New development for undersupplied Milton
WALKER Corporation’s $140 million Westmark Milton has all but sold out as buyers take advantage of new apartment stock in the undersupplied westside suburb.
Only 14 properties remain across the twin towers’ 277 one and two-bedroom apartments.
Walker Corporation Queensland general manager Pete Saba said Milton had a lot in its favour, but was largely “untapped” by residential developers.
“There are 15,000-odd workers in Milton, which is great, and you’ve got the Park Rd retail and dining strip, and a ferry terminal down the road,” he said.
“Without a doubt, Milton has been undersupplied upplied for about a decade. Apart from The Milton across the road, there has been very little activity on this side of town.”
Mr Saba said transformation and gentrification were in line with Brisbane City Council’s vision for the area, which had been encouraged by increased building heights.
“Milton and Toowong are great spots for growth,” he said.
“Rental demand will be strong.”
Westmark, at 22-36 Railway Tce, is across from Milton train station and includes 1000sq m of ground floor retail, which will begin seeking leases later this year. It features a recreation deck for residents, complete with gym, elevated lap pool, barbecues, grassed areas and sun deck.
Mr Saba said only 10 apartments remained available to buy in the first stage and four in the second, all of them being one-bedroom options.
“Probably two years ago one-beds were more popular, but there has been a shift towards the two-beds,” he said.
“The demand for apartments at Westmark has been extraordinary.
“The location and value for money make it a compelling prospect for home buyers.”
Remaining apartments start from $410,000 and range in size up to 64sq m.
Mr Saba said most sales had been to investors, which had been the target market of the project. Westmark is being built by Devine Constructions and is on track for completion in April 2016.
PRIME POSITION: Investors have snapped up most of the available apartments at the $140 million Westmark Milton development.