Metro Property release third development in investment hotspot Fortitude Valley

Metro Property Development has released its third Fortitude Valley Apartment complex, Broadway on Ann.

The $107 million development comes as Metro views Fortitude Valley as having strong investment potential, joining Metro’s other developments, Brooklyn on Brookes and Central Village.

“As well as all the obvious lifestyle and entertainment assets Newstead and Fortitude Valley have emerged as incredibly strong employment hubs,” says Metro property development founder David Devine

“We estimate there is already 42,000 works in the immediate area and more to come with Bank of Queensland’s new headquarters and a range of other commercial developments planned or under construction.

“From an investment point of view the Fortitude Valley area is very appealing with rental yields now being achieved in excess of 6% and vacancy rates sitting under 1%,” says Devine.

The 2,553-square-metre site - located between Commercial Road and Ann Street - is currently occupied by Audi and the International City Church.

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Broadway on Ann will feature 247 one- and two-bedroom apartments.

One-bedroom apartments range in size from 40 square metres to 79 square metres and range in price from $335,000 to $465,000.

Two-bedroom apartments range in size from 60 square metres to 137 square metres and range in price from $455,000 to $630,000.

Designed by Woods Bagot, residents will have access to a rooftop entertaining area, including a 15-metre pool, gym and bbq area.

“Fortitude Valley has become one of the most popular inner-city suburbs in Brisbane thanks to its vibrant dining, shopping and entertainment precincts,” says Metro property developments co-founder and marketing director Ken Woodley

“More and more people want to buy here - In fact, the north of the river apartment market recorded the highest levels of unconditional new and off the plan apartment sales across the inner city market in the March 2013 quarter,” says Woodley.

Metro’s Central Village has totaled $58 million in sales and is currently 86% sold.

Construction of Broadway on Ann is due to commence in early 2014 and has an estimated completion date in the second half of 2015.

The median apartment price in Fortitude Valley is $410,000, a 12.3% change in the past five years, according to RP Data.