Lutwyche has emerged as one of Brisbane’s most highly desirable city-fringe suburbs for apartment living, with demand for large luxury units starting to outstrip market supply.
Bloom on Wesley has received strong interest from owner-occupiers since the development was launched, mostly due to the quality of the building as well as its prime location.
Lutwyche was found to be one of the best-performing suburbs across Brisbane’s inner north by property market analyst Paul Broad, who listed a number of contributing factors, including a population growth double the Brisbane average.
The report found that apartments now comprise 48% of Lutwyche’s total dwelling supply, with these dwellings delivering positive capital gains that have increased on average by 6.2% per annum over the past decade.
As demand for premier apartments in highly desirable city-fringe suburbs continues to grow, market supply of large luxury units is beginning to tighten in Queensland’s capital city.
Bloom on Wesley Marketing Manager and TOTAL Property Group Managing Director Adrian Parsons said major infrastructure hubs like Lutwyche that were within a few kilometres of the capital city had become highly sought-after lifestyle districts in Brisbane.
“Apartment buildings like Bloom on Wesley that have been specifically designed for owner occupiers are highly desirable to those people thinking of moving from their houses into an apartment,” he said.
“Today’s downsizers are looking for spacious household-sized apartments that can accommodate their current lifestyles, with the additional benefits of resort-style amenities within walking distance to retail and dining hubs and public transport options.
“Lutwyche has been going through a major transformation and now has a household profile consistent with popular inner-city areas that rate high in areas of convenience, connectivity and green spaces.
“The Broad Property Research and Advisory Report shows that apartments now count for nearly half of Lutwyche’s dwellings, as older properties are redeveloped into new townhouses and apartments.
“This has resulted in strong population growth, which has attracted cafés, bars and restaurants into the established suburb with its charming heritage buildings creating an urban chic vibe that owner-occupiers are looking for when selecting a property.
“Brisbane’s population is growing at a much faster rate than other capital cities, so it’s no surprise that the suburb has experienced extraordinary growth over the past few years.”
Bloom on Wesley is centrally positioned in Lutwyche, within walking distance of all the activity including three supermarkets and a cinema complex at Lutwyche City Shopping Centre, which is currently undergoing a $60 million refurbishment, and a main route bus stop on Lutwyche Road.
Being developed by Raise Projects, the boutique apartment building incorporates 36 spacious two-bedroom plus study, three-bedroom plus study, three-bedroom plus multi-purpose room apartments and one penthouse across six levels with resort-style amenities featuring a heated rooftop infinity edge pool, gymnasium, BBQ and recreational area.
Bloom on Wesley builder developer, Managing Director of Raise Projects Ramy Raymond, said the building had been designed to create a premier lifestyle for its residents.
“Our design team has incorporated the latest in architectural innovation and smart technology to deliver on our promise of developing contemporary living spaces that are sophisticated and sustainable,” he said.
“Raise Projects’ commitment to creating quality, customisable, luxurious living spaces means our entry level apartments are of a premium quality throughout all our developments.
“For Bloom on Wesley we paid particular attention to the needs of owner-occupiers, with plenty of storage and substantial car parking incorporated into the design as well as a focus on residential recreation.
“The crowning jewel is the rooftop pool and entertaining area that gives residents an incredible entertaining space.”
Bloom on Wesley is a premium development featuring spacious two and three bedroom apartments with studies or multi-purpose rooms in a variety of floor plans up to 159sqm and large entertainers’ balconies or courtyards spanning up to 66sqm. Prices start from $495,000 for two-bedroom and $645,000 for three-bedroom apartments.
Centrally located at 17-21 Wesley Street in the heart of Lutwyche, Bloom on Wesley is just 5.4km from Brisbane’s city centre with excellent public transport on its doorstep as well as easy connection to main arterial roads.
Bloom on Wesley is only 350m from the Lutwyche City Shopping Centre and central to major infrastructure in Brisbane’s north including the Royal Brisbane and Women’s Hospital, QUT university, many private and public schools as well as easy access to the Airport Link motorway.