Platinum on Crown; 53 - 61 Crown Street, Wollongong

[JoannaK]

Hello everyone,

I realise that off the plan purchases are not for everyone, but I thought I would inform the forum members of our latest project.

We have finally released Platinum on Crown to the market, and wanted to extend an opportunity to all forum members to peruse this off the plan offering.

Platinum on Crown is the first true inner-city development in Wollongong.

Platinum on Crown is a mixed residential, commercial and retail development in the heart of Wollongong CBD. The site is located 200metres from the main shopping mall, 400metres from a main beach, and minutes walk from all the cultural and entertainment venues Wollongong has to offer.

Platinum on Crown consists of 4 x one bedroom apartments, 12 x two bedroom double storey terrace apartments, 6 x three bedroom adaptable living apartments, 7 x two bedroom apartments, 1 x two bedroom sub penthouse and 2 x 3 bedroom plus study double storey penthouses.

Each apartment has access to the outdoor leisure area with heated pool and bbq area, security car parking, and with the exception of the one bedroom apartments, have separate storage areas.

The building will be highly secured with restricted floor by floor access, and some 16 security camera's located throughout the building with back to base monitoring.

Platinum on Crown is unique in its design in that it has a pedestrian thoroughfare connecting Crown and Burelli Streets giving the building 2 main street frontages. A seven metre void running along the length of the thoroughfare will add a feeling of openness and space to what will be an already vibrant area whilst the overhead bridge and zinc features provides an interesting architectural element.

As part of this opportunity to forum members only, we have reduced the List Price by 2.25%, representing the savings we make in cutting out the real estate agent. Forum prices start at $386,000. I have had the apartments appraised, and rental returns are around 4%.

I did want to post a brochure up for you to download should anyone be interested however the file was a bit too big for me to do that.

If anyone is interested in receiving further information about this project, please PM me and include your email address. I will then email you a brochure, floor plans and price list.

If you would like to include your telephone number that would be great so I can give you a call and discuss the project in more detail, as there is a lot to this development that can not possibly be known through brochures alone.

This is a genuine offer available to forum members only, so please lets limit discussion to the development, and not digress into a debate of the pro's and con's of off the plan purchases.

Thankyou.

 

[Jamie]

Hi Joanna

What does a typical 2 bedder cost, and how much would the body corp contribution be?

Thanks,

Jamie.

 

[WillG]

Hi JoannaK,

Would you have indicative estimates for depreciation ?

Cheers

 

[JoannaK]

Hi Joanna

What does a typical 2 bedder cost, and how much would the body corp contribution be?

Thanks,

Jamie.

Hi Jamie,

A standard 2 bedroom apartment ranges from $469,000 (forum price) to $542,000 (forum price), and a double storey 2 bedroom terrace apartment ranges from $488,000 (forum price) to $655,000 (forum price, including a Platinum Package finish).

The Platinum Package finish includes top of the line Miele appliances, Miele integrated fridge and freezer, built in Miele coffee machine, Miele washer and dryer stacked, Villeroy and Boch toilet suites, silk feature walls, timber decking on Loggia, Dorf accessories, air conditioning, 40mm benchtops in kitchen and bathroom instead of the standard 20mm, Miele semi integrated dishwasher.

We expect body corporate fees to be around the $500pq for a standard apartment. Naturally, this is subject to a vote of the Owners Corporation at the innaugural AGM.

As there are retail and commercial spaces within the development we have drafted a Building Management statement to be lodged and registered witht he strata plan outlining how those spaces are to operate within the building, and specifying additional expenses they will need to contribute towards cleaning, water, electricity, security etc.

Some more information on Wollongong:

Demography*

Wollongong has a substantial population base. It is the ninth largest city in Australia and accounts for nearly half of the entire population of the Illawarra Region. Projections by the NSW Department of Urban Affairs and Planning indicate that the population of the Wollongong LGA will continue to grow at a steady rate through to the year 2021. Much of the population growth is expected to be centred around new residential developments.

Economic Activity*

Wollongong has an increasingly sophisticated and well-rounded economy. The local economy was built around a strong mining industry and the largest integrated steel works in the Southern Hemisphere at Port Kembla. Recent restructuring of the area’s industrial base has created an efficient, dynamic and innovative environment, positioning Wollongong as a globally competitive industrial centre. In recent times strong growth in tertiary industries such as education, tourism and other service sectors has added considerable depth to the local economy.Wollongong’s importance to the Illawarra’s economy is underlined by the fact that it is home to virtually half of all business locations in the region. According to Australian Bureau of Statistics figures there were 7,223 business locations operating in the Wollongong LGA in 2001. In line with the rest of NSW, the area has a strong focus on small to medium sized businesses, with the vast majority (97%) of business locations employing less than 50 people. The manufacturing industry accounts for a modest 6% of business locations in the Wollongong LGA. Retail trade is a significant contributor to the Wollongong economy. Estimated turnover from retail trade in the 1998-99 financial year was in excess of $1 billion. In all, the retail and wholesale sector accounted for 27% of all business locations in the area.


