The Fernery, Brisbane apartments in Ferny Grove, hit 70% sold
The $140 project, Ferny Grove Central, in Brisbane’s north-west has seen 70% of its apartments sold two months after its construction began.
The Fernery comprises of 82 apartments featuring 1, 2 and 3 bedroom apartments in the low rise project.
Some 85% of the buyers come from surrounding suburbs through Colliers since the April launch.
Some 70% of the sales have been to owner-occupiers. For investors, based on an appraisal by local agents, the yield is likely to be circa 5%.
Apartments prices at The Fernery start from $349,000.
There will be a resort-style rooftop recreational deck with 15-metre pool set among landscaped sub-tropical surrounds.
The Fernery is a joint venture project by Honeycombes Property Group and MaxCap Group.
The Fernery is the residential centrepiece of Ferny Grove Central, the $140 million landmark urban renewal project, which has been almost eight years in the making.
It will transform the northern Brisbane suburb with a new Transit Oriented Development (TOD) which combines apartment living, a major retail centre and an entertainment precinct .
Its construction contract is with builder Broad Construction, a subsidiary of CPB Contractors, part of the ASX-listed CIMIC Group.
Peter Honeycombe is managing director of Honeycombes Property Group, which has over 25 years had more than $1.5 billion in projects that are either completed or under construction.
More than 800 full time jobs are being supported by the development, including about 285 jobs directly tied to the construction project.
Construction of Ferny Grove Central is expected to take 28 months with completion set for late-2023.
The most high-profile example of Honeycombes' urban redevelopment projects is the award-winning Coorparoo Square, a $252 million urban renewal development completed in 2018.
With property projects at the fore, MaxCap Group has invested more than $11.5bn across more than 450 projects since its inception in 2007.
