MEDIA RELEASE

Lancini Group secures $15.5m of apartment sales

AWARD-winning Townsville developer The Lancini Group has secured more than $15.5 million of apartment sales at its recently-completed residential development, Number 98.

A total of 18 apartments in the boutique 25-unit development, including two top-level penthouses, have sold for $15,849,000. Seven luxury three-bedroom, two bathroom apartments remain from $750,000 to $870,000.

Units in the complex boast views either to Magnetic Island, Strand Park or Castle Hill.

Number 98 was built on a 3036 sq m site at 96-98 Mitchell Street, overlooking Strand Park, and was completed last November after a 16 month construction program.

According to sales agents Knight Frank, buyers are split almost equally between local owneroccupiers and lock-up-and-leave investors from regional North Queensland, Mount Isa, Canberra and New Zealand.

Empty-nesters Martin and Sue Brooke moved from their Annandale home to Number 98 in December last year after buying a three bedroom apartment off-the-plan in 2006.

Martin, a semi-retired construction consultant, and Sue, a retired public servant, said they entertain a steady stream of visitors over a barbeque on their ocean-view balcony.

"While we are in good health we thought we should enjoy the lifestyle close to the beach and eateries," Mr Brooke said.

"We have no children living at home, but we have plenty of visitors.

"The big plus of Number 98 is that it's a smaller scale boutique development with only 25 units, large balconies and direct lift access from the basement.

"And there are a limited number of residences that can be built overlooking Strand Park." Canberra residents Garry and Ann Ryle said they intend to holiday in their new apartment several times a year to escape the cold weather of the nation's capital.

Growing up in Townsville, Garry said the amenity of The Strand and the north's balmy weather was a huge drawcard.

"We come to Townsville regularly. We were here for a month just recently, and we intend on coming up over long weekends or whenever we have a few days off," Mr Ryle said.

"After driving from Canberra to the Sydney Airport, we can be in Townsville within two and a half hours.

"I'm not retired yet, but hopefully in the next few years we'll be up here on a more permanent basis.

"I've also lived in Cairns, but I don't think you can find a better spot than Townsville." Owners enjoy exclusive use of Number 98's lap pool, gymnasium, entertaining area with barbeque's, secure lobby and gated underground car parking.

Lancini Group development manager, Chris Sherwood said Number 98 had become the company's signature residential development in Townsville.

"With such a prominent site, we focused on delivering an aesthetically striking building for The Strand and a very exclusive lifestyle for residents," Mr Sherwood said.

"Our research indicated that there was a gap in the market for a high-quality apartment project where residents didn't have to sacrifice on the benefits or features of a home.

"We tried to make the decision to move from a house to an apartment more attractive for buyers by providing excellent common facilities and two car parks for each apartment.

"The security and privacy of apartments have become a key attraction for all of our buyers, particularly the out-of-town investors."

Knight Frank sales manager, Janet Healy said the Number 98 apartments were competitively priced in Townsville's property market at $4900 a sq m.

"This development has attracted very similar types of buyers because it sits uniquely in Townsville's marketplace, both as an investment and residency," Ms Healy said.

"The buyers understand that capital growth opportunities are much higher in beachfront properties where supply is capped over the long term.

"This development has shown there is very strong demand for high-end apartments which provide the luxury features of a home."

A fully-furnished display apartment is open every Saturday, Sunday and Wednesday afternoon.

For further information contact Shane Russell
on 0408 010 932 or shane@barepublicity.com.au