Stone & Co, Greenslopes

A perfect combination of the existing building’s original heritage form juxtaposed with contemporary design, the brand new Stone & Co development is set to become a landmark development in the trendy suburb of Greenslopes, Brisbane.

 

Featuring one, two and three bedroom apartments all with balconies and parking, Stone & Co is situated near the popular Stone Corner Hotel, only 4km from the CBD and surrounded by cafes, parks, shops and transport options.

 

Spectacular outlooks to the north, east and west, the Stone & Co apartments are exceptional as either investments or as private residences.

Stone & Co, Greenslopes

Introduction

HISTORICAL CHARM WITH A CONTEMPORARY EDGE

 

A perfect combination of the existing building’s original heritage form juxtaposed with contemporary design, this brand new development is set to become a landmark development in the trendy suburb of Stones Corner.

PROJECT OVERVIEW

 

275 – 283 LOGAN ROAD, GREENSLOPES
Boutique development of 53 apartments
over 8 levels serviced by 2 lifts

APARTMENT MIX
6 x 1 Bedroom, 1 Bathroom, 1 Car
42 x 2 Bedroom, 2 Bathroom, 1 Car
5 x 3 Bedroom, 2 Bathroom, 2 Car

SIZE RANGE
Internal: 59 – 114sqm
External: 14 – 55sqm

CONSTRUCTION
Commencement Date: Mid 2015
Completion Date: Mid 2016
Sunset Date: 3.5 years

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Fast Facts

The Investment

  • Situated in the up and coming Stones Corner precinct
  • Property’s proximity and access to infrastructure
  • Under supply of new apartments in Greenslopes
  • Affordable compared to other inner city suburbs
  • Excellent access to amenity
  • Access to major employment hubs like Brisbane CBD, PA Hospital and Greenslopes Hospital.

The Development

  • Stone & Co is a unison of modern aesthetics and raw heritage
  • Boutique development of 53 apartments over 8 levels
  • Great city and urban views
  • Architecturally designed, modern and spacious apartments
  • Rooftop entertaining area with a BBQ, pizza oven and herb garden
  • Retail space on ground level

The Location

  • Stone & Co is located 4km from Brisbane CBD
  • Surrounded by trendy shops and cafes
  • Just 150m from the Stones Corner Busway and 450m from the Buranda Train Station
  • Within walking distance to the Princess Alexandra Hospital
  • Easy access to all major universities
  • Less than 5mins drive to the iconic Gabba Stadium and trendy Logan Road Dining Precinct

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Area Overview

Location

“ONLY 4KM FROM BRISBANE CBD”

Residents will delight in great city and urban views from the rooftop
entertaining area with a BBQ, pizza oven and herb garden.

  1. BRISBANE CBD 4Km / 5Mins Drive
  2. THE GABBA STADIUM 1.7Km / 4Mins Drive
  3. STONES CORNER BUSWAY 150M / 2Mins Walk
  4. BURANDA TRAIN STATION 450M / 5Mins Walk
  5. PRINCESS ALEXANDRA HOSPITAL 1Km / 12Mins Walk
  6. UNIVERSITY OF QUEENSLAND (UQ) 5.4Km / 15Mins Drive
  7. SOUTH BANK 3.2Km / 7Mins Drive
  8. CENTRO BURANDA 1Km / 12Mins Walk
  9. PACIFIC MOTORWAY 1Km / 3Mins Drive
  10. BURANDA BUSWAY 400M / 5Mins Walk
  1. HANLON PARK 100M / 1Min Walk
  2. QUEENSLAND UNIVERSITY OF TECHNOLOGY (QUT) 4Km / 5Mins Drive
  3. SOMERVILLE HOUSE PRIVATE GIRLS SCHOOL 3Km / 7Mins Drive
  4. BOGGO ROAD MARKETS 1.9Km / 5Mins Drive
  5. STONES CORNER SHOPPING PRECINCT 50M / 1Min Walk
  6. LOGAN ROAD DINING PRECINCT 1.8Km / 5Mins Drive
  7. CHURCHIE (ANGLICAN CHURCH GRAMMAR SCHOOL) 3.4Km / 8Mins Drive

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Suburb Profile

GREENSLOPES

 

The suburb of Greenslopes is located four kilometres southeast of the Brisbane Central Business District (CBD) and is recognised as one of Brisbane’s premier residential suburbs.

 

The dwelling landscape is diverse with a mix of tin and timber Queenslander homes, older six-pack style developments and more modern medium density developments.

The suburb is bordered to the west by large tracts of open space and Norman Creek. Demand for dwellings within the suburb is principally driven by young, affluent professionals with a demonstrating willingness and ability to pay above average rents.

 

1. Queensland Government Statistician’s Office
2. ABS – excluding other tenure/tenure not stated

POPULATION & DEMOGRAPHICS

 

The State Government1 projects that population growth throughout the suburb will be relatively low in comparison to suburbs similarly located within close proximity to the CBD. This is principally a function of the lack of available land for redevelopment within the suburb which will contain a large expansion of the area’s population.

