Summit Featured in Property Mash
Latest issue of Property Mash Magazineis now available. Take a look at Summit Apartments on Page 2
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
SUMMIT Launch A Great Success!
SUMMIT Launch A Great Success
South Coast Project Marketing held their official launch for the new SUMMIT apartment building on November 15th.
It was a wonderful afternoon at the Southport Yacht Club, where agents from all over the Gold Coast came together to see what SUMMIT was all about.
Ana Tulloch, Managing Director of South Coast Project Marketing said that she was very please with how the launch went.
“Seeing agents come along and be so excited about this wonderful new development really re-enforces that there is still a strong demand for boutique apartment living on the Broadwater” she said.
“SUMMIT offers unsurpassed amenities whilst situated just metres away from the iconic Broadwater.
It is going to be a landmark building here in Labrador.”
Summit is a new apartment development located at 110 Frank Street, Labrador, on the Gold Coast. This puts it just one block away from the Broadwater. With 83 apartments over 9 levels, these pet-friendly apartments have something for everyone. There are a range of one, two and three-bedroom apartments available, with a number of large terraces on the ground floor and at least one three-bedroom apartment per level. The prices at the Summit apartments Labrador range from $355,000 to $725,000.
Residents will have access to a number of facilities, including a pool, residents lounge, and BBQ facilities. There will also be secure parking and onsite management. One major plus is that body corporate fees are expected to be between $55 and $70 per week. Summit is set to begin construction in November 2018 for a May 2020 finish.
A display suite is located at Suite 2, 64 Frank Street, Labrador.
