Gold Coast developer Adam Lacey has launched his first solo project, the $36 million Bodhi Apartments in Upper Mount Gravatt, as the suburb continues to undergo a significant rejuvenation.
The boutique apartment development is the first of three new projects to be rolled out over the next 12 months by the experienced developer, who has established his own property company, Lacey Group, after seven years as co-director of Onyx Property Group.
Bodhi will feature 78 one, two and three bedroom apartments across eight levels on a prime corner site, fronting Mascar and Everett Street, just five minutes walk to Westfield Garden City, one of Brisbane’s largest shopping centres.
Designed by RealSpace Creative, in association with award-winning architects, BDA, the majority of apartments feature sought-after north-east aspects, creating light filled spaces.
The design inspired the name, Bodhi, a Sanskrit word that traditionally translates into English as ‘enlightenment’.
Bodhi will also include a landscaped ground-floor barbeque and recreation space for residents, with construction expected to get underway mid-2017.
Mr Lacey said he was expecting interest from both owner-occupiers and investors.
“Bodhi will fill a void for spacious, liveable apartments in the region,” he said.
“The apartments will feature open-plan living and generous balconies with secure parking for residents and low body corporate.
“Bodhi is designed to suit those looking to downsize from large family homes in surrounding suburbs like Sunnybank, together with young professionals wanting a lifestyle location outside of the hustle and bustle of the CBD.
“The position in the core Upper Mount Gravatt redevelopment precinct is also likely to appeal to investors wanting to capitalise on the future growth earmarked for the suburb.”
Mr Lacey said Upper Mount Gravatt ticked all the boxes, with an established mix of amenities, conveniences and lifestyle assets, together with access to key infrastructure, and new development on the horizon.
“The recent $400 million revamp of Westfield Garden City has injected new cafes, restaurants and shopping into the centre of the suburb, which only adds to its appeal,” he said.
“The area is a public transport hub with direct access to the South-East Busway and heavy rail, as well as major roadways including Logan Road and the M1 motorway.
“The proximity of Griffith University’s Mount Gravatt and Nathan campus present excellent rental opportunities for investors, with 17,000 students enrolled across both sites.
“For families, there is a choice of six schools within a five kilometre radius of Bodhi and easy access to sporting fields, hospitals, parklands and the Toohey Forest.
“Upper Mount Gravatt is recognised as a major city centre outside the CBD and Bodhi presents an opportunity of uncapped potential for buyers looking to capitalise on the emerging property hot spot.”
While Bodhi is the first project under the Lacey Group banner, Mr Lacey has already delivered a pipeline of developments worth more than $70 million in gross realisation through his previous company, Onyx Property Group.
As co-founder of Onyx, Mr Lacey’s string of successful projects included the $32 million Lavender Hill at Griffin in Brisbane’s north, $16 million Allissee Villas at Hollywell and $7 million Currumbin Pocket at Currumbin Waters on the Gold Coast.
“The focus of Lacey Group is on developing quality, boutique projects in the south east Queensland corridor to meet the region’s rapid growth,” said Mr Lacey.
“Our vision is to create projects that improve communities and offer innovative housing solutions that appeal to a wide range of buyers.
“Our first project, Bodhi, will capture the style and elegance that will become synonymous with the Lacey Group brand.”