 

Demand for rental dwellings within the suburb is particularly strong with 56% of all dwellings2 occupied by renters. This tenure profile is significantly higher than that recorded throughout Queensland at the time of the 2011 Census of 34%.

 

Apartment living in the suburb is well supported, accounting for almost half (49%) of all dwellings within Greenslopes, which is 37% higher than that recorded throughout Queensland. Commensurate with this is a dominance of smaller dwelling types with more than half (54%) of all dwellings comprised of one and two bedrooms.

 

Greenslopes is primarily occupied by Gen-Y residents who account for almost 40% of the suburb’s population. In line with this is a population who are largely living in lone person and couples without children households. At the time of the 2011 Census, lone person households were the dominant household type accounting for 35% of all occupied dwellings.

 

This is in stark contrast with the Queensland figure of 22%. The suburb’s resident population is typically affluent and well educated, with almost half (44%) working in professional or managerial occupations. The median weekly personal income of residents in the area is 27% (or $180) per week higher than the State’s.

 

The primary implication of this is that dwelling demand in the area is typically stemming from younger, affluent professionals looking to occupy one and two bedroom apartments.

INFRASTRUCTURE & EMPLOYMENT

 

Greenslopes is one of Brisbane’s most accessible suburbs with a large volume of transport infrastructure in place providing a high level of connectivity to surrounding amenities and major employment nodes throughout South East Queensland.

 

The South East Busway forms part of a 25 kilometre bus only rapid transport network of Busways which connects Greenslopes and surrounding suburbs through Brisbane to Brisbane’s CBD, major shopping centres and employment nodes. The Busway links with the Queensland Rail network at various points throughout the Busway grid.

 

The South East Busway has a station in Greenslopes which is serviced by a number of bus routes. Travel time to the CBD (King George Square Station) is approximately 15 minutes.

 

Buranda Station is the next inbound station from Greenslopes on the South East Busway route. Buranda Station provides connections with both the Eastern Busway running from Coorparoo to the University of Queensland and the Queensland Rail network. Buranda Station is strategically located within walking distance from the PA Hospital, one of largest health employers in the State.

 

The Shorncliffe/Cleveland train line stops at Buranda station which runs frequently from Cleveland to Shorncliffe. From Buranda the line has stops in the heart of major employment and recreational nodes including Park Road, South Bank and South Brisbane. At Roma Street and Brisbane Central the Line links with the entire South-East Queensland’s rail network, including the Airport Line.

 

The 670 bed Greenslopes Private Hospital which is owned and operated by the global hospital group Ramsay Health is a major driver of dwelling demand in the area. The hospital provides an extensive range of inpatient, outpatient and critical care services. The Hospital is the leading private teaching hospital in Australia and provides a range of clinical services including cardiology, intensive care, orthopaedic, maternity, neurology and general surgery. The Greenslopes & Ramsay Specialist Centres and the Greenslopes Speciality Clinics are all co-located within the facility.

 

The suburb is also situated within close proximity of the state’s major health employment node – the Inner South Health Precinct containing the Mater and Princess Alexandra Hospitals. The precinct is estimated to have a base workforce of more than 15,000 persons.

RETAIL AMENITY

 

The Greenslopes Mall is centrally located within the suburb and services the everyday needs of the local community. The Mall is home to a large Coles Supermarket and 30 speciality stores. The Mall is currently undergoing a major refurbishment and expansion which will not only enhance the retail offering but will provide a more modern shopping facility for residents of the area.

 

The Stones Corner Village is within walking distance of Greenslopes and is widely recognised as one of inner Brisbane’s unique retail and lifestyle precincts. The Village contains a diverse range of speciality retailers including gourmet food purveyors, health and medical services, restaurants, cafes and an Aldi supermarket. The Stones Corner Hotel hosts the annual Cider and Beer Festival which brings together the local community in a festive and relaxed environment.

 

Buranda Shopping Village is within a 5 minute drive from Greenslopes and houses both a Woolworths supermarket and Target department store in addition to a range of speciality retailers and services including health and beauty, banking and a medical centre.

RECREATIONAL AMENITY

 

Greenslopes is widely recognised as one of inner Brisbane’s greener suburbs with large tracts of open space and parklands throughout. Norman Creek runs through the 5.6 hectare Thompson Estate Reserve which borders the suburb to the west providing a large buffer between the Pacific Motorway and residential dwellings located throughout the suburb. The Thompson Estate Reserve is a popular recreational destination for the local community containing barbeques, a half court, a dedicated picnic area, a playground and soccer fields.

