90 Lorimer Street Quarterly Review

April 1, 2010 § Leave a comment

 

Yarra’s Edge – Tower 5

90 Lorimer Street

Welcome to your updated Quarterly Review from Cheryle at JC Street Real Estate. This week, Cheryle will focus on 90 Lorimer Street.

Spanning over 40 stories and appearing impossibly thin from some angles, Yarra’s Edge Tower 5 is undoubtedly one of the best looking towers in Melbourne.  With a diamond shaped exterior, and an inner form of glass displaying a bronze torso that culminates in a distinctive crown, the building takes design to a new level.

The striking design and classic urban sophistication is reflected throughout the interior. Starting on the ground with the impressive foyer the design aesthetic continues throughout the tower’s 191 apartments and culminates at the spectacular penthouses.

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.

90 Lorimer Street, Docklands

FIRST QUARTERLY REPORT

Top Sale in First Quarter 2010: 2101/90 Lorimer Street $1,508,000

Bottom Sale in First Quarter 2010: 2105/90 Lorimer Street $610,000

Number of Apartment Transactions at 90 Lorimer in First Quarter 2010: 4

Number of Auctions at 90 Lorimer Street First Quarter 2010: 0

Average Sale Price at Lorimer 90: $935,600

Sales for First Quarter 2010:

2101/90 Lorimer Street $1,508,000 – Four bedroom

2105/90 Lorimer Street $610,000 – Two bedroom

1901/90 Lorimer Street $1,300,000 – Four bedroom

3205/90 Lorimer Street $630,000 – Two bedrooms

Rentals for First Quarter 2010:

2403/90 Lorimer Street $675 per week – Two bedrooms

SECOND QUARTERLY REPORT

Top Sale in Second Quarter 2010: 1205/90 Lorimer Street $590,000

Bottom Sale in Second Quarter 2010: 705/90 Lorimer Street $540,000

Number of Apartment Transactions at 90 Lorimer in Second Quarter 2010: 2

Number of Auctions at 90 Lorimer Street Second Quarter 2010: 0

Average Sale Price at Lorimer 90: $565,000

Sales for Second Quarter 2010:

1205/90 Lorimer Street $590,000 – Two bedroom

705/90 Lorimer Street $540,000 – Two bedroom

Rentals for Second Quarter 2010:

3804/90 Lorimer Street $560 per week – Two bedrooms

2101/90 Lorimer Street $1200 per week – Three bedrooms

3602/90 Lorimer Street $1200 per week – Three bedrooms

2204/90 Lorimer Street $650 per week – Three bedrooms

Body Corporate:

The body corporate for this building is Teys, and their website is www.teys.com.au 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 90 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, click here

Year of Build: 2003

Developer: Mirvac

Website for Yarra’s Edge

Number of Apartments in Block: Approximately 191

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

Financial Review – 90 Lorimer Street T5

January 11, 2010 § Leave a comment

 

Yarra’s Edge – Tower 5 90  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 – 90 Lorimer Street.

Spanning over 40 stories and appearing impossibly thin from some angels, Yarra’s Edge Tower 5 is undoubtedly one of the best looking towers in Melbourne.  With a diamond shaped exterior, and an inner form of glass displaying a bronze torso that culminates in a distinctive crown, the building takes design to a new level.

The striking design and classic urban sophistication is reflected throughout the interior. Starting on the ground with the impressive foyer the design aesthetic continues throughout the tower’s 191 apartments and culminates at the spectacular penthouses.

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.

90 Lorimer Street, Docklands

Top Sale in Year 09: 3702/90 Lorimer Street $1,580,000

Bottom Sale in Year 09: 2105/90 Lorimer Street $610,000

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 90: $979,813

Sales for 2009:

1402/90 Lorimer Street – 2 bedrooms $880,900

2105/90 Lorimer Street – 2 bedrooms $610,000

3102/90 Lorimer Street – 2 bedrooms $895,000

3702/90 Lorimer Street – 3 bedrooms $1,580,000

602/90 Lorimer Street – 2 bedrooms $900,000

1404/90 Lorimer Street – 3 bedrooms $1,172,500

3/90 Lorimer Street – 2 bedrooms $885,000

2902/90 Lorimer Street – 2 bedrooms $885,000

2502/90 Lorimer Street – 2 bedrooms $860,000

1601/90 Lorimer Street – 4 bedrooms $1,280,000

Recent Rentals:

2403/90 Lorimer Street – 2 bedrooms $675 per week

1701/90 Lorimer Street – 3 bedrooms $975 per week

2902/90 Lorimer Street – 2 bedrooms $710 per week

1204/90 Lorimer Street – 3 bedrooms $950 per week

1202/90 Lorimer Street – 2 bedrooms $750 per week

802/90 Lorimer Street – 2 bedrooms $620 per week

3502/90 Lorimer Street – 3 bedrooms $995 per week

2904/90 Lorimer Street – 3 bedrooms $1000 per week

3302/90 Lorimer Street – 3 bedrooms $980 per week

3201/90 Lorimer Street – 3 bedrooms $5200 per month

1203/90 Lorimer Street – 2 bedrooms $650 per week

803/90 Lorimer Street – 2 bedrooms $610 per week

2503/90 Lorimer Street – 2 bedrooms $650 per week

2402/90 Lorimer Street – 2 bedrooms $800 per week

2305/90 Lorimer Street – 2 bedrooms $500 per week

3301/90 Lorimer Street – 4 bedrooms $923 per week

1104/90 Lorimer Street – 3 bedrooms $950 per week

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 90 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.

Click here for in depth information on the history of Docklands.

Year of Build: 2003

Developer: Mirvac

Website for Yarra’s Edge

Number of Apartments in Block: Approximately 191

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. 90 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:

Director

Cheryle Street

m) 0412 343 344

 e) cheryle@jcstreetrealestate.com.au

Please note: All information provided herein is secondarily sourced. No financial decision should be made based solely on this information without further investigation.

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