Construction begins on $22 million Manly, Brisbane development
The Wellington Collection in Brisbane's bayside is set to come out of the ground.
The project, of just six luxury apartments and two townhomes, is being developed by Urbex Living, a division of Australian national award-winning developer Urbex.
The residences, which boast views over the Manly boat harbour and Moreton Bay, are spread across two new buildings at 7 Wellington Street. Apartment sizes start from nearly 200 sqm and rise to 472 sqm. Prices start from $2 million, with the townhomes priced at $3,375,000.
General Manager for Urbex Realty, Craig Covacich said a Manly Village lifestyle is highly desirable with the suburb well entrenched in its gentrification.
“Recent home sales are now exceeding the $5 million price tag and many others firmly sitting above the $2 million range - Manly has very quickly become a frontrunner in the Brisbane property market. The suburb has presented a compounded growth rate of 40.5 percent in houses and 27 percent in units based on the past five years of sales,” Covacich said.
Completion of the project is slated for late 2023, with nearly half of the apartments already secured.
Nearly half of the project has sold to local buyers, and Covacich says with the continuing demand for bayside views, they expect much of the remainder of the collection to attract Brisbane locals looking to be closer to the water.
“Much of the appeal for The Wellington Collection to date has been from buyers seeking housing solutions aligned to their new phase of life, like growing their family or transitioning out of life with kids," Covacich said.
"Many of these consumers have benefitted from significant lifts in their existing assets which is enabling them the opportunity to embark on these lifestyle changes, and through the apartment or townhomes options, they’re finding that balance between access to what a house offers without the maintenance hassles.
Urbex Development Director, Carl Bruhn, said the group was fortunate to be in a position to activate the development, when most developers are having to put a hold on delivering as they grapple with both development financing and construction cost hurdles induced by the pandemic supply chain choke and labour shortage crisis.
“Urbex has a track record of delivering award-winning communities nationally and we are excited to commence construction on this bespoke offering in Manly,” Bruhn said.
Benefitting from a north-east aspect, residents will be gifted with expanded views to the Marina and Bay, while natural, textured materials create a complimenting palette to the Bayside surrounds.
The Wellington Collection features an outdoor pool as well as indoor and outdoor entertaining areas. The townhomes feature their own private outdoor lounge deck and plunge pool in tropical gardens.