 

The recently completed The Nicholson Street Bikeway runs from the Greenslopes Busway Station to Nicholson Street adjacent to the Greenslopes Hospital through Thompson Estate Reserve and the former Stephens Mountain Quarry land. The Bikeway has also vastly improved access from Thompson Estate Reserve to the new Veloway V1Cycleway which runs along the Pacific Motorway. The 17 kilometre Veloway 1 connects cyclists from Brisbane City to the Gateway Motorway off-ramp at Eight Mile Plains.

 

The 3.3 hectare Ekibin Park is also located within the suburb and is home to the Greenslopes Bowls Club and the Annerley FC Soccer Club which has six fields spread across Ekibin Park and in the neighbouring Thompson Estate Reserve. The Club caters for teams in juniors, youth, senior men’s, senior women, over 35’s and commercial league.

 

On the border between Greenslopes and Coorparoo sits Langlands Park which is one of the most utilised and popular sporting facilities in the local area. The Park is the home ground of Easts Leagues Club with a seating capacity of around 5,000 and containing two restaurants, gaming and entertainment rooms. The Park also houses the Langlands Park Memorial Pool containing a 50 metre pool, a 10 metre teaching pool and a semi-shaded wading pool. The Park provides an expansive volume of open space, a large playground, picnic facilities and fitness stations.

 

Many other parks are located within Greenslopes including Hanlon Park, and Rosegles Street Park and an array of smaller pocket parks.

EDUCATION

 

Families and tertiary students within the area are afforded a diverse choice of educational facilities. More than fifteen childcare and preschools are located within Greenslopes and its immediate surrounds including the Greenslopes Child Care Centre, Goodstart Early Learning Coorparoo and C&K Stones Corner Community Kindergarten Inc.

 

A number of the State’s premier educational facilities are all located within a ten minute drive from Greenslopes including The Anglican Church Grammar School, Somerville House, Villanova College and Loreto College.

 

Additionally, more than 30 primary and secondary schools are located within the immediate catchment area. Five kilometres from Greenslopes is the South Bank Institute of Technology which is one of the largest providers of Technical and Further Education in the state. The Institute is estimated
to have a total enrolment of 30,000 students.

 

Via the Eastern Busway, students are afforded direct access to the State’s premier universities – the University of Queensland, the Queensland University of Technology
(Garden’s Point and Kelvin Grove) campuses.

 

Collectively, these three institutions have more than 85,000 students enrolled. Not surprisingly, being within such close
proximity to these major education nodes there is a high level of demand for dwellings within the area stemming from both students and academic staff.

APARTMENT MARKET FUNDAMENTALS

 

Median apartment price growth throughout Greenslopes has been solid averaging 3.7% per annum over the long term (past ten years), which has outperformed the rate of median price growth recorded across Brisbane over the same time frame. Over this period there has been an average annual demand for 133 apartments in the area. This low level of transactions is demonstrative of the tightly held nature of product in the area. Despite the strong rate of growth the median apartment price remains affordable in comparison to the 21 inner city suburbs and, with the delivery of new apartment product into the area over the coming years, median values are expected to rise to be more in line with the inner city median.

Greenslopes – Apartment Market Fundamentals 2004 to 2014

 

Source: Resolution Research, The State of Queensland – April 2015

RENTAL MARKET FUNDAMENTALS

 

According to the latest data released by the Residential Tenancies Authority, the median weekly rent of a one bedroom apartment in Greenslopes grew by an average of 2.9% per annum between December quarter 2010 and December quarter 2014. This translates to an increase of $30 per week in median weekly rents. Across the two bedroom apartment market, median weekly rents have similarly lifted by $30 per week over the same time period.

 

Vacancy rates throughout the suburb have been declining over recent months, consistently staying below the 3.0% rate considered to be indicative of a balanced market. At the time of undertaking this research, vacancy rates have dropped to 2.6% pointing to a market which is in a state of rental undersupply. In concert with this, the suburb is also recording a high gross rental yield of 5.5%.

 

These rental market fundamentals, combined with a shortage of new supply coming in to the marketplace to service demand, suggests that Greenslopes is emerging as a new rental hotspot for investors.

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Stones Corner

Over recent years the historic Stones Corner village has been evolving into an eclectic retail and dining precinct.

 

Under Brisbane City Council’s Eastern Corridor Neighbourhood Plan the precinct has been identified as a key growth area which, over the coming 20 years will be transformed into a unique “urban village” containing a mix of apartments, offices, shops, cafes and public spaces. The designation of this precinct as a key growth area will facilitate a level of development considered essential to cater to the demands for new dwellings within the area.

LOCAL HIGHLIGHTS

 

  1. Lady Marmalade Café
  2. Shady Palms Café
  3. Premium Pilates
  4. Pulp Smoothie And Juice Bar
  5. Indimex Café
  6. Stones Corner Village (Aldi, Cafés, Pharmacy, Hair & Beauty)
  7. 5 Boroughs Burger Bar
  8. Moreish Café
  9. Louis & Sons Delicatessen
  10. Chili Coco
  11. Belaroma Café
  12. Stones Corner Hotel
  13. Grindhouse Espresso
  14. Tuckeria Mexican
  15. R&Rhino Protein Bar
  16. The Bent Elbow
  17. Stepz 24 Hours Gym

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Stones Corner Cafés

Stones Corner is named after James Stone who bought a piece of land on the corner of Logan and Old Cleveland Road in 1875.

