Work begins on Rocky’s newest apartments, Loft on the Lane
Ground is set to break soon at Archer Street for Rockhampton’s latest CBD high-rise development.
Loft on the Lane, which was approved by council in 2016, will begin construction in June with completion planned for the second half of 2022.
The 10-storey, 31 unit residential development will offer two and three-bedroom apartments with an onsite coffee shop/salad bar on the ground floor.
The floor plan of each apartment has been designed to offer open plan living, modern kitchen and bathrooms and expansive balconies.
Rockhampton founded and based companies, Griffin Group and Griffin Builders, are behind the project and have built more than 170 units on the riverbank including Southbank on Victoria, Fitzroy Waterfront Apartments, The Rocks Apartments and The Edge Apartments, as well as Echelon Apartments in Yeppoon.
The development is on the former CWA site, on the corner of East Lane and Archer Street.
Griffin Group director Brian Griffin said he was proud to be bringing Loft to the market as their latest development and they were keen to push ahead.
The group has been waiting for the right time to start the development, after it got the council tick of approval in 2016.
“(The year) 2016 had good interest when we took it to the market but confidence was lacking with job security and things like that, fast forward four years and it is a completely different market now,” Mr Griffin said.
“The interest is there, the word of mouth gets around Rockhampton when you start to build something.”
It is estimated the development would support around 150 jobs during construction.
“That also spins off into retail with people decorating and furnishing their units so it’s not just construction that benefits from it, it’s also retail and other areas of the community,” he said.
Builders and tradesmen have been fully booked in the CQ region as there has been a high demand for trades, but Mr Griffin doesn’t expect this to impact the project.
“You always get challenges, doesn’t matter whether it is busy or quiet,” he said.
“We employ a lot of people in-house and do a lot of things ourselves so that gives us the benefit to control things.”
Buyers of the units are typically locals, as they have been in the other Griffin Group developments.
“Over the last 15 years we have been doing units along the riverfront here, 90 per cent would be locals in the 100km radius,” Mr Griffin said.
“It’s a lifestyle that people love and embrace.
“I have lived in a unit for the last five years, it’s a very enjoyable and relaxing lifestyle.”
Units are now on offer with prices starting from $265,000 through Ray White Rockhampton.
Principal David Bell said the apartments would suit young professionals, empty nesters, investors and first home buyers.
“There are 31 units on offer, we have tried to give a good spread of units with bedrooms and bathrooms so that way it will appeal to a broad demographic,” he said.
“(It’s a) combination of owner occupiers and investors wanting to get their hands on these units.”
The Loft on the Lane website launched this week and in the 48 hours it has been live, there have been 12 enquires and four units are already under contract.
Co-agent Jacinta Swart said the Rockhampton market was thriving, with the rental vacancy rate at 0.03 per cent.
“The sales market is the best it has been in years and we feel it is only just getting started and we think it is a perfect time to be building Loft,” she said.
“We are so excited this is going to be an amazing project, we are just so grateful to be a part of it, especially working alongside Griffin Builders, they have a fantastic name and proven track record for building great quality units in our local area.”
Just around the corner on Victoria Parade, the $10 million stage two of Gallery Apartments is beginning construction and is set to be completed mid 2022.
Gallery stage two is an eight-story building with 14 three-bedroom units and one four-bedroom, penthouse unit.
For more information, visit loftonthelane.com.au