Quarterly Review 60 Lorimer Street

April 1, 2010 § Leave a comment

 

Yarra’s Edge – Tower 2

60 Lorimer Street

Welcome to your Quarterly Financial Review from Cheryle at JC Street Real Estate. This week, Cheryle will focus on 60 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 2, the second tower of this striking development, is comprised of 147 apartments, with gym and recreational facilities as well as retail.

60 Lorimer Street, Docklands

FIRST QUARTERLY REPORT

Top Sale in First Quarter 10: 701/60 Lorimer Street $735,000

Bottom Sale in First Quarter 10: 1105/60 Lorimer Street $462,000

Number of Apartment Transactions in 60 Lorimer First Quarter 10: 3

Number of Auctions in 60 Lorimer: 0

Average Sale Price at Lorimer 60: $597,800

Sales for First Quarter 2010:

1304/60 Lorimer Street $595,000 – Two bedrooms

1105/60 Lorimer Street $462,000 – One bedroom

701/60 Lorimer Street $735,000 – Two bedrooms

Rentals for First Quarter 2010:

804/60 Lorimer Street  $510 per week – Two bedrooms

1603/60 Lorimer Street $550 per week – Two bedrooms

1308/60 Lorimer Street $400 per week – One bedroom

603/60 Lorimer Street $530 per week – Two bedrooms

908/60 Lorimer Street $430 per week – One bedroom

1005/60 Lorimer Street $520 per week – One bedroom

1006/60 Lorimer Street $425 per week – One bedroom

1503/60 Lorimer Street $535 per week – Two bedrooms

805/60 Lorimer Street $360 per week – One bedroom

1002/60 Lorimer Street $520 per week – Two bedrooms

SECOND QUARTERLY REPORT

No Sales were recorded in the Second Quarter of 2010

Rentals for Second Quarter 2010:

1903/60 Lorimer Street  $550 per week – Two bedrooms

1607/60 Lorimer Street $450 per week – Two bedrooms

1508/60 Lorimer Street $390 per week – One bedroom

604/60 Lorimer Street Undisclosed price– Two bedrooms

Body Corporate:

The body corporate for this building is Teys, who 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 60 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 147

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:

Despite rising interest rates, Melbourne’s inner city market is still very buoyant with consistently over 80% clearance rates. The Docklands market is also growing, with lots of owner occupiers working in the city wanting to buy into our neighbourhood. We envisage this enthusiasm continuing throughout 2010.

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

Cheryle Street m) 0412 343 344 or e) cheryle@jcstreetrealestate.com.au

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End of Year Financial Review: 60 Lorimer Street Yarra’s Edge

December 3, 2009 § 1 Comment

Yarra’s Edge – Tower 2

60 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 – 60 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 2, the second tower of this striking development, is comprised of 147 apartments, with gym and recreational facilities as well as retail.

60 Lorimer Street, Docklands

Top Sale in Financial Year 09: 1701/60 Lorimer Street $655,000

Bottom Sale in Financial Year 09: 1108/60 Lorimer Street $330,000

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 60: $472,479

Sales for 2009:

1702/60 Lorimer Street $575,000 – Two bedrooms

401/60 Lorimer Street $450,000 – One bedroom

2007/60 Lorimer Street $531,500 – Two bedrooms

1107/60 Lorimer Street $481,000 – Two bedrooms

606/60 Lorimer Street $430,000 – One bedroom

1908/60 Lorimer Street $382,500 – One bedroom

708/60 Lorimer Street $345,000 – One bedroom

1102/60 Lorimer Street $510,000 – Two bedrooms

203/60 Lorimer Street $406,000 – One bedroom

1804/60 Lorimer Street $552,500 – Two bedrooms

1506/60 Lorimer Street $430,000 – One bedroom

1701/60 Lorimer Street $635,000 – Two bedrooms

1601/60 Lorimer Street $655,000 – Two bedrooms

906/60 Lorimer Street $415,000 – One bedroom

1108/60 Lorimer Street $330,000 – One bedroom

Rentals for 2009

1404/60 Lorimer Street $550 pw – Two bedrooms

1205/60 Lorimer Street $520 pw – One bedroom

1008/60 Lorimer Street $390 pw – One bedroom

808/60 Lorimer Street $400 pw – One bedroom

1203/60 Lorimer Street $500 pw – Two bedrooms

203/60 Lorimer Street $495 pw – One bedroom

1508/60 Lorimer Street $390 pw – One bedroom

807/60 Lorimer Street $450 pw – Two bedrooms

603/60 Lorimer Street $500 pw – Two bedrooms

1503/60 Lorimer Street $535 pw – Two bedrooms

1103/60 Lorimer Street $520 pw – Two bedrooms

1802/60 Lorimer Street $540 pw – Two bedrooms

1104/60 Lorimer Street $660 pw – Two bedrooms

1205/60 Lorimer Street $520 pw – One bedroom

902/60 Lorimer Street $460 pw – Two bedrooms

1106/60 Lorimer Street $370 pw – One bedroom

808/60 Lorimer Street $390 pw – One bedroom

403/60 Lorimer Street undisclosed – One bedroom

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 60 Lorimer are 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

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. 60 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

e) cheryle@jcstreetrealestate.com.au

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