Larry Schlesinger | 2 December 2012

Frasers’ QIII apartment tower rising above WACA scores double century of sales, with foreign buyers prominent

Frasers’ QIII apartment tower rising above WACA scores double century of sales, with foreign buyers prominent

Fraser Property Australia’s flagship apartment block, QIII currently rising up above the WACA cricket ground in East Perth, is 76% sold out, with foreign buyers snapping up a third of the apartments off the plan.

QIII forms part of Perth’s newest urban quarter at Queens Riverside on Adelaide Terrace and can clearly be seen rising up above the stands at the WACA during the television broadcast of the third test match between Australia and South Africa.

It will top out at 26 storeys when completed.

Frasers has sold 204 of the 267 Qlll apartments, with 56 foreign investors representing 29% of total sales.

The most recent buyers were Sally and Paul Bradley from Kalamunda, 25 kilometres east of Perth, who bought a dual-key apartment as an investment property.

There are 58 dual-key apartments in QIII, which are two one-bedroom apartments sharing a common foyer, on a single title, allowing the owner to occupy one dwelling while earning income from the other, or to let out both dwellings, achieving rental income greater than an equivalent single-occupancy apartment.

Fraser’s Queens Riverside development will accommodate 408 luxury apartments over three buildings and a 236 room all-suites hotel operated under the Frasers Hospitality brand when completed.

Prices at QIII start from $370,000 for a studio apartment, with dual-key apartments priced from $585,000 and two-bedroom units priced from $545,000.

QIII has been designed Perth architect Bruce Robinson, who was also responsible for the design of the historic, heritage-listed Raffles hotel redevelopment in Applecross.

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