Alex Perry Residential redesigns Fortitude Valley, Brisbane, development as three-bedroom units seem to go out of fashion

The developers of the delayed 11-storey Alex Perry Residential apartment block in Brisbane’s Fortitude Valley have removed all three-bedroom apartments from the design and are awaiting council approval on a modified development application.

A spokesperson for developer Chrome Property told Property Observer there were few enquiries for the three-bedroom apartments since the project launched in May last year, complete with paparazzi and supermodels.

All apartments have been designed by Alex Perry in conjunction with Cottee Parker Architects.

A soft launch of the re-jigged project was held in June.

Three-bedroom apartments were priced at just under $1 million.

The three-bedders have been replaced with one-bedroom apartments as part of a “redefined product”, and 77 of the 143 apartments will be sold to investors as serviced apartments with a hotel operator lined up to manage them.

Investors are being offered 6% guaranteed rental returns for up five years net of management fees, with settlement anticipated for early 2014.

Construction is expected to start at the end of the year, with completion in early 2014.

One-bedroom apartments will start from $381,000 and two-bedroom units from $550,000.

Chrome has been reluctant to reveal sales numbers since the project was launched.

The May quarter sales update in the latest Midwood Report does not include Alex Perry Residential among its mix of apartment projects.

The latest Colliers report shows no sales in Alex Perry Residential since launch with the note that no sales figures were disclosed for the first quarter of 2012.

RP Data records show that Chrome acquired the site at 959 Ann Street for $6.27 million in March 2010.