He dreamt of opening his own hotel however was unsuccessful in obtaining a liquor license. He then went on to opening and operating a ginger beer shop on his corner and that’s when it became known as Stone’s Corner. In an interesting link with the present, James Stone Ginger Beer is again being brewed as a commercial product.

 

In 1887 the corner block was again sold, this time to the man who built the two storey Junction Hotel which still stands today and is known as the Stones  corner Hotel. In its hundred and twenty year history as a commercial hub Stones Corner has had its ups and downs with its retail heyday in the 1950’s and a brief stint decades later as the in-spot for outlet shopping.

 

Over recent years the historic Stones Corner village has been evolving into an eclectic retail and dining precinct. Under Brisbane City Council’s Eastern  corridor Neighbourhood Plan the precinct has been identified as a key growth area which, over the coming 20 years will be transformed into a unique “urban village” containing a mix of apartments, offices, shops, cafes and public spaces. The designation of this precinct as a key growth area will facilitate a level of development considered essential to cater to the demands for new dwellings within the area.

 

As such here’s a rough street crawl guide, starting on the corner where it all began:

LADY MARMALADE

 

This fabulous café, is another stripped back raw brick heritage corner building on Logan Road. It can take the credit for sparking a new lease of life back into Stones Corner after all the outlet shops that once filled the streets departed. Dishing up delish food (the breakfasts are exceptional), top coffee and all in a funky setting.

 

Despite the casual ambience – colourful mismatching retro furniture on the footpath and faded shop signs, exposed brick and preserved relic features from a long-gone past (asa bank, bird hospital and general store) inside – what comes out of the kitchen is anything but casual café.

SHADY PALMS CAFÉ

 

Adding to the bustling little community of Stones Corner, this cafe and bar is the second venture of the Lady Marmalade Cafe creators, continuing to present new, and inventive flavours to the Brisbane palate. Inspired by the country club lifestyle on the border of the USA and Mexico, Shady Palms Cafe & Bar sees the likes of fried pickles, pulled-pork sliders, braised beef empanadas and a San Francisco salad paired with craft beers, boutique wines and refreshing cocktails.

 

Serving exquisite Pan-American platters from breakfast until late, the cavernous space inside is filled with bright, eclectic furniture of a vintage nature while, outdoors, there is laneway leading to an expansive courtyard.

TUCKERIA

 

Sharing the lane with Grindhouse is this funky little Mexican taqueria, a vision of wall art, rustic furniture and cacti. Drop by for some fresh made salsa, guacamole and corn chips featuring in all manner of Mexican street food – tacos, enchiladas, and quesadillas, along with bottles of picante sauce on the tables to spice it up.

STONES CORNER HOTEL

 

In recent years the owners have stripped back this landmark hotel to its raw brick state, accentuating its history and making it a really pleasant place to enjoy a drink or a pub meal, especially outside under the jacaranda tree.

R&RHINO PROTEIN BAR

 

R&Rhino Protein Bar is a unique new addition to the Stones Corner precinct, serving up healthy and tasty food and drinks, made with the purest, freshest and finest ingredients available. Patrons can match their lifestyle diet requirements without compromising taste and quality. Committed to provide a clean, friendly and enjoyable place, R&Rhino Protein Bar is on a mission to revitalise and kick-start a new level of energy into Stones Corner.

STONES CORNER VILLAGE

 

Stones Corner Village is an enclosed centre anchored by an ALDI supermarket and featuring 21 specialty shops. The last two years have seen a major transformation of the Centre with large refurbishment works completed. Stockwell finished $2 million of internal works in July 2012 and further $2 million of external works in November 2013.

 

The refurbishments have been central to the overall lift in Stones Corner and have secured new tenants including ALDI Supermarket, BaLong Markets, Suburban Cafe and IndiMex among many others. Stones Corner Village is also home to the main carpark in Stones Corner with 250 undercover spaces.

THE BENT ELBOW

 

Recently opened in vibrant Stones Corner, The Bent Elbow offers a large variety of craft beers, excellent wine and delicious food as well as various events in a refreshing atmosphere with the right balance between a homey pub and eating house. With the focus on unique and alternative craft beers and tasty bites, The Bent Elbow at Stones Corner is one you’ll want to make as your local.

