UN­TAPPED MAR­KET

New de­vel­op­ment for un­der­sup­plied Mil­ton

The Courier-Mail - Home - - HOME - MELANIE BURGESS

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.

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