Springfield’s first apartment tower outperforms Brisbane counterparts
With all 66 of its apartments now settled, Greater Springfield’s first apartment tower, Park Avenue, is already outperforming its Brisbane counterparts and affirming the economic viability of Australia’s fastest emerging new city.
The $200 million Park Avenue project is part of an eight stage development masterplanned by Plus Architecture, which will see a total of 605 apartments delivered across Springfield Central site in the coming years.
“Partnering with Plus Architecture, we are significantly expanding the range of housing products on offer across this Queensland city,” said Chairman of Springfield Land Corporation, Maha Sinnathamby.
“Park Avenue represents an exciting next step in the evolution of Greater Springfield, as an alternative to the Brisbane CBD, with greater housing and work choices, highly-evolved infrastructure and significant government investment.”
Now complete, Stage One is being touted as not only a major milestone for Greater Springfield but an overwhelming success story for the satellite city with the valuations underpinning presales maintained across all 66 apartments.
“We can now confidently say, with our valuations coming through on par, that confidence in the Greater Springfield economy is growing and our economic plan is working.”
Conceived as a mix of both owner occupier and investor product, Park Avenue’s superior vision, architecture and quality are combining to achieve higher investment returns for purchasers.
Delivering rental returns of over 6 per cent, Park Avenue is outpacing Brisbane CBD apartment market, which – according to Pace Projects’ January 2017 report, The Road Ahead for Inner Brisbane’s Rental Market – is experiencing a downturn in rental prices.
“Median rental prices for two bedroom apartments saw the strongest fall in values over the past 12 month period, decreasing by 5.2 per cent to $550 per week,” said the report.
Over the same period, one bedroom apartment rents fell by 4.8 per cent whilst median rental prices for three bedroom apartments decreased by 2.6 per cent.
So whilst median rents in Brisbane’s CBD have suffered over the past 12 months, Greater Springfield has stabilised and Park Avenue has set a new benchmark for urban design.
Drawing inspiration from the traditional Queenslander house with expressed external framing and generous balconies, Plus Architecture created an elegant building with emblematic character and lifestyle comfort.
“We are proud to have introduced apartment living to Springfield and plan to replicate this early success in Stage Two, which we are now in the process of designing,” said Plus Architecture Director, Danny Juric.
“We expect that Greater Springfield’s market will remain strong in 2017, particularly for new apartments. Buyers and tenants alike are continuing to seek out well-appointed residences in high amenity locations with direct access to infrastructure, transport and employment – all of which have been proactively considered in the planning of this nation building project,” added Sinnathamby.
ABOUT GREATER SPRINGFIELD
Greater Springfield, an alternative to the Brisbane CBD, is one of Australia’s fastest emerging new cities with a current population of approximately 33,000 people, which is expected to grow to 105,000 residents by 2030. Twelve billion dollars has been invested in Greater Springfield so far and the emerging city is experiencing approximately $600 million in construction expenditure per annum, with total investment on completion expected to be in excess of $85 billion.
Greater Springfield is located in Queensland, Australia and has a total land area of 2,860 hectares (7,067 acres). Approximate travel times by car are: 30 minutes from south-west of the Brisbane CBD, 35 minutes from Brisbane’s domestic and international airports and 50 minutes from the Gold Coast. The award-winning nation building project is centred on health, education, and information technology, and is driving a steadily increasing population, employment and dwelling demand. Setting a new benchmark for masterplanned communities, Greater Springfield is already emulating world’s best practice, proudly boasts the prestigious FIABCI Prix D’Excellence Award for ‘World’s Best Master Planned Community 2010’.
Significant infrastructure, public amenities and commercial developments already in place in Greater Springfield include: – Strong public transport access, including the $1.2 billion Springfield Rail Line and transit hub; – Vast public open space, with major parklands incorporated in the Greater Springfield master plan; – State-of-the-art health facilities, including the $85 million, 80 bed Mater Private Hospital and Cancer Care Centre, which is part of the Council approved 1,200 bed public & private hospital campus; – Extensive education facilities, including the University of Southern Queensland campus (which recently completed a $45 million expansion), 10 private and public schools, and 11 childcare centres – in total, catering for over 14,000 students or approximately 44% of the city’s population; – Major retail destinations, including the Orion Springfield Central shopping centre (which recently completed a $154 million expansion); and – New commercial office buildings, including the $72 million Queensland headquarters of GE.
ABOUT SPRINGFIELD LAND CORPORATION
Springfield Land Corporation is the master developer of Greater Springfield and has been instrumental to the master planned community’s outstanding success. Our vision for Greater Springfield is driven by innovation. We are also conscious of making a lasting and positive contribution to both Greater Springfield and the broader South East Queensland community.
Philanthropy and promoting social and environmental sustainability are integral to the way we do business. At Greater Springfield, this commitment is delivered through partnerships with highly respected corporations, the Federal Government, State Government and Ipswich City Council.
Springfield Land Corporation has, for 24 years, partnered with the best. We will continue to seek out partnerships to progress this new city in areas of education, health care services, and other employment generating industries.
ABOUT PLUS ARCHITECTURE
Plus Architecture is an international, award-winning architecture and interior design practice. Since its inception in 1997, Plus Architecture has established offices in Brisbane, Melbourne, Sydney, Christchurch and Auckland.
Led by eight directors and a team of multi-disciplinary associates, Plus Architecture is known for its proficiency and expertise in multi-unit residential, student accommodation, masterplan, commercial, aged-care and mixed-use developments.
Driving design ingenuity with efficiency and focus, Plus Architecture plays a key role in the constant evolution of our major cities and prides itself on the ability to create projects, which not only contribute positively to the urban landscapes in which they sit, but that also deliver great commercial outcomes.
It is this intersection between design innovation and commercial success that defines the firm, and its architects are constantly striving for design excellence that also adds significant value for the client.