LOUIS & SONS DELICATESSEN

 

Louis & Sons Delicatessen in Stones Corner is a continental style deli offering fine foods, sweet treats and excellent espresso in a sleek setting. This new edge deli, situated in a transformed historic building, is on a mission to revive the age-old institution of deli dining and inject new energy into the Stones Corner precinct. Establishing a broad range of high-end provisions, this upmarket deli and café, offers Gourmet products that have been carefully sourced from Brisbane’s backyard and food-making regions around the world, The refurbishments have been central to the overall lift in Stones Corner and have secured new tenants including ALDI Supermarket, BaLong Markets, Suburban Cafe and IndiMex among many others. Stones Corner Village is also home to the main carpark in Stones Corner with 250 undercover spaces.

GRINDHOUSE ESPRESSO

 

Stoneham Lane, the tiny laneway that leads off the rear Logan Road side of the Stones Corner Hotel has a couple of visit-worthy inhabitants including this fab little espresso hut whose ceilings are adorned with coffee sacks and walls hung with art. The perfect retreat for a top coffee, some free Wi-Fi and delish sweet treats from a local bakery.

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Apartment Information

The Team

ARCHITECT

AG Architects is an award winning architectural firm that creates high quality innovative designs for residential apartments.

 

Functional layouts based on sustainable design principles is at the core of AG Architects desire to produce uncompromising quality to suit modern lifestyles.

 

The team at AG Architects is dedicated towards delivering timeless value in the buildings they create and Stone & Co is a demonstration of that commitment.

 

www.agarchitects.net.au

EXCLUSIVE SELLING AGENT

CPS Property helps Australians create wealth and secure their financial futures through property investment. We are your independent trusted property advisor and are licensed real estate agents.

 

Our team is passionately committed to giving the most timely, accurate and financially rewarding property investment advice – to help you realise your financial and life goals.

 

www.cpsproperty.com.au

DEVELOPER

Blue Sky Private Real Estate (BSPRE) is an Australian based real estate investment company, which specialises in developing and managing real estate assets. BSPRE is the property division of listed alternative fund manager, Blue Sky Alternatives Investments Limited (ASX:BLA).

 

Since 2007, Blue Sky has successfully completed and is currently delivering in excess of $500 million in residential developments comprising of apartments and townhouses in South East Queensland and Townsville.

 

www.blueskyfunds.com.au

PROPERTY MANAGER

Direct Apartments are a property management company that specialise in the onsite caretaking and management of apartment complexes throughout Queensland. Direct Apartments currently manage over 500 units utilising this unique model, with a further 500 units under construction throughout QLD. Direct Apartments are aligned with owners objectives in wishing to take care of the common property as well as striving for full occupancy of the apartments they manage. The professional and experienced team look forward to managing your investment property and developing a mutually beneficial business relationship for many years to come.

 

www.directhotels.com.au

BUILDER

RGD Constructions is one of Queensland’s construction industries great success stories. With over 30 years’ experience, RGD are able to offer our clients the confidence and assurance required to successfully manage their projects.

 

Our philosophy is one built on pride and professionalism, integrity and innovation. The result is a successful formula that has seen the company win multiple awards in many landmark projects.

 

RGD Constructions has a proven track record of delivering projects on time and on budget. Over the next twelve months, RGD Constructions is programmed to deliver over $100 million worth of projects to the South East Queensland Region.

 

www.rgdconstructions.com.au

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Floor Plates

Floor Plans

Financial Information

Securing The Property

The Process

Securing an apartment through CPS Property is made as simple as possible

STEP 1

 

RESERVING A PROPERTY

 

Once you have decided to purchase a recommended unit the first step is to submit an ‘Expression of Interest’ form (EOI). This can also be referred to by others as an Instruction to Proceed (ITP) or Reservation Agreement.

 

The EOI is seen as a reservation form and is not a binding commitment. The information given on the EOI Form is used to create a Sales Advice which outlines the details and parties involved in the sale. The Sales Advice is sent to the vendor (developer), their solicitor, your solicitor and your broker within 24 hours of CPS Property receiving the EOI and confirmation of holding deposit.

 

Please note that a reservation will not be held until all details on the reservation form have been completed. You will be required to select legal representation to assist in your purchase. If you would like to use a CPS Property Panel Solicitor then please indicate this on the EOI.

 

Please refer to our guide below on completing the EOI Form.

Holding Deposit

 

Once you have completed and signed the EOI, the vendor will require an initial holding deposit. This amount is $1,000 and is fully refundable, should you choose not to proceed with the purchase.

 

The holding deposit is paid to the vendor’s solicitor’s Trust Account which is stipulated on the EOI form itself.

 

All holding deposits are required to be placed via electronic transfer and confirmation sent via email or fax to CPS Property. If this is not possible please contact the CPS Property office and we will look to arrange an alternative for you.

STEP 2

 

CONTRACT OF SALE ISSUED

 

The contract of sale is prepared by the vendor’s solicitor upon receiving the Sales Advice and confirmation of holding deposit. In Queensland two copies of a contract
are sent and both are to be signed.

