Lime Living to be released in undersupplied Cannon Hill, Brisbane
Local building and investment company Sarcon will release its first stage of apartments in Brisbane’s Cannon Hill in a bid to target the undersupplied suburb.
Located six kilometres east of the Brisbane CBD, the $40 million Lime Living development will feature 95 one-, two- and three-bedroom apartments.
“At present apartments make up only 3.2% of the total dwellings in Cannon Hill which presents a great opportunity for investors to buy into this development due to the shortage of new apartments available for sale,” says Andrew Scriven residential director at Colliers International.
One-bedroom apartments range in price from $287,500 to $295,000 and total 63 square metres in size.
Two-bedroom apartments range in price from $395,000 to $430,000 and range in size from 82 square metres to 90 square metres.
Three-bedroom apartments are 166 square metres in size and are priced at $590,000.
“On a dollar per square metre basis Lime apartments represent the best value new product in the Brisbane inner ring,” says Scriven.
Two-bedroom, two-bathroom apartments make up over 80% of the project.
“A direct result of its proximity to schools, shops, services and transport combined with its current affordability and low levels of supply will position Cannon Hill as the next property hot spot,” says Scriven.
Lime Living will launch to the public in January, with construction on stage one commencing mid-2014.