Take In The Tamar

Sydney Morning Herald

Saturday June 7, 2008

Kate Farrelly

Two Launceston developments are setting the trend.

The city of Launceston is Tasmania's current hot spot when it comes to new apartment developments. Construction is under way on the Gasworks Apartments while work on the Charles, on the site of the former Launceston General Hospital, is expected to start in October.

Australian Property Monitors data shows Launceston's median unit price rose 19 per cent in the 12 months to March this year to $219,000, while rental yields on a two-bedroom unit average 4.3 per cent.

The Gasworks Apartments have been designed to retain the form of the old gasworks site in Cimitiere Street, with the gasometer frame incorporated into the new building's design.

The 15 three-bedroom apartments and 18 two-bedroom units in the six-level building feature dramatic curved glass walls and views over the Tamar River or City Park.

Towns Shearing agent Peter Harper has already secured 12 sales locally, with some interest from interstate investors, particularly from baby boomers and retirees.

"It's an unusual development in that everything is basically brand new, it's not an old building conversion," Harper says. "The developer, ISPT, wanted to bring a new level of apartment living to Launceston."

Prices range from $390,000 for a 110 sq m, two-bedroom apartment with a single car space to $1.15 million for the 220 sq m three-bedroom penthouse with two car spaces. It is expected to be completed late next year. For details, phone Towns Shearing, (03) 6334 3484.

Meanwhile, planning continues on the Charles, a $30 million project to transform the old Launceston General Hospital site into a hotel and 14 luxury apartments.

Bushby First National director Eric Andersen says while completion isn't expected until late 2011, five apartments have already been sold, including the penthouse for more than $3 million.

The divisional president of the Real Estate Institute, Rob Harrison, says agents have noticed a trend towards inner-city living in northern Tasmania and the development aims to take advantage of that.

"The trend in the last 2 1/2 years has been where people are moving towards more inner-city living for lifestyle reasons," he says.

Andersen puts the Charles development's early popularity down to the quality of the proposed apartments.

"Some of the developers who have already put up apartments are doing the more standard two-bedroom, two-bathroom apartments," he says. "People who are downgrading from a $1 million house or upgrading for lifestyle and low maintenance are attracted to this development because it's totally different."

Of the remaining nine units, prices range from $654,000 for a two-bedroom, 167 sq m apartment to $2,054,000 for a three-bedroom, 371 sq m apartment.

Andersen says he regularly fields interest from Sydney investors and expects good capital growth on the apartments before completion.

For details, phone Bushby First National, (03) 6333 3600.

© 2008 Sydney Morning Herald

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