South Brisbane apartment proposal presents strong investment potential
An 18 storey apartment building earmarked for the heart of South Brisbane may attract the interest of property investors on the lookout for a residential property in one of the city's most sought after postcodes.
Aria Property Group has proposed the construction of the $70 million Grey Street tower to the state government.
The development would comprise of 120 one and two bedroom apartments and is likely to attract the interest of investors, with a high demand for apartments in the inner-city area meaning high rental returns for potential owners.
"There's such a demand for apartments and as a result we're seeing rents remain incredibly strong," Aria Property Group managing director Tim Forrester explained in a News Limited report.
"There's an increasing number of office workers in South Brisbane and that's really pushing up demand on the southern side of the river."
A high population of young professionals in the area has driven up demand for boutique apartments, with more and more people favouring the former over high-rise residential towers in the CBD.
Aria was also behind the development of an 18 level building in South Brisbane, with the apartment tower attracting strong interest that has seen just two dwellings unsold before its completion date next year.