Pointcorp's Gateway Apartments in South Mackay reaches new heights
Construction on Pointcorp’s $20 million Gateway Apartments in South Mackay has reached the top level, with the roof soon to be installed.
Only four apartments remain in the five-level apartment development, since launching to the market in November last year.
Designed by Cottee Parker, Gateway Apartments will comprise of 56 one- and two-bedroom apartments.
"The architect has been working closely with the builder to ensure a high quality finish," says Pointcorp sales and marketing manager Sam Patterson.
"As the development has taken shape, we have also been able to experience the views first hand, which are even better than expected.
"As a result, we have also been receiving renewed interest in these final four apartments," says Patterson.
Remaining two-bedroom apartments are priced from $415,000 to $440,000.
"The apartments are significantly larger than the average in Mackay and therefore have appealed to investors and owner-occupiers wanting to secure a spacious apartment.
"The final two bedroom apartments average about 80 square metres, including generous balconies around 20 square metres, to take in the views, and are expected to achieve a rental yield of about 6.3%, which has made them very appealing to investors.
"Investors are also attracted to Mackay generally, because of the billions of dollars being poured into the region,” says Patterson.
Major new developments either planned or underway in the region total $94 billion, according to a report by Michael Matusik of Matusik Property Insights.
"Investors are looking to take advantage of this shortfall, particularly considering the rental vacancy rate is already very low at around 1.5%, by purchasing in strategic areas in Mackay.
"Gateway Apartments has ticked all the boxes, due to its quality design and spacious floor plan, as well as its location within the masterplanned Parkside development.
"The Parkside precinct will include a Coles supermarket, specialty shops and restaurants and a public plaza, which is due to commence construction early 2014, meaning residents will have access to a whole range of shops and services literally at the doorstep," says Patterson.
Gateway Apartments is on track for an early 2014 completion.
The median apartment price in Mackay is $349,000, an 18.3% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
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