices have been reserved, pending the developer’s decision of their use.
There’s an underground car park which can be accessed via Isedale Road and will host 67 spaces with one allocated to each unit. Another 12 spaces will be shared between visitors and the ground-floor occupiers.
At the time of writing this article, sales agent Alex Veal said “construction had reached the top floor, so customisation of living area floor coverings was no longer an option.”
The project’s livability factor also increases with two separate lift-wells which service the building.
Vantage Lutwyche is situated on busy arterial Lutwyche Road, which bisects an established older suburb, six kilometres from Brisbane’s CBD.
The Brisbane City Council’s plan for Lutwyche permits “medium to high density residential areas within easy walking distance of public transport nodes” such as the Wooloowin train station and the Northern Busway. High-quality buildings and landscaping reflect the ‘strong sub-tropical character’ planned for the Lutwyche Road corridor – one kilometre in length between Norman Avenue and Stoneleigh Street, and about 300 metres wide.
Vantage Lutwyche sits at the northern end of this corridor, amid recent developments, with a mixed use project – of retail and social housing apartments – currently under construction opposite. Outside this corridor, timber Queenslanders are common amid the established homes of the area.
Lutwyche residents have ready access to the Kedron Brook bikeway and Mercer Park sports precinct, and the local schools are within a 10-minute walk. The immediate neighbourhood is a mix of established homes, with new apartment blocks under construction or recently completed on or near Lutwyche Road.
In addition to nearby access to the Airport Link Tunnel, the highway and the Wooloowin train station, Vantage is well-serviced by bus-stops at each end of the block. Here, residents can access four city bus-routes, which pick up passengers up to eight times an hour during peak periods. In addition, the Lutwyche stop on the Northern Busway is a 10-minute walk, and provides access to a further seven bus routes.
Lutwyche residents also enjoy several public parks, Nudgee Beach, the Kedron Brook bikeway, (which extends from Mitchelton to Gympie and Sandgate Roads), and the Mercer.
It’s also within close proximity to Kedron Brook bikeway and the Mercer Park (Shaw Estate Park) sports precinct and easy access to suburban shopping centres at Lutwyche, Stafford, Chermside and Toombul.
There is Park sports precinct, which includes the local football club, fitness station and BMX facility.
Educational facilities nearby include two schools within a 10-minute walk – Wooloowin State School and Kedron State High School; and Australian Catholic University and Queensland University of Technology campuses, each up to 10 kilometres’ distant.
Lutwyche City, cafes, cycle stores and gyms are among the local shops on offer within walking distance, although this is an older centre and best described as a convenience centre; larger suburban shopping centres are a relatively short drive away at Chermside, Toombul and Stafford.
In terms of transport there is a major Translink busway station just a 250 metre walk form the apartments with multiple routes to and from the city and other locations.
All apartments will have a basic light colour scheme, tiled splashbacks and installed blinds.
The kitchen will feature stone bench tops and German-made AEG appliances – rated as tier one or top of tier two. Dual air conditioning to both bedrooms and living areas provides comfort all year round.
A communal 160m² roof-top terrace will include a pavilion and barbecue area to take advantage of city views. Visitors being entertained here can access a further 12 on-site parking spaces.
This market focus is supported by 2013 figures from the Australian Bureau of Statistics, which states Lutwyche residents had a median age of 34.4 years, with most wage earners either classified as ‘professionals’ or in other white-collar jobs.
Vantage Lutwyche is anticipating a mix of 55 per cent investors and 45 per cent owner-occupiers. By not providing capital-intensive amenities such as a pool or gym, the company says body corporate fees will be affordable, with plenty going into the sinking fund. Instead, residents and their guests will have access to the ‘sky lounge’ – a roof-top entertainment area. Fees also include on-site property management, provided by recently established property building firm, Rubik Property.
Body corporate fees are estimated at $2652 per annum for one (1) bedroom, $2912 per annum for two (2) bedrooms, and $3380 per annum for three (3) bedrooms, which are on par with competitive projects.
Rental returns are estimated at $340 to $370 per week week for one (1) bedroom, $445-$510/week for two (2) bedrooms and up to $650/week for three (3) bedrooms.
The Brisbane-based SEQ Investment Group has a development portfolio ranging from sub-divisions to townhouse estates and mid-rise apartments. Established in 2000, SEQ said “it provides quality projects at outstanding value for the long-term property owner.”
For Vantage Lutwyche, SEQ’s architect-design firm of choice is NAM-Concept, which has been asked to deliver “a fresh vibrant colour palette, a striking architectural facade, and beautifully conceived interiors” for the buyers.
Vantage Lutwyche will be built by Hutchinson Builders, one of Australia’s largest privately-owned building and construction firms. Hutchinson’s reputation for quality extends to commercial and residential high-rise, and infrastructure projects for industries as diverse as retail, mineral resources, government and education. The project is expected completion date is November 2016.
Property agency Mint Residential specialises in projects in or near Brisbane’s CBD, and prefers to work with associated developers ‘from scratch’ for a full exchange of expertise.
Mint Residential advises Vantage Lutwyche’s on-site display suite and office will be open from the end of July 2016. With at least 50 per cent of apartments already sold by June 30, interested buyers are encouraged to register interest via the online form or to telephone the office.
As Brisbane City Council is encouraging medium to high density residential living in Lutwyche, the suburb is home to several recently completed projects, with more apartments under construction.
Directly opposite is Spectrum apartments is under construction. 12 – 18 Felix St is also under construction which is seven floors and may block the top floor city views of Vantage Apartments on completion.
The recently completed apartments Norman Vue hosts 32 x two (2) and three (3) bedrooms, with a similar roof-top terrace. Developer, Key4Property said remaining units are priced from $475,000.
Projects under construction include Colton Park, advertised as 36 x one and two bedroom apartments with secure basement parking, private balconies and high quality finishes. Prices are advertised from $365,000.
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