What are the ingredients of a successful apartment building?
At Ironfish, we pride ourselves on our strict property selection process; a process which helps us to select the best amongst all the new developments on the market.
And there is a common theme amongst the successful developments that we see. Location is first and foremost – being ideally situated in an area with strong potential for growth.
In the case of apartments, there is also the addition of: quality architecture (I.e. kurb appeal), views, great floor-plans, resident amenity and first-class retail downstairs. These are factors which are highly-sought after by tenants, as well as owner-occupiers who are looking to enjoy the associated lifestyle benefits.
Two recent examples of Ironfish-selected developments that have been very well received by the rental market are ‘Haven’ in Brisbane’s Newstead and ’74 Eastern Road’ in South Melbourne. Both developments offer a mix of residential, top floor penthouses with strong owner-occupier appeal and expansive views – though each have their own signature details and differences as well.
Haven Apartments
Haven is a stunning development, delivered by HCAP, located in the ultra-hip suburb of Newstead, about 2km from Brisbane CBD. Residents can enjoy the roof top resort-like amenities, including infinity pool, dining areas and barbecues. And on the ground floor there is a mix of retail options from burgers, to poke bowls to fine dining – with queues coming out the door.
“Weekend Edition” food review
“We’ve been eagerly following Newstead’s Haven development as it drip-feeds us new hotspots to check out. One of the latest (and sassiest) openings is delivering a new Japanese-inspired spin on poke bowls. Cheeky Poke Bar is slowing things down when it comes to stacked seafood bowls, lovingly crafting each dish with a plethora of nourishing ingredients and pairing it with some creative culinary inventions such as seafood tacos, bone broths, shaved milk ice desserts and more. If this sounds good to you, get in line to try Cheeky Poke Bar when it opens this Friday December 15.” – the Weekend Edition
“Haven is already approximately 90% occupied after 2 months of settlement. The majority of units are renting with 5% rental yield – a very strong result,” said Ironfish Head of Property, William Mitchell.
Ironfish investor – property snapshot:
- 1 bedroom apartment purchased for $452,000
- tenant secured for a 12-month lease
- $450/week in rent
- 5.2% rental yield
- tenant profile is a single, mature professional earning over $150,000.
Haven is managed by Aurora Assets Management. According to Aurora Executive Manager, Paul Daly, “the level of enquires, inspections and applications has continued to outperform the Newstead and Inner Brisbane City market which is directly attributable to the outstanding quality of the building, location, facilities and retail sector underpinning the luxury and lifestyle Haven offers its residents.”
74 Eastern Road
Situated near Albert Park Lake in South Melbourne, 74 Eastern Road exudes opulence and elegant design, with a range of penthouses (designed akin to a $10 million custom private residence) with further 1 and 2 bedroom luxury apartments and ground floor retail below. It sets a benchmark in design, with its sumptuous interiors by the iconic David Hicks, distinctive exterior by Elenberg Fraser architects and landscaping by Jack Merlo.
“74 Eastern Road has achieved a very healthy return for our investors, with gross rental yields of 4.85% plus, the first rental inspection by potential tenants resulted in applications on all available apartments within 24 hours. This is an outstanding result and a reflection on the strength of the product, and also the Melbourne market” said Ironfish Head of Property, William Mitchell.
Congratulations to all our investors in Haven and 74 Eastern Road; we’re sure you are as pleased as we are to be associated with these two new iconic buildings.