 

The vendor’s solicitor will issue contracts via express post, directly to your nominated solicitor, within 48 hours of receiving the Sales Advice. If you have nominated a
CPS Property panel solicitor they will contact you on the day they receive the Sales Advice to arrange an appointment with you to review your contract. If you are using your own solicitor we advise you contact them directly to organise this appointment. During this time, you should be speaking with your finance broker to organise any funds you require to pay the 10% deposit.

STEP 3

 

SIGNING OF CONTRACT

 

Once your solicitor is in receipt of the contracts, the vendor allows a maximum of 14 days for these to be reviewed, signed and returned.

 

CPS Property panel solicitors review a copy of a contract for every site we recommend. Therefore if you are using a CPS Property panel solicitor, they will be ready to advise you from day one of receiving your contract.

 

Your solicitor should advise you in detail of the nature of the contract and its conditions. If any amendments to the contract are required these should be handled by your solicitor, directly with the vendor’s solicitor and resolved within the 14 days allotted.

 

Remember time is of the essence and you have not legally secured the property until the contract is signed by both parties. Even at this stage the vendor is entitled to sell the property to someone else if they feel you are taking an unnecessary amount of time to complete the contract without providing a reasonable explanation for the delay. If however, there are any details in the contract that you still do not understand, or if you feel any of the information is incorrect, you need to discuss these issues with your solicitor immediately.

 

Once you are comfortable with the contents of all documents, you must sign the contracts where indicated. Your solicitor will then return them to the vendor’s solicitor for contract signing, the execution of the contract.

 

It is important to note that in Queensland, there is no “exchange” of contracts as is the case in other States and Territories.

 

It is only when the vendor signs and dates the contract that the contract is live and binding.

 

Please note that, at this stage, the vendor is still entitled to make alternations to the contract. If this occurs then contracts will be returned to your solicitor for your approval and further initialing. Only when both parties have countersigned the new terms and the contract is dated (by the last person who signs) does it become a legally binding document.

 

Even after all parties have signed, the contract is still conditional on the vendor and you, the purchaser, completing your obligations under whatever specific terms and conditions are included in the contract.

Finance

 

At CPS Property we assume that when you are referred to us by your mortgage broker, accountant or financial planner that your borrowing capacity has been determined and you have been pre-approved for any finance you may require to purchase a property.

 

However, please be aware that in most cases, settlement of the property is too far in the future for your pre-approval to still be valid. Therefore you will be required to update your information prior to your financier lending you funds at settlement.

 

For this reason off-the-plan contracts are not made subject to finance. Once the contract is signed we encourage you to stay in regular contact with your finance broker throughout the contract period, to update them on any change to your circumstances that may affect your borrowing capacity.

Cooling off period

 

Every contract for residential property in Queensland is subject to a 5 business day cooling-off period. The cooling-off period begins on the day that you are bound
by the contract, i.e. the day on which your solicitor receives a copy of the fully signed contract. If you receive a copy of the contract on a day other than a business day, the
cooling-off period commences on the first business day after you receive the copy.

 

During the cooling-off period, you have the right to terminate the contract. However, should you wish to do so, a signed and dated written termination notice must be provided to the vendor’s solicitor at any time prior to the end of the cooling-off period. Your cooling-off period ends at 5:00pm on the fifth business day after the cooling-off period started.

 

The vendor is obliged to refund your deposit within 14 days of termination of the contract, but may deduct a termination penalty equal to 0.25% of the purchase price as a result of the contract having been terminated under the cooling-off provisions.

STEP 4

 

PAYMENT OF 10% DEPOSIT

 

The balance of the 10% deposit; that is 10% of the purchase price less the initial holding deposit, is required on contract signing unless alternate arrangements have been
agreed upon.

 

There are two types of payments that are accepted by vendors; these include:

 

1. Cash Deposits

 

This is the most common method for securing a property.

 

2. Bank Guarantee

 

A bank guarantee is the written obligation of a bank to repay the beneficiary of the guarantee the sum specified in the agreement on the agreed terms.

 

A bank guarantee should not be confused with a Deposit Bond. A bank guarantee is secured against existing equity in property or against a cash deposit held with the bank; whilst a deposit bond is unsecured, allowing purchases to deal with their assets as they think best across the settlement period.

 

When secured against property, a mortgage or caveat is taken over the title. In the case of a bank guarantee being secured against cash, the monies are effectively “frozen” until settlement.

 

One thing to be aware of is that Bank Guarantees can take up to a month to secure, depending on the provider. Therefore, if you intend on using a Bank Guarantee to pay your 10% deposit, your broker needs to apply for this as soon as you submit your EOI.

 

3. Interest on Deposit

 

On this development the vendor has agreed to award 100% of the interest accrued on deposits to the purchaser at settlement

STEP 5

 

UNCONDITIONAL CONTRACTS

 

After the vendor has received the full deposit and all other conditions of the contract have been satisfied or met, the Contract of Sale will become unconditional. Once this occurs, there is now a legally binding document in place and all parties will be legally bound by the contract.

