Chef Matt Moran buys in owner occupier Abian, Brisbane apartment block

Celebrity chef Matt Moran has spent close to $1 million to buy an off the plan Brisbane apartment in Sunland’s Abian tower.

Matt Moran secured a two-bedroom, two-bathroom low rise apartment in the 40-level tower which overlooks the city’s botanic gardens.

Moran controls two restaurants in the city, hence his decision to buy into the curvilinear, pewter glass tower.

Moran told The Weekend Australian the fourth floor apartment could be an investment property in the future, but he is visiting Brisbane most weeks.

It’s close to the restaurants, Aria Brisbane and Riverbar and Kitchen on Brisbane’s Eagle Street Pier.

It was late 2009 when the 2067 square metre French Quarter development site was bought from Devine for $24.88 million, with an anticipated 2013-2014 construction completion date. It was in 2006 when the listed property group Devine Limited completed its aggregated site in the Brisbane CBD for $22.7 million.

Some 110 apartments of the 147 in delayed landmark Abian tower quickly only sold earlier this year at a $1.6 million average with its penthouses and a two-level 1200 square metre sky villa still available for purchase at $16 million.

Construction of Abian, which is adjacent to Quay West on Alice Street, is due to start mid-year, with a reported 2017 completion.

The Sunland apartments will feature hand-applied gold leaf on the ceilings of its public spaces, 24-hour concierge, plunge pools, treatment rooms as well as Turkish baths.

RP Data recently reported the values of Brisbane’s premium unit market had increased 4.5% over the 12 months to the end of February, the strongest growth of any unit market segment in Brisbane

“There’s huge pent-up demand, particularly for luxury apartments," RP Data's Cameron Kusher suggested.

"Brisbane is much like Sydney and Melbourne 10 years ago, where we started to see a lot of  higher-end apartments; that trend is catching on in Brisbane.”

Over the last decade, the Brisbane residential apartment market had been catering for the investor market, according to Sunland managing director Sahba Abedian whose tower was pitched as the owner occupier.

At least 110 apartment blocks are planned for Brisbane, according to research house Urbis.

RP Data's Cameron Kusher noted this week the rising prominence of unit approvals in Brisbane is a relatively new phenomenon with unit approvals over-taking those of houses in Brisbane from June 2013.

The Gold Coast-based Sahba Abedian is moving to Brisbane where he will also oversee plans for three or four buildings on the former ABC site at Toowong.

Investors have emerged with a great presence in recent figures compiled by AFG for Queensland over April.

The mortgage broker recorded that loans to investors accounted for almost two out five (38%) of home loan arranged over the month, up from 32% in February.

AFG MORTGAGES SOLD QLD

MONTH	TOTAL NUMBER	TOTAL AMOUNT	AVERAGE SIZE	FIRST TIME BUYERS	PROPERTY INVESTORS
Feb 13	1,697	605m	$356k	6.4%	34.2%
Mar 13	1,615	564m	$349k	5.1%	34.5%
Apr 13	1,721	587m	$341k	3.5%	36.2%
May 13	1,803	629m	$348k	5.9%	32.3%
June 13	1,545	531m	$344k	5.7%	35.0%
July 13	1,799	614m	$341k	5.8%	33.9%
Aug 13	1,755	618m	$352k	6.0%	35.8%
Sept 13	1,756	627m	$357k	6.5%	35.9%
Oct 13	1,972	701m	$355k	6.1%	36.9%
Nov 13	1,906	686m	$360k	6.2%	33.6%
Dec 13	1,555	556m	$358k	6.2%	34.9%
Jan 14	1,349	473m	$350k	6.5%	33.5%
Feb 14	1,710	611m	$357k	6.9%	32.3%
Mar 14	1,891	704m	$372k	5.1%	37.1%
Apr 14	1,733	631m	$364k	4.7%	38.2%

But NSW remained the most investor-dominated market with almost one in two home loans arranged by AFG brokers over April for investment purposes. 

Investors accounted for a third or more of home loans arranged in Victoria, South Australian and WA over April.

"Investor activity does seem to be gathering pace in Queensland,” said AFG general manager Mark Hewitt noted.