Investors snapping up Rockhampton's luxury riverfront units
SINCE teasing luxury plans for Rockhampton's newest riverfront apartments two years ago, soil has finally been turned at the work site of the boutique development.
The $8 million Skyview Apartments construction kicked off in December with key developer, Stephen Schravemade, saying it was expected to be finished by October.
Managing director of Statewide Property Group, the local brainchild behind the unique complex, said footings were completed and the mighty eight-story structure was rising into the sky-line.
Despite initial work expected to begin in early 2017, Mr Schravemade said the delay was nothing out of the ordinary for the Victoria Parade complex.
"These kind of projects take time and planning was a lot longer than expected," he said.
"All the hard work getting things perfect will be worth it for our buyers."
The unique 12-apartment layout enabled every dwelling absolute riverfront views, which Mr Schravemade said was unheard of in the region lately.
"We spent a lot of time getting the design right so each apartment will have big living areas, great finishes and looks over nothing but the river," he said.
Eight apartments had already sold before local builders, Mikasa Developments Pty Ltd, started construction, which Mr Schravemade said was a positive sign for the region's unit market.
"For this type of development it's pretty incredible to have sold that many so far," he said.
"It's very rare to be able to buy into such a small complex with the drawcard of having less neighbours like a high-rise.
"Those kind of results tell us that demand is here."
Mr Schravemade said professionals were mainly snapping up the two-bedroom units with investors also coming into the mix.
Despite a 40 per cent drop in unit dwelling approvals in the region, Mr Schravemade was comfortable the buyer demand was still rising.
"It's very difficult to get unit projects out of the ground and the limited land on the river makes things harder," he said.
"Rocky is still predominately a 'big yards' market, but we think the small amount of units here still provide a demand for a certain market."
Mr Schravemade said the region's economy was a strong place to invest and was set to grow more.
Projects including the riverfront redevelopment, infrastructure and mining plans were all huge projects he thought was a draw card to the region.
"The economy in Rocky is very resilient," he said.
"Mining is a really good story for Rocky and I believe in what Rockhampton Regional Council have done for the FIFO hub.
"There are so many different levels of business here that give the region a lot of confidence."