New development to address housing affordability on Sunshine Coast

Council endorsement of a new development application of 16 one-bedroom NRAS (National Rental Affordability Scheme) approved quality apartments in Nambour has positioned Luckreadie Property Investment as one of the leading developers of affordable housing on the Sunshine Coast.

Luckreadie’s current project, ascend - boutique apartment living, is due to commence construction in December 2011 and will provide a range of quality apartments purpose-designed to accommodate medical staff and located directly opposite the Nambour General Hospital.

With the project in its final stages of council approval, director of Luckreadie Property Investment, Tamara Read, welcomed council’s initial endorsement which will be the first NRAS development approved through council prior to construction.

“This represents a significant endorsement of Luckreadie’s approach to addressing the shortage of affordable rental properties available to low and moderate income earners and individuals living on the Sunshine Coast,” Ms Read said.

“We’ve already received interest from potential investors who realise the strategic location is central to the medical hub in Nambour, making ascend a very attractive NRAS property investment opportunity.”

Ms Read said ascend was based on a sustainable residential investment model, offering investors superior returns enhanced by NRAS in a low risk sector.

“With prices starting at $245,000, investors can expect to receive an 8+% gross yield with the benefit of the tax free incentive of over $95,240 per apartment over 10 years.”

Luckreadie Property Investment is a Sunshine Coast-based private business formed specifically to address the high demand for affordable housing. The key to Luckreadie’s approach is the ability to design high quality boutique apartments in locations that have a real need for affordable accommodation, such as medical and education precincts.

Division one councillor and Sunshine Coast Housing Affordability Taskforce chair, Cr Anna Grosskreutz, said she welcomed the vision of any property developer capitalising on NRAS which would assist with the serious supply shortage of affordable housing on the Sunshine Coast.

“With a recent report* revealing the Sunshine Coast is currently ranked as the eighth most severely unaffordable housing market out of 325 markets across the globe, we need to be encouraging more developments which will ease the financial burden for many Sunshine coast renters,” Cr Grosskreutz said.

“Council has been working hard with key stakeholders and developers alike in order to deliver on our Affordable Living Strategy direction which endorses projects that provide diverse housing choices based on good design principles, enabling all household types and income levels to access housing that meets their needs.”

Nicklin MP Peter Wellington said he was pleased to see ascend being developed in Nambour as, aside from providing financial benefits for local renters, the development would also play a key role in relieving parking strain around the hospital.

“Hospital workers who rent apartments at ascend will be able to simply walk across the road to work, freeing up more parking for hospital visitors,” Mr Wellington said.

For more information about ascend, go to www.ascendapartments.com.au or contact Luckreadie Property Investment director, Tamara Read, on mob: 0411 316 266.

*source: 7th Annual Demographia International Housing Affordability Survey

Author: Luke Forman