20 Jun 2018

How Brisbane man got rich off apartments

WHAT oversupply? Queensland richlister David Pradella can give a masterclass in flipping units, selling off his final apartment in The Parklands Brisbane that made he and brother Kim rich.

The brothers have been involved in a multitude of developments after taking on the Pradella business from their father Cesare, who kicked off the family wealth when he began prefabricating houses 59 years ago.

The Parklands at Roma Street in the Brisbane CBD was a five building development created in 2003 that was ahead of the times, with amenities such as a 25 metre indoor heated lap pool, two outdoor pools, spas, sauna rooms, change rooms, fully equipped gyms and BBQ facilities, meeting rooms, and large entertainment spaces.

The development won a multitude of accolades for the brothers including awards for urban renewal and multi level development, project over $100m and marketing excellence.

David Pradella personally owned four luxury apartments across the development, with the three bedder at 6007/6 Parkland Boulevard the last one he’d held onto for about a decade.

The 278sq m apartment was transferred to him in 2009 with a value of $1.304m.

He had marketed his last remaining apartment at $1.38m and it sold for an undisclosed sum after 71 days on the market according to CoreLogic records. That’s in line with the CBD’s median days on market of 76.

He’d also owned a 126 sqm two bedder that last sold for $700,000 in 2015, another 225 sqm one that sold for $1.6m in 2009 and a 219 sqm three bedder that also last transacted for $1.8m.

The Brisbane CBD has seen a surge in new developments in recent years, which has seen the median price rise just 1.2 per cent in the past decade.

PRADELLA RESIDENTIAL PROJECTS COMPLETED:

2015

Liberte — Kangaroo Point 2015

Gardens — West End

2014

Skyview — Kelvin Grove

Canvas — South Brisbane

2013

Urban Edge — Kelvin Grove

2010

Flow — West End

2009

Tempo — West End

Parkland — Brisbane CBD

2006

Allegro — South Brisbane

2005

Viva — Fortitude Valley

2004

Leftbank — West End

2003

Encore — Toowong

Riva — Indooroopilly

The Shoals — Mackay

2001

Verandahs — Indooroopilly

2000

West End Central — West End

1999

La Foresta — Bardon

1994

Paradise Island — Gold Coast

1988

Hillcrest — South Brisbane

1986

Centrepoint — Spring Hill

1981

The Summit — Spring Hill

1969

Ridge — Spring Hill

 

SOURCE ; https://www.news.com.au/finance/real-estate/brisbane-qld/how-to-flip-units-like-a-richlister/news-story/dc2b8b76ca2f04a1efa413ab8c53bd4c

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