Bowen Hills, Queensland, The Governor apartments advertise $430,000 penthouse

Named after Sir George Bowen, the first governor of Queensland, Bowen Hills’ The Governor boutique apartment complex is more than 70% sold and is positioning itself as an affordable option in Queensland’s Bowen Hills.

Two kilometres from Brisbane’s CBD, on Bowen Hills’ Brookes Street, the 40-apartment complex includes 20 one-bedroom apartments and 20 two-bedroom apartments, with prices from $384,000 and $557,000 respectively. However, their advertising material suggests that those looking for a penthouse can get in for $430,000. This is the upper end of the one-bedroom price range and has a balcony.

With some boasting views of the city, and each with a maximized north-facing aspect where possible, there will also be a basement area with bicycle amenities and a rooftop lounge. Professional on-site management is also included.

The 12-level development, of which residential spans 10 with car parking on the lower two, offers car parking for the upper level one-bedroom properties and for all of the two-bedroom apartments.  The two-bedroom apartments are around 80 square metres, with one-bedroom apartments around 50 to 60 square metres.

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Initially launched to the investor market through Rocket Property Group by BlueSky Alternative Thinking, the developers of the group, sales were fairly quick. Currently, 70% of the project is sold.

BlueSky also has developments underway in Townsville, Bundaberg, Brisbane and the Sunshine Coast, and managing director Keiran Foster explains in his presentation to the Rocket Property Group investors that it’s a good time to buy into the market with strength expected over the next six to 12 months.

“In the Brisbane residential market I’m seeing that sales rates are picking up, revenues are starting to move a bit stronger as well, we’re certainly not seeing a full blown property boom as yet. The properties need to be well-located, well-priced, good layouts and then you’ll get buyers looking at them,” he explained, pointing to business opportunities in Brisbane’s CBD, as well as population growth.

Located on the top of a hill in an area that he notes will not flood, evidently a concern to those in the “southern states”, he says they’re targeting the affordable end of the market and not looking to compete with developers building towers in the city.

Completion, mentioned in February, was expected within the next 18 to 20 months, around mid-2015, with expected gross rental yield around 5.5% to 6%.