 

In the event that you decide at this point that you did not want to proceed with the purchase, the vendor has every right to claim your 10% deposit and any other costs they may have incurred. Notwithstanding this, most vendors will allow a purchaser to exit the contract without penalty if there is a genuine reason – such as the death of a party to the contract.

Construction Period

 

As part of our service to you, the vendor will provide you with regular monthly construction updates via email, on the development that you have purchased in. This is to keep you up to date with construction progress and anticipated completion date; and to inform you of any delays that may occur.

 

Please be aware that minor delays in construction are common and estimated completion and settlement dates may change dependent on the number of pre-sales being
met; weather conditions, trades etc. However we will endeavour to keep you informed of any changes that may occur.

 

Throughout the construction period, it is important that you read all emails sent to you from the vendor. In this regard, if any of your contact details change you must update us immediately.

Preparation for Settlement

 

Approximately three months prior to the anticipated completion date, CPS Property office personnel will begin to prepare you for settlement via a series of email. These emails will guide you through the following;

 

• appointing a property manager & ordering and fitting of blinds

• preparing your finances and Valuations

• pre-settlement inspections

• what to expect on settlement day (Keys, Property managers etc.)

 

You will receive this communication either from your referrer or directly from CPS Property. Your finance broker and your legal representation will also receive notification of pending completion to assist you in organising your finances for settlement.

 

We encourage all of our purchasers to contact us if they have any questions in regards to the settlement process, property managers and what to expect across this time. We are always happy to offer our advice and guidance across these areas should you need it.

Valuation of your property by your bank

 

During the pre-settlement process your bank will most likely order a valuation on the property you are purchasing. Generally banks will lend up to 90% of the property
valuation if you pay for lenders mortgage insurance. If you are borrowing 80% or less of the value of the property or if you are providing additional security to the bank, for example another property, and the total borrowings on the combined security (the two properties) are 80% or less, then lender mortgage insurance won’t apply.

 

As a rule we will monitor the process of completion on your unit and will advise both yourself and your broker once the property is ready for valuation. If you order a valuation on your property prior to satisfactory completion (i.e. All fixtures and fittings installed and present in the unit) you run the risk of the property being valued at completion as at that date. Meaning if they have only installed 80% of your fixtures and fittings and still need to lay down carpet or install aircon and appliances present in your contract then the Valuer will only value the property at 80% of its worth.

Completion of Site

 

As the development you have purchased in nears completion you will be advised of the official settlement date and will need to organise your financial arrangements in
readiness for settlement.

 

Your bank will normally request a copy of the certificate of currency (Occupation certificate), Body Corporate information, building insurances and sometimes fire safety certificates. We will be able to obtain these for you and will forward them to your broker or legal adviser as they require them. If you find that your bank requires any additional information on the property please let us know and we will be able to assist in this where applicable.

 

Once you have secured finance for the property you are ready to settle. Your legal representative will request a disbursement of funds from the vendor and this will
determine the amount of the cheque from your bank and who it will be addressed to. Please keep in mind that sometimes this amount may not be advised until the day
before or even the day of settlement so you may be required to attend a branch of your bank to obtain this cheque for settlement.

 

If your settlement is taking place interstate your legal representative will calculate a figure for the settlement cheque with a little to spare, with the surplus funds being refunded once settlement takes place, to allow this to be at the settlement on time.

Day of settlement

 

On the day of settlement your banks will meet at a designated time in the city closest to your purchased unit to exchange funds and deeds.

 

Once this settlement has taken place you will be able to collect your keys from your property manager. Alternatively, if you have appointed your own property manager to look after your investment they will be able to collect the keys on your behalf. Please note that some developers will require written notice from you to allow your property manager to collect the keys, if this is the case we will advise you to have this ready for them.

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Investment Risks

Investment Risks

There are a number of factors, both specific to property investing and an individual property and of a general nature relating to the economic climate which may affect the future performance and/or the value of the property capital growth and rental yield.

There is no guarantee that an Investment Property will achieve the investor’s objectives that targeted returns will be met or that future strategies will be realised. Prospective investors are advised that this list of risks (attached) might not be exhaustive, and prudent decision making on behalf of the potential investor is required to ensure all considerations are taken into account.

 

Prior to deciding whether to invest in investment property, potential investors should read the following risk and, in particular, consider the risk factors that could affect the financial performance of the investment property.

 

Potential investors should specifically consider the factors contained to fully appreciate the risk associated with an investment property. You should carefully consider these factors in light of your personal circumstances and seek professional advice from your accountant, financial adviser, lawyer or other professional adviser before deciding whether to invest.

 

Blue Sky Private Real Estate (and its associated entities, employees and representatives) do not provide financial advice.

