Sierra Apartments - 34 Leahy Close, Narrabundah

A prime inner city development site with uninterrupted views of the CBD and development approval for a 12-storey residential apartment complex has been sold.

After a competitive expressions of interest sales process, the corner site consisting of three lots, 37 Leichhardt Street as well as 8 and 10 Downing Street, was sold to ACT based Addval Developments.

Colliers Director Investment Services Nick Wedge said the property represented one of the best ‘infill’ residential development sites, in the tightly held and highly sought-after suburb of Spring Hill.

“With development approval in place for 15 luxury residential apartments over 12 levels, with the refurbishment of the existing heritage dwelling on site, this provided a great investment opportunity,” Wedge said.

“We had a lot of interest in the site due to the exceptional demand for established and new housing in Brisbane."

“Based on historical demand and likely anticipated supply, Inner Brisbane will experience a shortfall of 16,000 new apartments over the next four years," he added.

Colliers National Director Investment Services Hunter Higgins said Spring Hill was one of Brisbane’s premier inner city suburbs with unmatched locality through its connectivity to amenity including Brisbane CBD, Roma Street Parklands and Train Station and two major private hospitals and schools.

“Opportunities to develop boutique apartment or townhouse projects on the doorstep of the CBD are exceptionally rare,” Higgins said.

“This site presented an unrepeatable development opportunity, especially with market conditions continuing to improve and opportunities like this virtually non-existent."

“Both the established and new housing markets have seen exceptional demand and increased pricing across Brisbane."

“This coupled with the site-specific attributes will result in premiums being paid for the end user product,” Higgins added.

Colliers Residential Site Sales Executive James Matley said located less than one kilometre from Brisbane’s CBD this site provided a great opportunity for the purchaser.

“While it already has development approval for residential units, it is zoned as mixed-use one, allowing for a range of development outcomes," Matley said.

“The zoning provides opportunities including residential, mixed use, retirement/aged care, build to rent, student accommodation, office, a hotel or serviced accommodation, commercial, medical, retail as well as child care, all subject to council approval."

Colliers Director Investment Services Nick Wedge said the property represented one of the best ‘infill’ residential development sites, in the tightly held and highly sought-after suburb of Spring Hill

alisonwarters@gmail.com

Addval Developments pay $5.1 million for Spring Hill apartment development site

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If you’re looking to buy an apartment in Australia, property economist Anna Porter explains <a href="https://au.finance.yahoo.com/news/state-easiest-buy-property-act-011522751">Canberra could be your best bet</a>.

According to Porter, the Australian state outranks the rest of the country based on agents’ attitude, costs associated with the purchase, buyer competition and the ease of undertaking due diligence.

<blockquote>
“[In Canberra,] Agents treat buyers with a huge amount of respect, they allow them time to do their due diligence without undue pressure and they encourage them to work with solicitors straight away.”
</blockquote>

- Anna Porter, Property Economist

Australian Capital Territory is the only state which ensures the vendor must provide pest and building reports in the contract of sale, and has the country’s second-lowest stamp duty costs, which both work in the favour of the buyer.

Given the lower entry-level price points, buyers can secure a luxury apartment for a fraction of the cost of a high-end or penthouse apartment in Sydney or Melbourne. Canberra’s vast natural landscape also means many apartments will overlook spectacular mountain or water views.

If you’re considering purchasing property in Canberra, here are 5 of the state’s most exquisite luxury developments on the market right now.

<h2>1. <a href="https://www.urban.com.au/new-apartments/envie-61-cooyong-street-braddon">ENVIE</a>, BRADDON </h2>

New York-style luxury living

Developer: Geocon

61 Cooyong Street

<figure><a href="https://www.urban.com.au/new-apartments/envie-61-cooyong-street-braddon" target="_blank"><img alt="" class="image-article_full_width_580px" height="318" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/envie1.gif?itok=VIJJVMX0" title="New York-style luxury living" width="580"></a>

<figcaption>New York-style luxury living</figcaption></figure>Envie offers a multitude of elegant, relaxing spaces for residents to entertain guests. From a shared chef’s kitchen and on-site concierge to the private rooftop spa and relaxation room, Envie caters to those who seek respite from their busy urban lifestyle and upgraded living. Atop the residential tower is a viewing terrace for residents to enjoy the stunning views across Canberra.

A selection of one, two and three-bedroom apartments are selling now.  

