GOLD IN INNER WEST
A tough residential corridor to break into was no barrier to this development company determined to provide opulent apartment living in the established inner-west.
Golden State Property Developments is well underway with the construction of its Augustus Residences development in Augustus St, Toowong. The 90 unit one, two and three-bedroom development, set over eight levels, is already 80 per cent sold.
Tomkins Commercial and Industrial builders began construction in January with completion targeted for the end of March 2018.
Golden State Property Developments director Jim Watson said the company had identified Brisbane’s inner-west corridor, and in particular Toowong, as a good place to develop due to its high barrier to entry.
“Unlike other inner-city precincts, there was no existing industry that vacated and left behind large tracts of land that could be redeveloped into numerous residential towers,” Mr Watson said. “It is an established residential precinct that required us to aggregate two apartment blocks.”
Augustus Residences is appealing to a range of buyers but with young professionals being the dominant buying group.
“Toowong is a highly sought suburb by owner-occupiers and investors, a lot of whom are driven by the proximity to the University of Queensland and the CBD,” Mr Watson said.
He said the suburb was experiencing high population, employment and economic growth previously not known to the area.
“This unprecedented growth is due to the planning and completion of major infrastructure projects such as the Legacy Way tunnel and the $50 million Toowong Village transformation,” he said. “Strong public transport connectivity to Brisbane’s CBD and the University of Queensland has brought 112,000 plus tertiary students to the area and has transformed Toowong into a social hub with bars, restaurants and cafes.”
Augustus by Golden State Property Developments is under way in Toowong. The suburb is experiencing high population, employment and economic growth.