GENERAL INVESTMENT PROPERTY RISK

 

The factors which may affect the value of the Investment Property include:

 

• General economic conditions such as inflation, inflationary expectations, unemployment and general movements in
wages and salaries, which result in a general downturn in the property market

 

• Movements in interest rates which may impact on the attractiveness of property compared to other investment opportunities and may impact upon the new returns achieved by the investment

 

• Demand for facilities offered by the site

 

• Competition from new developments and/or refurbishment of other properties could potentially affect the demand for the investment property and thus the returns generated

 

• Natural disasters, social upheaval, events of terrorism or war involving Australia or events causing global disruption

 

• Changes in the law or government policy which may affect the investment or the attractiveness of an investment

GENERAL ECONOMIC CONDITIONS

Investors should be aware that the performance of any investment property can be affected by the conditions of the economy (or economies) in which it operates. Factors such as interest rates, inflation, inflationary expectations, changes in demand and supply and other economic and political conditions may affect the investment Property’s capital growth, value and/or rental yield.

 

Potential investors should be aware that general economic conditions can impact the value of the investment property
and the ability of investors to divest or sell their Investment Property at an acceptable price.

COMPARABLE SITES

 

A sharp increase in the number of sites under construction within close proximity of the subject site may have an adverse effect, resulting in an oversupply from comparable properties, which in turn could have a negative impact on the ability of Investors to divest or sell their Investment Property at an acceptable price.

RENTAL RETURNS

 

Rental returns and/or the resulting yields can fluctuate as they are affected by several market forces. Rental returns may increase or decrease as a result of income, employment, inflation, investment in a given area, demand and supply.

TENANT RISK

 

While rental leases impose legally enforceable obligations on the tenant, it is possible for them to default on their obligations and thus for costs to be incurred in enforcement proceedings and, if necessary, the re-leasing of the tenancy. To mitigate some of these risks and/or reduce their severity, an investor should apply for Landlord Insurance.

VACANCY RISK

An investment property may incur vacancy from time to time. There is no guarantee that a tenant will be readily found at settlement or that a tenant will renew their tenancy.

TIMING RISK

 

If market conditions are depressed when an investor chooses (or is forced to) sell their investment property, the investor may realise a loss.

RE-SALE MARKET RISK

There is no guarantee of an established external secondary (or re-sale) market for the sale of the investment property. The investor may arrange for their own private sale by traditional means (via a local real estate agent). There is no assurance that an active market will develop or that the value of the investment property will not fall below the original purchase price.

TERM RISK

Investing in property is a long term investment and should be treated as such. While the proposed life of investment property is expected to be at least one cycle (seven to ten years), this ultimately depends on the ability to sell or refinance the investment property, in accordance with the investors planned strategies.

INTEREST RATE RISK

There is a risk that unfavourable movements in interest rates lead to increased interest expenses.

SETTLEMENT DEFAULT RISK

If an investor is unable to fulfil their obligations (as per the contract of sale signed) and settle the property after an unconditional exchange for whatever reason, the investor puts themselves at risk of incurring penalty interest, forgoing their 10% deposit and (in extreme cases) being sued by the vendor for loss and damages (as per the terms and conditions outlined in the contract of sale).

FEDERAL, STATE AND/OR LOCAL GOVERNMENT RISK

Changes in government policy, such as legislation, negative gearing, stamp duty, grants, and general taxes, with respect to property may result in the investor incurring unforeseen expenses, which in turn may affect rental returns and capital growth prospects.

MAJOR SOCIO-EVENT RISK

Terrorism, war, other hostilities, civil unrest and other major catastrophic events can adversely affect Australian and International markets and economies, which may have direct and/or indirect effects on the investment property, its ability to meet the Investor’s targeted returns and its ability to execute further growth strategies.

DEVELOPMENT RISK

 

Development and construction involve higher risks than traditional direct property investment. These activities involve the Developer or Vendor actively taking and managing a range of risks including rezoning, planning approval, construction, leasing and sales. Each activity can have significant positive or negative impacts on the Developers returns due to factors such as changes to forecast income, delivery and finance costs and programs to sell or lease investments.

 

Developments may also involve the following additional risks:

 

• Planning approvals may be delayed, denied or granted in a modified form, thereby causing delays or preventing the project form proceeding.

 

• Cost overruns on the budgeted construction works or other anticipated project expenses.

 

• Delays in completion of works due to unforeseen circumstances.

 

• Inability of contracted builders to complete the works due to dispute, industrial action or insolvency.

 

• Increased costs due to environmental issues such as land contamination.

INSURANCE RISK

Damage to the Investment Property as a result of fire, storm, malicious damage, earthquake etc. can be covered by insurance, where feasible. The full extent of the coverage available from insurance is subject to the specific terms and conditions of the insurance policy entered into by the body corporate manager on behalf of the investor. However, as the investor you should verify that this has occurred.

VALUATION RISK

This valuation is current as at date of the valuation only. The value assessed herein may change significantly unexpectedly over a relatively short period (including s
a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. Without limiting the generality of the above comment, we do not assume any responsibility or accept any liability where this valuation is relied upon after the expiration of three months from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation.

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