<hr>
<h2>2. <a href="https://www.urban.com.au/buildings/sapphire-kingston-5-2-trevillian-quay-kingston">SAPPHIRE KINGSTON</a>, KINGSTON </h2>

Canberra’s most exquisite views

Developer: Keggins

Architect: Elenberg Fraser

5/2 Trevillian Quay

<figure><a href="https://www.urban.com.au/buildings/sapphire-kingston-5-2-trevillian-quay-kingston" target="_blank"><img alt="" class="image-article_full_width_580px" height="204" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/sapphire1.gif?itok=aFu04n9k" width="580"></a></figure>Sapphire Kingston enjoys one of Canberra’s most exquisite natural landscapes, with each apartment boasting panoramic views overlooking the Molonglo River. Residents will enjoy the use of premium Miele appliances, ducted heating and cooling for perfect temperature control year-round, and the finest quality oak timber flooring. The Elenberg Fraser-designed Sapphire Kingston also features spacious landscaped communal gardens and parklands which include built-in barbeques.

Sapphire Kingston is currently 80% sold and has recently launched its final release of three and four-bedroom apartments.

<hr>
<h2>3. <a href="https://www.urban.com.au/new-apartments/republic-1-edmonstone-place-belconnen">REPUBLIC</a>, BELCONNEN</h2>

At the doorstep of some of Canberra's most extensive networks of bicycle and jogging paths

Developer: Geocon

1 Edmonstone Place

<figure><a href="https://www.urban.com.au/new-apartments/republic-1-edmonstone-place-belconnen" target="_blank"><img alt="" class="image-article_full_width_580px" height="325" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/republic1.gif?itok=HGVHOizw" width="580"></a></figure>Republic overlooks the tranquil waters of Lake Ginninderra and is situated amongst one of Canberra’s most extensive networks of bicycle and jogging paths, giving residents the ultimate lifestyle of recreation and relaxation. Republic residents will also have direct access to the newly developed ground-floor Urban plaza, which features a Neapolitan pizza restaurant, Woolworths supermarket, BWS, Abode Hotel and more.

For buyers looking for an established community feel, Republic offers an idyllic modern lifestyle nestled amongst existing infrastructure including libraries, the Belconnen Arts Centre, Westfield Belconnen and the University of Canberra.

One, two and three-bedroom apartments are selling now, with a selection of interior colour schemes for buyers to choose from.

<hr>
<h2>4. <a href="https://www.urban.com.au/new-apartments/estate-1-hobart-avenue-forrest">ESTATE</a>, FORREST </h2>

A wine connoisseur’s paradise 

Developer: <a href="https://www.urban.com.au/developers/addval-developments">Addval Developments</a>

Architect: <a href="https://www.urban.com.au/architects/collins-caddaye-architects">Collins Caddaye</a>

1 Hobart Avenue

<figure><a href="https://www.urban.com.au/new-apartments/estate-1-hobart-avenue-forrest" target="_blank"><img alt="" class="image-article_full_width_580px" height="325" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/estate1.gif?itok=jL3b690V" width="580"></a></figure><figure><a href="https://www.urban.com.au/new-apartments/estate-1-hobart-avenue-forrest" target="_blank"><img alt="" class="image-article_full_width_580px" height="325" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/estate2.gif?itok=iT5XYvzM" width="580"></a></figure> 

Estate Forrest brings a unique offering to market, enticing vino-lovers across the country by recreating a luxurious winery experience. On-site cellars and a bespoke selection of the country’s finest wines have been curated by celebrity wine connoisseur Tyson Stelzer. Estate is situated in the heart of one of Canberra’s most affluent suburbs and is surrounded by rich heritage and magnificent landscapes.

Estate has been designed by award-winning architect Collins Caddaye, with each home boasting state-of-the-art appliances, spacious living areas and penthouse-quality features throughout.

<blockquote>
“The day that we acquired the site, we made the decision that we wanted every unit, regardless of how many bedrooms or how big it is, to be finished like a penthouse.”
</blockquote>

- Michelle Dzakula, General Manager Addval

A selection of 1, 2, 3 and 4 bedroom apartments are selling now.

<hr>
<h2>5. <a href="https://www.urban.com.au/new-apartments/ruby-4-gribble-street-gungahlin">RUBY</a>, GUNGAHLIN </h2>

Year-round resort-style living

Developer: <a href="https://www.urban.com.au/developers/pod-projects-group">Pod Projects Group</a>

Architect: <a href="https://www.urban.com.au/architects/stewart-architecture">Stewart Architects</a>

32/8 Gribble Street

<figure><img alt="" class="image-article_full_width_580px" height="264" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/ruby1.gif?itok=V2lb0Z4a" width="580"></figure>Ruby apartments in Gungahlin embrace resort-style living with a luxurious open-air 20-metre pool overlooking the Brindabella mountains. Residents can also enjoy the use of the alfresco barbeque and pizza oven for summer dining amongst the luscious, landscaped garden terraces. The development also features a fully-equipped gymnasium overlooking the mountainous landscape, and outdoor lounge areas for the ultimate rest and relaxation. The apartments include house-sized kitchens which are perfect for entertaining and beautiful timber flooring throughout.
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