Boutique Glebe apartment complex with low strata fees coming to market

Omega, a Glebe development at 39 Greek Street, is marketing it apartments with the advertised benefit of low strata fees.

Boasting strata levies half those of highrise apartment buildings, due to the lack of pools, gyms and concierges, instead offering a rooftop garden, they have been advertising the 10 under $650,000 to first home buyers.

The building is four-storeys and is designed by Environa Studio, and developed by LIVstyle Group.

In total, Omega has 16 one-bedroom apartments of 50 to 52 square metres internally, plus from 10 to 44 square metres externally. Without parking, they cost $545,000 upwards. For those with parking the price is from $640,000.

There are also a couple of two-bedroom terraces, from 88 to 91 square meters internally and with 31 square metres externally, from $905,000, both with parking. The two three-bedroom apartments span 102 square metres internally, plus nine square metres externally, from $965,000 with parking.

It is the second to its mirror-image, Alpha, which sold before marketing material was produced.

Peter Shield, project director at Ray White Real Estate Erskineville, said that they’re well priced.

“Because this is a boutique-size building without expensive communal facilities, levies will be low so on-going costs will be extremely moderate,” said Shield.

“Somehow people heard about the [Alpha] development well before we were ready to launch. They didn’t need to see glossy images or read purple prose, and were not put off by the fact we only had basic floorplans, a price list and some architectural sketches,” he said.

Property Observer imagines it wasn’t an accident that buyers heard about the development, particularly as they note that a friend of the developer was provided a preview and bought an apartment, however concedes to Shield’s point that “Opportunities in Glebe are rare”.

Omega is set for late-2015 completion, with forecasted weekly rents of $600 to $650 for one-bedroom units, and $800 to $850 for two-bedroom units.