Multiple Apartment Sales - A New Trend?

A wave of cashed up, savvy buyers have snapped up multiple apartments at FKP's $210 The Milton, on the back of the start of construction of the groundbreaking mixed-use development.

Six buyers have purchased multiple properties in the 30-level tower in recent weeks, some planning to amalgamate the units into larger three and four-bedroom apartments, signifying strong pent up demand for larger stock.

Marketing agent Bryce O’Connor, of 360 Project Marketing, says there is a revival occurring in the luxury apartment market in Brisbane, along with increased demand for larger apartments and The Milton caters for this shortage in the market.

 

"There is an undersupply of spacious new apartments in inner Brisbane," he said.

 

"Many new apartment projects cater for investors, with a focus on increasing yield, and hence apartment size is sacrificed.

 

"We have seen a steady increase in the number of buyers who want the benefits of apartment living yet do no wish to compromise on all the comforts of a spacious home."

 

Designed by award-winning architects and interior designers DBI Design,  The Milton Residences are open-plan and all have floor-to-ceiling glass in the living area and bedrooms, providing abundant natural light.

 

"The cutting edge development features contemporary design with well thought out spaces and liveable apartments with generous balconies," Mr O'Connor said.

 

"Three separate buyers, who have opted to take advantage of the stunning architectural design and lifestyle opportunities on offer at The Milton, have decided to maximise the potential of these properties by purchasing more than one, with plans to create larger apartments with sweeping views.

 

"These people are customising the apartments to create the ultimate homes by drawing on the best of both worlds - low maintenance apartment living in a dynamic lifestyle hub, with plenty of space to relax and unwind."

 

Mr O'Connor says The Milton has appealed to a diverse range of buyers including retirees looking down downsize, young families and couples seeking low maintenance living in an areas surrounded by an array of lifestyle amenities.

 

"Older property purchasers are becoming a force in the market, with the first group of baby boomers preparing for retirement and looking to downsize from their family home," he said.

 

"While some retirees may be on the lookout for more modest dwellings, there are many looking to enjoy their retirement in style, with the convenience of having quality dining and retail outlets at the doorstep.

 

"Likewise, young families and professional couples that want to be close to the city centre, without the congestion, with easy access to public transport have gravitated towards The Milton, particularly since FKP announced the management rights."

 

The Milton, which will feature 298 one and two bedroom apartments, will be Australia's first five-star Minor International (MINT) managed residences.

MINT, synonymous with  style, elegance and exemplary service, operates across 22 countries as a residential manager, hotel owner, operator and investor, has a portfolio of over 8,500 rooms globally including under the Anantara and St Regis brands.

FKP Director of Development Mark Jewell says there is a lot of pent-up demand for quality high-end apartments and The Milton is meeting the mark with buyers.

"We are seeing a  resurgence in the prestige property market, and MINT seems to have struck a chord with an array of prospective purchasers," he said.

 

"The concept of a five-star managed residential building with reception, is extremely popular in progressive, cosmopolitan cities like New York and London, and has been some time, but this is new to Brisbane.

 

"It's an exciting concept, that buyers are embracing. It takes the convenience of apartment living to a whole new level."

 

Designed in-line with the principles of a Transit Oriented Development (TOD) The Milton, which is located nearby Milton Railway Station, integrates transport with residential living in the heart of Milton's famous lifestyle precinct.

The 30-level tower has been designed to attract owner-occupiers and investors alike and Mr Jewell says local and interstate buyers continue to select projects that meet the mark in terms of location, price, quality and the developer behind it.

 

Mr Jewell says there has been a sales rush since the start of construction, with the highest level of enquiries since the project was launched to the market.

"We have definitely seen a spike in interest since construction commenced, with an unparalleled level of enquiries on the back of the start of construction."

"We received more than 50 enquiries in one week, following the start of construction, which suggests prospective buyers were waiting to see construction activity on the site before jumping in.

More than 65 per cent of apartments have already sold off-the-plan for a total of $110 million.

One and two-bedroom apartments are now selling off-the-plan, priced from just $410,000, with completion expected in 2015.

 

Resort style facilities, including a roof top observation deck and leisure deck featuring pools,  gymnasium and landscaped barbeque retreats and a street level retail promenade, will complement Milton’s modern style living.

For further information, visit The Milton Sales Centre, featuring a display apartment, at 50 Railway Terrace, Milton.  The centre is open between 10am and 4pm daily, visit www.themilton.com.au or call 1800 247 119.

 

 

 

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For further information contact:

Holly Small, Public Relations Consultant  p 07 55932 0011
Nina Lesnanska, Manager Corporate Communications p 02 9270 6168

 

FKP

With more than 30 years experience in the Australian property industry, FKP Property Group (FKP) is one of Australia’s leading diversified property and investment companies. FKP successfully operates an integrated business model which includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand. FKP is an ASX top 200 company.
Issued by FKP Property Group (ASX: FKP) comprising FKP Limited ABN 28 010 729 950 and FKP Funds Management Limited ABN 17 089 800 082, AFSL No. 222273 as Responsible Entity for the FKP Property Trust ARSN 099 648 754.
www.fkp.com.au