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Live Virtually Bill Free in Adelaide’s Latest Apartment Block

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Apartment living in Adelaide’s CBD has just become a lot more affordable, thanks to a new high-rise.

In a first for South Australia, property developer Flagship has launched its new $85 million development, Penny Place with the announcement it will cover all utility and Strata bills with the purchase of a one or two-bedroom apartment.

Eligible bills include all electricity, gas and water invoices incurred in the first two years of ownership, plus strata fees, which Flagship will cover in full on the owner’s behalf.

As an added bonus, anyone who purchases a Penny Place apartment as an owner-occupier before June 30 will also be eligible for an Adelaide City Council “no-rates-payable” offer for five years.

The unique deal will apply to all of the 152 apartments that make up the 24-storey development, which is set to commence construction at 17 Penny Place, Adelaide, later this year. It is due for competition in 2021.

Flagship Property Holdings’ CEO, Mark Jarman, said the initial response to the development had been overwhelming.

“Since Thursday (last week), the response has been extremely positive. Our agents are currently working through responding to the high level of inquiries we have received to-date,” he said.

“Sales are strong with a high level of inquiry from the owner-occupier market.

“We’re extremely confident about the future of the city’s apartment market and have been buoyed by the success of Kodo, which is almost sold out and nearly completed.

“That’s why Flagship was so eager to make another significant investment in Adelaide, which we think has so much to offer to people who want a real inner-city living experience.”

Penny Place will comprise a 24-storey, 72m high apartment building, incorporating one-and-two-bedroom apartments.

Each home will come with carparking and bike storage, and there will also be a ground floor lobby, a resident lounge and kitchen, and space for a retail outlet, as well as a public square.

One and two-bedroom apartments are priced from $451,500 to $680,000.

“Every apartment in Penny Place offers a full width balcony to the living space and bedroom, panoramic views and a separate laundry. This allows the balcony to become an extension of the living space, increasing your entertaining area,” Mr Jarman said.

“Buyers can choose between a warm and cool colour palette, with porcelain tiled floors to the living area, which extend onto the balcony, providing a seamless indoor and outdoor living experience, and loop pile carpets to the bedroom. You can also upgrade to timber flooring which is a warm colour palette.”

Real Estate Institute of South Australia President, Brett Roenfeldt said the deal was a “unique way” for the developer to stand out from the crowd.

“It’s another way of incentivising the deal and to get some traction from buyers. It’s certainly a very attractive,” he said.

“That said, it’s probably also an indication of how the market is going, because normally you wouldn’t offer that kind of incentive if there was strong demand in the market place.”

Penny Place’s display apartment can be viewed at 33 Angas St, between 11am and 3pm, Tuesday to Saturday, or by appointment.

Live virtually bill free in Adelaide’s latest apartment block by Lydia Kellner, originally appeared on http://www.news.com.au on 13 May 2019.  

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