New Brisbane development to offer small but 'clever' units

A new development in the Brisbane suburb of Hamilton will challenge space-spoilt Queenslanders to live in cleverly designed smaller digs.

Foreshore House, being developed by Mirvac, comprises 263 one- and two-bedroom apartments, which range from 50 to 105 square metres.

“What Mirvac have done I think is quite different to what they usually produce in that the size will be smaller,” says Mirvac sales consultant Cecilynne Jurss. “They’re basically designing smaller units that are very liveable. They’re not compromising our quality in any way, but being clever in small space.”

The 145 one-bedroom apartments, which range in size from 50 to 58.5 square metres, begin at $345,000, and pricing for the 118 two-bedroom units, which range from 73 to 105 square metres, starts at $495,000.

Foreshore House will include a swimming pool and communal areas, and Mirvac Queensland chief executive Matthew Wallace says its design was inspired by the tony Soho House in London, which was founded in 1995.

“In the same way as Soho House operates, Foreshore House will be a sanctuary for residents and their families and guests, and in many ways provide an extension to their personal apartment’s living space,” Wallace told the Courier-Mail.

Jurss says the units in Foreshore House will appeal to both owner-occupiers and investors, but Mirvac is focusing on the local, rather than overseas, investor market.

“Rental markets continue to tighten resulting in improved yields for investors. This trend is likely to continue into the foreseeable future with vacancy rates remaining very low,” RP Data head of research Tim Lawless said at a Mirvac-sponsored forum before Hamilton’s launch.

“Unit markets have seen an upwards shift in demand levels as more buyers opt for medium- and high-density living.”

Jurss says the target demographic for Foreshore House ranges from young, single women through to couples with a child and retirees. She says the development will appeal to people who want “everything at their fingertips”, as the suburb of Hamilton has a range of entertainment and retail options.

Construction is expected to begin in January of next year, and is due to finish at the end of 2013.