The Shakespeare Group has moved a step closer to completing its $350 million development on Melbourne’s St. Kilda Road.
The main contractor, Icon, is due to complete work on the three-tower St. Boulevard residential development, after topping out the project in early October.
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Construction across two buildings, the 122-apartment Magnolia, and 91-apartment Ginko, will draw to a close early 202, followed by a third tower—the 207-apartment Anaca in mid-2020.
The Elenberg Fraser-designed development, which is adding 420 new apartments to the precinct sandwiched between Albert Park and South Yarra, will feature over 7,300 square meters of resident amenities and landscaping.
The family-owned developer, which currently has over AU$1 billion (US$685 million) of property assets under management, repositioned the development from a commercial scheme early on instead of targeting owner-occupiers.
“There was a clear trend towards ‘final-phase purchasing’ as purchasers return to the market confident in projects which are nearing completion.”
Now 90 percent sold, sales agent Colliers International highlighted that there was a clear trend towards “final phase purchasing” as purchasers return to the market confident in projects which are nearing completion.
“The prime location, great design, stunning amenities and the anticipated completion of construction in early 2020 have been the main drivers of successful sales,” Colliers director Brett Griffith said.
Shakespeare Group director Catherine Law said the development had attracted high owner-occupier interest—in particular, professional home-buyers looking for high-end opportunities on the city’s fringe.
“We understand that there is an increasing demand for luxury apartments designed for residents to call home. It is an excellent proposition for young professionals, families and down-sizers.”
The near sold-out project has defied the Melbourne high-rise apartment price slump, which has been driven and exacerbated by construction defects and cladding issues.
The completion of St Boulevard follows Mirvac‘s AU$450 million (US$308 million) East Melbourne luxury apartment building The Eastbourne, which saw almost 140 different floor plates incorporated through the project, customizing the “experience” for individual owners.
Several developers are now looking to follow suit and tap into the appetite of Melbourne buyers seeking near complete or completed penthouses and sub-penthouses.
Malaysian property developer SP Setia has appointed Probuild to construct its landmark UNO project, a 65-level residential tower in Melbourne’s CBD, looking to buck the slow-down in apartment-building. The 210-meter-high development at 111 A’Beckett Street will have an end value of AU$500 million (US$342 million) and is currently 88 percent sold.
For more on this story go to The Urban Developer.