In off the plan property, both reputation and a solid track record are everything.
Ultimately it was the two combined which saw investors Phil and Linette Crowhurst buy two apartments in Tapestry, the arts-inspired Chevron Island apartment development by Siera.
“We were looking specifically on Chevron Island and there were only a small number of projects going up at the time,” Phil said.
“Siera seemed like it had a great reputation and we understand that they’re maintaining the management rights for the building so that gives us comfort that the building will be looked after on an ongoing basis.
“It’s their asset and our asset, and we’re very happy with that.”
Siera recently branched out into the multi-residential Gold Coast apartment market, having previously created high-end townhouses in and around Brisbane.
Their founder and managing director Brent Thompson, who sits on the board at the UDIA, spent six to 12 months splitting his time between Brisbane and the Gold Coast, understanding everything about the local market, what people were buying, and what was being developed.
Phil and Linette had too been watching the local market for quite some time, and had noticed the continued demand for quality apartments on the Gold Coast.
“From an investment point of view, there’s been a huge influx of people coming up to Queensland and particularly the Gold Coast in the last couple of years for obvious reasons and the research we’ve done seems to state that that’s just going to continue and demand for good quality apartments ideally will just continue to grow,” Phil added.
Phil said the reason they chose to buy off the plan was to essentially benefit from the launch pricing.
“We bought off the plan to benefit from the launch pricing, which is generally cheaper as the prices escalate as demand increases and Tapestry has already gone up at least five per cent,” he said.
Located on Darrambal Street, Tapestry benefits from its enviable location, attracting keen owner-occupiers, the demographic which Phil and Linette are hoping to lease to.
“If you’re prepared to live in your investment, then your tenants will be too, and that’s really key – and we would definitely live here,” Phil noted.
“We were specifically looking for non holiday let investments more so to lease to families or singles,” Phil said.
Nearby to not only the redeveloped HOTA precinct, Tapestry also benefits from sitting close to a number of restaurants, retail, and recreational offerings as well as being just a bridge away from Surfers Paradise.
“Tapestry is certainly in a great location. It’s not right on the beach and it’s not in the hinterland but it still has a green aspect to it. It’s got a lot of great infrastructure, a nice main street with Thomas street offering plenty of great restaurants, along with access to HOTA across the bridge and plenty of parklands and areas for kids to play. It just seems to be really well located.”
Within Tapestry residents will be at home to a suite of resort-inspired amenities, including a private dining space, which can be closed off to the rest of the rooftop, an infinity pool with views across Surfers Paradise, a gym, and outdoor lounge areas.
Linette said she loved the rooftop amenities and everything that it has to offer.
“The resort style pool, the alfresco barbecue area and the most important for me, being a gym junkie, is the sky gym,” she said.
Tapestry will deliver 113 residences upon completion in late 2024.
Article source: www.urban.com.au