Woolloongabba's Trafalgar Lane secures settlement success and rental results

Woolloongabba's Trafalgar Lane secures settlement success and rental results
Woolloongabba's Trafalgar Lane secures settlement success and rental results

Trafalgar Lane, an $86 million mixed-use development in Woolloongabba, has secured strong rentals since settlement of the off the plan sales.

All apartments in the 147-apartment project settled following completion in July.

All of the of the available rental apartments available were leased within 60 days of settlement.

The project was developed by Melbourne-based diversified property group Pellicano whose settlement success comes at a time when investors and developers are questioning the strength of the local Brisbane market.

Pellicano managing director, Nando Pellicano says the company had been in Brisbane for 19 years.

"We foresee substantial more growth and opportunity to come in select areas of Brisbane including Woolloongabba due to its proximity to the CBD and attractive existing lifestyle amenity nearby.

“We undertake careful feasibility studies and research when considering a project, and then spend a considerable amount of time and dedication on the design phase to create functional apartments that will stand the test of time.

“With a good quality product, reasonable prices and a high growth location, settlement risk is dramatically reduced. These rules can be applied consistently across the market and we have recently witnessed the results with the success of Trafalgar Lane.”

The twenty-storey development features 147 apartments designed by architecture firm DBI design.

Twenty per cent of the residences were bought by owner-occupiers, with the remaining 80 per cent snapped up by discerning investors.

The majority of tenants are affluent young professionals who work in the immediate area and Brisbane CBD, only two kilometres from the project.

Trafalgar Lane itself features extensive amenity, with residents enjoying access to the Trafalgar Residences Retreat, complete with lap pool and spa, sauna, steam room, gym, yoga lawn, residents’ lounge, barbeque area and media lounge.

The one, two and three bedroom apartments feature an edgy and modern design, with floor-to-ceiling windows boasting views across the Gabba to the Brisbane River and the CBD. 

The development also features a unique retail aspect on the ground floor – an intricate laneway design connecting Stanley and Trafalgar Street where the development is located.

“We worked hard to create a distinct ambience for the laneway, which features raw timber finishes and exposed piping to create an industrial feel,” says Pellicano.

“This fitout reflects Woolloongabba’s transformation from an industrial hub to a true lifestyle destination, which is now home to some of Brisbane’s best restaurants, shops and cafes.”

Pellicano has also seen outstanding success at its joint venture with Perri Projects, the $600 million urban regeneration project South City Square, also in Woolloongabba. The partners recently announced $190 million in sales across its first three towers, further demonstrating buyer demand for quality, well-located apartments

“The state of play in property is more complicated than a simple ‘oversupply’. Supply isn’t oversupply until it is built, and constricting forces on the market are preventing some of the less feasible projects from even hitting the market in the first place,” Pellicano says.

“The product we are building is servicing the market, and the supply is being absorbed both at the sales and at the leasing end,” he said.

Tags: 
Melbourne Residential Development

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