Motif, a Newtown development offering a boutique lifestyle

The latest boutique development in Sydney's inner west, Motif, is over 50% sold.

The residences in the 28 apartment block have a high level of design and finishes which has attracted buyers, said agent Steven Chen at McGrath.

"The benefit of Motif is the boutiqueness," says Chen.

"They want to be in a smaller complex with not as many neighbours...Coupled with the outstanding location and the boutique nature of the block will ensure strong returns and good capital growth."

The majority of purchases so far have been to owner-occupiers.

Chen says the quality of the 17 Erskineville Road residences is reflective in their price.

A top floor two-bedroom apartment in the same suburb at 89/3-13 Erskineville Road Newtown sold for $620,000 in April.

The two-level apartment is currently leased for $650 per week and belongs to the Presidio development built in 2001.

The median sale price of a Newtown unit is $468,000, up 10.1% on last year, according to RP Data.

The median asking rent in the suburb is $420 per week and the indicative gross rental yield is 4.7%.

Motif is designed by SJB Architects, an Australian practice that has recently delivered Casba Apartments Waterloo and Marina Apartments Abbotsford.

Motif's interiors will be styled by BKH Interiors. The New York and Sydney based company has previously worked on Beach House Apartments Bondi Beach and with SJB on Casba Apartments Waterloo.

Sydney landscape designer Jane Irwin Landscape Architecture will style the development’s green spaces.

Motif is expected to complete construction in August 2014.

“We’re probably about $1000 to $3000 per square metres more expensive than the competitive stock out there and it’s been justified by the design and the location,” he said.

Studio 2-5/17 Erskineville Road Newtown in Motif, the fifth apartment on the second storey, is about 50 square metres and is advertised for $475,000.

Two bedroom 3-7/17 Erskineville Road Newtown on the third floor in the same development is 100 square metres and is priced at $880,000.

Motif has recently received some expressions of interest from a bakery and cafe in retail spaces on the development’s ground floor.

“We’ve got five boutique retail properties and they’re ranging sort of from 110 square metres to 150 square metres of retail. They will come on the market in the next month or so,” said Chen.

Motif is a short walk from Newtown train station and 100 metres from the suburb’s retail and cafe strip King Street.

Two-bedroom apartment at 8/398-402 King Street Newtown in another development named Casa on King is being sold off the plan for between $720,000 and $724,000.