Construction has started on the $120 million Belise development in Bowen Hills, with Lord Mayor Graham Quirk turning the sod last week.
Located on the corner of St Pauls Terrace and Brookes Street, Belise will comprise of 228 apartments across 21 levels.
Having launched in October 2010, the development had a slow start to the market but has since secured 150 apartment sales, with 37 snapped up between July and September this year.
A joint venture between Group Kildey and Reed Property Group, Belise has been designed by Architects Australia and features a fitness centre, outdoor pool, sundeck, rooftop lounge and ground floor dining.
Remaining one-bedroom apartments are priced from $369,000 and two-bedroom apartments are priced from $474,000.
Michael Wilkins managing director of Acuity Property Solutions says Belise has received interest from both local and overseas buyers.
“Interstate investment buyers are also attracted by the value that Belise represents. For example, a one-bedroom apartment plus study at Belise starts from $369,000 while an equivalent apartment in Sydney would start from more than $500,000.
“These features [local amenities] are very attractive to prospective tenants and our research shows that tenants are more likely to choose Belise over other developments on the market for this reason. This is very reassuring to prospective investors,” says Wilkins.
Belise has a total walk score of 90 out of 100 and is located in proximity to the $2.9 billion RNA Showground redevelopment.
“By way of comparison, the average Walk Score for the greater Brisbane area is just 51 out of 100. Belise is a walker’s paradise,” says Australia property expert Michael Matusik.
“Our recent study of Brisbane also found a strong correlation between a suburb’s Walk Score and a property’s investment performance.
“For example, those inner Brisbane suburbs with a Walk Score in excess of 85 out of 100 have seen their apartment stock grow in value by a full 1%more each year when compared to those locations with lower levels of walkability,” says Matusik.