An Industrial & Commercial Centre*

Wollongong is without doubt the industrial and commercial heart of the Illawarra Region. Many of Australia’s largest industrial companies call Wollongong home. Just as importantly, they enjoy major success in an innovative and globally competitive environment. As a thriving regional centre, Wollongong offers all the services and facilities available in any major Australian city. Retail trade contributes significantly to the local economy and with 5 department stores, over 60 supermarkets and grocery stores and in excess of 1400 retail outlets, locals enjoy ‘big-city’ shopping facilities without the congestion and parking problems associated with shopping in a big city. Wollongong City Mall and surrounds provide a world-class shopping environment and there are conveniently located regional shopping centres at Warrawong, Figtree, Corrimal, Fairy Meadow, Woonona and Dapto. All the major retail chains in Australia have realised the value of setting up shop in the third largest city in NSW, with the likes of Grace Bros., David Jones, Harvey Norman and Westfield Shoppingtown.

A Great Place to Live*

Above all else, Wollongong is a great place to enjoy the good life. Warm summers and mild winters mean that the area’s wide range of outdoor recreational activities can be enjoyed all year round. The majority of the area’s residents live only minutes from the beach and Lake Illawarra, which cater for an endless array of water sports such as surfing, fishing, water skiing, sailing, swimming and diving. The magnificent Illawarra Escarpment offers opportunities for bushwalking, picnics and horse riding, and the numerous lookouts provide panoramic views of the coastline. Wollongong also has one of the best cycleway networks in the state, stretching from Bulli in the north, through Puckey’s Estate at North Wollongong and down to Windang on the City’s southern boarder.Wollongong offers a suburban lifestyle surrounded by nature. Whether you live in a suburb next to the beach or in a rainforest at the foot of the escarpment, nature plays a dominant role in everyday life. Homes are priced very attractively compared to most of Australia’s capital cities and there is a diverse range of housing available.

*source - Illawarra Regional Information Service


I hope this helps.

 

[JoannaK]

Hi JoannaK,

Would you have indicative estimates for depreciation ?

Cheers

Hi WillG,

I don't as yet, however we have undertaken to provide all purchasers with a depreciation schedule at no charge to them.

I hope this helps.

 

[Peter 14.7]

The Platinum Package finish includes top of the line Miele appliances, Miele integrated fridge and freezer, built in Miele coffee machine, Miele washer and dryer stacked, Villeroy and Boch toilet suites, silk feature walls, timber decking on Loggia, Dorf accessories, air conditioning, 40mm benchtops in kitchen and bathroom instead of the standard 20mm, Miele semi integrated dishwasher.

Such Luxury! Why we only have a piece of steel plate and some wood to burn

Seriously, sounds great, I have and excellant contact for whitegoods if you wish to get quotes although I hear from him Miele are reluctant to discount in the true sense.

Looking forward to hearing more at the SIG Tuesday.

Peter 147

 

[JoannaK]

Thank you for those of you who have expressed interest so far.

I just thought I'd let those of you who are foreigners know that we have today received FIRB approval to allow foreign purchasers to purchase in this development.

Again, thank you to those who have expressed interest.

 

[quiggles]

Jeepers, Joanna.

I've only got gold on my crowns, and that was expensive enough! And the only rental yield involved was that it paid a year's rent from my dentist to her landlord.

Best of luck with the development.

 

[JoannaK]

Hi Everyone,

I have finally posted up some pictures here:

http://www.somersoft.com/forums/gallery/showphoto.php?photo=1406


http://www.somersoft.com/forums/gallery/showphoto.php?photo=1407


http://www.somersoft.com/forums/gallery/showphoto.php?photo=1408

 

[kph]

I say.........very flash !!!

The pics look suspiciously like 'artists impressions"

OK seriously....do you need to achieve a percentage of presales before commencing, or is it going ahead regardless ??

Either way, it looks great !!

kp

 

[JoannaK]

I say.........very flash !!!

The pics look suspiciously like 'artists impressions"

OK seriously....do you need to achieve a percentage of presales before commencing, or is it going ahead regardless ??

Either way, it looks great !!

kp

Hi Kph,

they are artist impressions, i did say that in the description so as to not mislead anyone.

the bank does want presales, and we are going ahead regardless. We've already started demolition.

It does look great, we're very proud of it; thankyou.

have a good day.