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Apartments in Mackay - the next big thing

Wednesday, December 05, 2012

IT'S going to be apartment bonanza in Mackay as several new projects ramp up or are set to get under way.

Honeycombes Property Group has launched its $25 million apartment project in East Mackay after winning their development approval.

Branded Carlyle Apartments, the development is Honeycombes' first project to start in the Mackay region with construction set to begin at the end of November.

Meanwhile there has been a surge in activity at the riverside Lanai Apartments residential resort with six Lanai apartments sold in the September quarter, including two-bedroom and plus-study and three-bedroom designs.

Blacks Real Estate marketing agent Peter Francis said buyers had sensed Mackay's market was on the move and were securing competitively priced receiver stock at a prime point in the property cycle.

"With professional on-site management, Lanai has achieved yields of up to 8.84% net in the last 12 months," Mr Francis said.

"Given the fundaments of Mackay's market, the receivers have always had confidence in Lanai's value, and this surge in activity bears out that view."

Honeycombes director Richard Wallace has shrugged off the doom and gloom shrouding the mining industry and said Mackay was still an investor's hot spot.

He said there the strong demand for short -term accommodation would continue given Mackay was the gateway to the Bowen Basin.

"Mackay is crying out for quality short-term accommodation due to the large number of people who visit the area as a result of the growth and expansion of the mining industry in recent years," Mr Wallace said.

"Carlyle also caters to owner occupiers who are looking for a work and lifestyle balance, which people seem to think they need to sacrifice when basing themselves in a mining town.

"The apartments provide a solid investment opportunity given the resource-fuelled economy which continues to drive the area and attract people to Mackay."

Mr Wallace said there were several benefits to investing in apartment type complexes, as opposed to stand-alone houses.

One of the benefits was the body corporate structure, which gave investors piece of mind, he said.

Lanai Apartments general manager Emma Purtill agreed with this.

"There is someone here all of the time making sure everything runs smoothly."

Ms Purtill said during the week the majority of their clients were business travellers, but she had seen a rise in family tourists in the past few months.

Project snapshot

Carlyle Apartments

  •  Ranging in size from 61sq m to 103sq m,
  •  Modern open-plan apartments
  •  Priced from $330,000 to $505,000.

Lanai Apartments

  •  Range of apartments from two - three bedroom designs - all rooms have private balconies
  •  Prices have ranged from $477,500 to $515,500
  •  Permanent residential, long-term, corporate and holiday rental options
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