{"id":13101,"date":"2018-06-06T03:48:00","date_gmt":"2018-06-05T17:48:00","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/?p=13101"},"modified":"2018-06-12T10:34:30","modified_gmt":"2018-06-12T00:34:30","slug":"the-ritz-a-step-closer","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/the-ritz-a-step-closer\/","title":{"rendered":"The Ritz a step closer"},"content":{"rendered":"

THE redevelopment of the iconic Ritz site moves a step closer with Powercor already onsite conducting upgrades in preparation for Geelong\u2019s latest and most exciting apartment hotel project.<\/strong><\/p>\n

With more than over 80 per cent of the building already sold to previous buyers from Vue and Devlin Apartments, investors looking to be part of the Ritz project attended a recent briefing facilitated by Whitford.<\/p>\n

Andre Veronie from Whitford said that this was a great opportunity to hear from Philip Petch, director of developer Integrated Development Solutions, and previous investors.<\/p>\n

\u201cPhilip spoke about the financial performance of the Vue Apartments over the last four years and the assumptions behind the Ritz financial projections.<\/p>\n

\u201cDiscussions were also held on the structuring that other Ritz buyers are using to maximise their returns.<\/p>\n

\u201cInvestors were blown away by the returns on previous developments and how the Ritz is able to improve on this due mostly to forecasted short term accommodation requirements in Geelong over the next few years.<\/p>\n

\u201cThe Ritz delivers on most investment objectives with net yields of between 6.0% up to 8.0% depending on which apartment you choose.<\/p>\n

\u201cSince launching we\u2019ve had strong local interest in these apartment hotel investments and the strength in the investment market in Geelong is clearly evidenced by the number of email enquiries and foot traffic through our display on weekends.<\/p>\n

\u201cAs with the Vue and Devlin Apartments from the same developer, the Ritz apartments will be run under management, to be rented on a short-term basis.\u201d<\/p>\n

Late last year, IDS received planning approval for the project to transform the dilapidated site into 110 short-term accommodation apartments.<\/p>\n

Ritz Hotel Apartments will be the city\u2019s first upmarket 4 \u00bd star accredited accommodation establishment.<\/p>\n

The Ritz project offers investors a diversity of investment options starting from a one-bedroom at $425,000 plus furniture package $23,000 or a two-bedroom located just above the old pub fa\u00e7ade for $820,000 plus furniture package of $32,000 with dual keys on level 7 starting at $755,000 plus furniture package of $37,000.<\/p>\n

The Ritz redevelopment is expected to deliver 95 direct jobs during construction, and a further 25 direct jobs on the start of the accommodation business. Construction is expected to start shortly.<\/p>\n

For more information, phone Whitford\u2019s Andre Veronie on 0403 388 825.<\/p>\n","protected":false},"excerpt":{"rendered":"

THE redevelopment of the iconic Ritz site moves a step closer with Powercor already onsite conducting upgrades in preparation for Geelong\u2019s latest and most exciting apartment hotel project. With more than over 80 per cent of the building already sold to previous buyers from Vue and Devlin Apartments, investors looking to be part of the […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":29,"featured_media":13047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-13101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nThe Ritz a step closer - Surf Coast Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/the-ritz-a-step-closer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Ritz a step closer - Surf Coast Times\" \/>\n<meta property=\"og:description\" content=\"THE redevelopment of the iconic Ritz site moves a step closer with Powercor already onsite conducting upgrades in preparation for Geelong\u2019s latest and most exciting apartment hotel project. 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