Summit Featured in Property Mash
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New apartment project continues ‘bridesmaid’ suburb’s transformation
New apartment project continues ‘bridesmaid’ suburb’s transformation
Labrador is emerging as a “sleeping giant” in Gold Coast real estate
Labrador’s transition from ‘bridesmaid’ suburb to the gateway of the Gold Coast’s
aquatic lifestyle reached another milestone last month with construction starting on the latest tower, Summit.
Ground was broken on the 83 apartment Frank Street project with the development set to combine Broadwater and Hinterland views with door-step access to public transport, restaurants, parkland, waterside walkways and boating infrastructure.
Released to the market today, Summit’s launch coincides with a rising number of younger demographics and downsizers moving to Labrador for its lifestyle, affordability and proximity to amenities.
The suburb’s popularity has underpinned a tight rental vacancy rate of just 2.2% (SQM Research) CoreLogic data showed Labrador was in the top five Gold Coast suburbs for apartment sales in the last three months (70 apartment sales). It was the most indemand suburb north of Southport for unit investors.
Formerly a ‘bridesmaid’ to neighbouring Southport, LJ Hooker’s top Queensland agent, Ana Tulloch of LJ Hooker Broadwater, said Labrador was winning favour with the property industry for its proximity to infrastructure and lifestyle amenities.
“Labrador has emerged as the sleeping giant of the city’s property market with even the likes of international developer Sunland part of the transformation, announcing a new residential masterpiece for next year,” said
Ms Tulloch.
“From Summit, you will be able to access the Southport CBD, Harbourtown Shopping Centre, boating, swimming, exercise trails, waterside dining and the funky Chirn Park strip within a five minute drive.
“And within a 10-minute drive you’ll have access to Griffith University, Gold Coast University Hospital and the M1 to Brisbane.”
Summit is the only development currently progressing in construction, continuing Labrador’s evolution, said Ms Tulloch.
Labrador has quietly been delivering results for investors in recent years. Indeed, Labrador’s apartment market has held its own against high-profile Southport – the city’s CBD – providing owners of the former 19% capital growth over the last five years, compared to 17.8% for the latter. Gross rental yields for investors were also marginally higher in Labrador than Southport – 5.7% compared to 5.5%.
One-bedroom apartments in Summit start at $352,000, with two-bedrooms priced from $422,000 and three bedrooms from $612,000. Based on estimated weekly asking rents of $540 for a two-bedroom apartment, investors have the potential to be cash flow positive ($21.33 per week, net) before applying depreciation or capital works deductions*
Irrespective of the outcome of the 2019 Federal election, investors can purchase in Summit with peace of mind that they can maximise their taxation returns, including negatively gearing their investment.
Ms Tulloch said architects had embraced the aspect to the Broadwater and seabreezes to maximise alfresco living in apartments, complementing the Summit’s central location.
(*) Purchase Price and income & expense figures
Gold Coast City Ferries launched
Gold Coast ferry service: Gold Coast City Ferries launched as council prepares its own 14-stop service
THE Gold Coast’s first ferry service will launch as early as today, in direct competition with the council’s own grand plans.
After more than 15 years of failed proposals and stalled ambitions as the Gold Coast has tried to get a ferry system under way, Gold Coast City Ferries will launch initially by servicing three stops with one vessel.
It is a surprise move that could open the gates to a giant fleet and a route running from Moreton Bay to Bond University.
The brainchild of qualified ship’s captain, businessman and maritime lawyer Frances Burgess, the ferry service already has four skippers in training and will take its first passengers this weekend.
It will dock at Evandale, Surfers Paradise and Isle of Capri’s Via Roma shopping centre.
Two of the stops are also set to be part of the council’s planned ferry service, which is expected to begin operating by Christmas.
Mr Burgess said his ferry was “distinctly different’’ from the council’s plan.
“Ultimately what we are trying to achieve is a local service which suits the environment and the community,” he said.
“We have ambitions to go as far south as Bond University and as far north as Macleay Island.
“The Gold Coast’s waterways are stunning and people think of our beaches but do not realise about our other waters.
“We want to show off the Gold Coast.”
The Gold Coast Ferries flagship vessel is the 28-seat Doris, named after Mr Burgess’s grandmother, which was put through sea and speed trials over the Australia Day long weekend.
Mr Burgess said there were plans to have a fleet of up to 38 vessels, subject to finances and the level of support from the Gold Coast community.
These craft are expected to be larger than Doris, with greater capacity for passengers.
Mr Burgess’s plans for the private system have been in the works for more than two years. He said they had been discussed with the council and the Gold Coast Waterways Authority.
Although operating on a set route, it will not initially run to a time schedule, with passengers wanting to ride the ferry having to hail it from the city-owned jetties, because of council regulations.
Tickets will be $6 for adults and $4.50 for children.
A smartphone ticketing app is also in the works.
Gold Coast Mayor Tom Tate said he was not bothered by the new system.
He said Gold Coast Ferries was free to apply to become the operator of the council’s ferry service.
“Any current, or intending, operator can apply,” he said.
“We hope to be in a position to offer this tender in mid-2019.’’
A ferry system has been proposed several times over more than 15 years but has never been launched.
Cr Tate last year revived his ambition for the city to have a water-based public transport system with 14 stops along the Broadwater and Nerang River. A trial is to be conducted.
The proposal has the backing of the waterways authority and a report is being prepared for councillors, who will vote on it in March.
If approved, tenders for the city system will launch mid-year, with the first ferries taking to the water in December.
The system has been projected to take more than 3500 cars off the road.
The Bulletin understands several companies from NSW and Victoria have informally expressed an interest in tendering.
The council is hoping to secure cutting-edge solar catamarans that will be able to make the 16km journey in about 40 minutes at speeds of up to 12 knots.
This article originally appeared on goldcoastbulletin.com.au
