Yarra’s Edge – 70 Lorimer Street Docklands

December 14, 2009 § Leave a comment

Yarra’s Edge – Tower 3 @ 70 Lorimer Street

Welcome to your first End of Year Financial Review from Cheryle at JC Street Real Estate. This week, Cheryle will focus on one of her very favourite developments – 70 Lorimer Street.

Yarra’s Edge is linked to Harbour Esplanade, Telstra Dome and the CBD by the $6 million dollar Webb Bridge whose funnel basket design was inspired by Aboriginal basket traps used to catch eels and fish. This major landmark of the waterfront precinct is 1.4km long and is open to pedestrians and cyclists only. Yarra’s Edge Tower 3, the third tower of this striking development, is comprised of 134 apartments and 6 commercial/mixed use areas with gym and recreational facilities as well as retail.

70 Lorimer Street, Docklands

Top Sale in Financial Year 09: 601/70 Lorimer Street $1,075,000

Bottom Sale in Financial Year 09: 1904/70 Lorimer Street $725,000

Number of Apartment Transactions in Docklands: 197

Number of Auctions in Docklands: 27

Number of Auctions Sold at Docklands: 27

Average Sale Price at Lorimer 70: $837,500

Sales for 2009:

601/70 Lorimer Street – $1,075,000 – Four bedrooms

2803/70 Lorimer Street – $825,000 – Two bedrooms

1904/70 Lorimer Street – $725,000 – Two bedrooms

1004/70 Lorimer Street – undisclosed – Two bedrooms

Rentals for 2009

3/70 Lorimer Street undisclosed pw – 4 bedrooms

701/70 Lorimer Street $850 pw – Four bedrooms

1901/70 Lorimer Street $1100 pw – 4 bedrooms

3103/70 Lorimer Street undisclosed – 2 bedrooms

2903/70 Lorimer Street $650pw – 2 bedrooms

2002/70 Lorimer Street $625 pw – 2 bedrooms

1203/70 Lorimer Street $580 pw – 2 bedrooms

701/70 Lorimer Street $900 pw – 4 bedrooms

2802/70 Lorimer Street $620pw – 2 bedrooms

1704/70 Lorimer Street $590pw – 2 bedrooms

3103/70 Lorimer Street undisclosed – 2 bedrooms

2704/70 Lorimer Street undisclosed – 2 bedrooms

1703/70 Lorimer Street $680pw – 2 bedrooms

901/70 Lorimer Street $1200pw – 4 bedrooms

Body Corporate: The body corporate for this building is Teys. They are a large body corporate management firm who manage several buildings in the Docklands precinct.

Facilities:

Quality services compete the appeal of this utterly private waterfront sanctuary where residents from Towers 1 – 5 have exclusive access to the ‘Rek Dek’, a $10 million state of the art facility which includes swimming pool, spa, sauna, steam room and gymnasium. Or alternate exercise with exquisite views, choose to unwind rooftop with Tai Chai. The development has a great sense of community which is encouraged by use of the facilities. There is also an on-site manager, as well as intercom security.

There is also a thriving retail element at Docklands, which provides great convenience and appeals to many of the owners and tenants in the block. Restaurants such as Live Bait, Berth and Mecca Bah have a cult following, as does the new super-supermarket Costco. A new shopping precinct featuring many well loved stores and the impending addition of Myer add to desire for leasing accommodation who work at Docklands. There is great parking facilities onsite for visitors, and wonderful proximity to Etihad Stadium. Employers such as NAB and ANZ have also moved their sizable workforces to the Docklands precinct, making growth from the corporate sector a sure thing.

Demographics: Over 1100 residents now live in the Yarra’s Edge Precinct and enjoy the ultimate lifestyle on the riverfront. With the development of the coffee and social club and various events held at the docklands, the Yarra’s Edge community is thriving. The River life e.newsletter gives an overview on what is happening at Yarra’s Edge and the Yarra’s Edge community. Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. Most purchasers at 70 Lorimer professionals who work locally in the CBD. There are a few owners and investors country who utilise their apartment as a ‘lock up and leave’ second home. There are investors also who lease privately or through serviced apartment arrangements.

For in depth information on the history of Docklands, make sure to check out http://en.wikipedia.org/wiki/Docklands,_Victoria

Year of Build: 2003

Developer: Mirvac

Website for Yarra’s Edge

Number of Apartments in Block: Approximately 134

Construction Nearby Underway: The Southern Star Skywheel is in construction, and will likely mimic a London Eye style tourist attraction. VicUrban are currently constructing a development named Convesso Concavo.

Forecast for the 2010-2011 Financial Year: We invisage that continuing first home owner interest and buying power will keep the market buoyant in Docklands for the first half of 2010. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the plus $500,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. 70 Lorimer Street offers a unique buying opportunity in a blue chip neighbourhood which should cushion it from too many market fluctuations.

For further information on this, or any other property needs you may have, please contact:

Cheryle Street

Director

m) 9600 4988 or

e) cheryle@jcstreetrealestate.com.au

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