Quarterly Update – The Nolan
May 5, 2010 § Leave a comment
The Nolan Building – 39 Caravel Lane Docklands
Welcome to your first quarter activity review for The Nolan from JC Street.
The Nolan is oft-considered the jewel in the crown of the Newquay precinct. Opened in December 2003, the Nolan comprises 204 apartments, ranging from 1 bedroom, through to luxurious penthouses, with sweeping views out over Melbourne’s beaches and mountains. The Nolan building incorporates a magnificent piece of artwork, drawing it’s inspiration from Sidney Nolan’s famous painting of Ned Kelly in the outback. Each owner has access to the property’s gym, pool, and outdoor recreational facilities.
39 Caravel Lane, Docklands
FIRST QUARTERLY REPORT
Top Sale in First Quarter at the Nolan: 1204/39 Caravel Lane $710,000
Bottom Sale in First Quarter at the Nolan: 1506/39 Caravel Lane $680,000
Number of Apartment Transactions at the Nolan: 2
Number of Auctions at the Nolan in the First Quarter: 0
Average Sale Price at the Nolan First Quarter: $695,000
Sales for First Quarter:
1506/39 Caravel Lane – $680,000 2 bedroom
1204/39 Caravel Lane – $710,000 2 bedroom
Rentals for First Quarter:
1601/39 Caravel Lane $825 per week 3 bedrooms
1609/39 Caravel Lane $375 per week 1 bedrooms
1007/39 Caravel Lane $575 per week 2 bedrooms
1909/39 Caravel Lane $550 per week 1 bedroom
1803/39 Caravel Lane $600 per week 2 bedrooms
1809/39 Caravel Lane $370 per week 1 bedroom
SECOND QUARTERLY REPORT
Top Sale in Second Quarter at the Nolan: 1203/39 Caravel Lane $725,000
Bottom Sale in Second Quarter at the Nolan: 1409/39 Caravel Lane $403,000
Number of Apartment Transactions at the Nolan: 3
Number of Auctions at the Nolan in the Second Quarter: 0
Average Sale Price at the Nolan Second Quarter: $559,333
Sales for Second Quarter:
608/39 Caravel Lane – $550,000 2 bedrooms
1409/39 Caravel Lane – $403,000 1 bedroom
1203/39 Caravel Lane – $725,000 2 bedrooms
Rentals for Second Quarter:
1706/39 Caravel Lane $580 per week 2 bedrooms
1106/39 Caravel Lane $580 per week 2 bedrooms
704/39 Caravel Lane $680 per week 2 bedrooms
409/39 Caravel Lane $420 per week 1 bedroom
601/39 Caravel Lane $770 per week 3 bedrooms
1103/39 Caravel Lane $650 per week 2 bedrooms
1202/39 Caravel Lane $780 per week 3 bedrooms
1201/39 Caravel Lane $950 per week 3 bedrooms
1601/39 Caravel Lane $825 per week 3 bedrooms
1609/39 Caravel Lane $375 per week 1 bedroom
The body corporate for this building is Select Owners Corporation. They are a large body corporate management firm who manage several buildings in the Docklands precinct.
The development has a great sense of community which is encouraged by the facilities of pool and swanky gym. There is also an on-site manager, as well as intercom security. There is also some contemporary and eye-catching Bushranger themed artwork in the vein of Sidney Nolan in the entrance hall, which is a real feature of the building.
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.
Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. Most purchasers at the Nolan are young professionals who work locally in the CBD. There are a few more mature owners or families from the 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, click here
Year of Build: 2003
Developer: MAB Corporation
Number of Apartments in Block: Approximately 204
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 have had strong owner occupier interest in the Nolan and Newquay developments this year to date. Despite the RBA having raised rates several times in the past 6 months, clearance rates of stock in the 3008 neighbourhood is very strong. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. The Nolan 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:
m) 9600 4988