Victoria Square Penthouse Tops Footscray Home Price Record

PUBLICATION: realestate.com.au
DATE:

Move over Franco Cozzo, there’s a new big deal in Footscray.

A $2.65 million penthouse sale at the Victoria Square development has smashed the suburb’s home price record — and it won’t even be built until later this year.

It’s a more than $500,000 lift on the suburb’s previous high water mark: a six-bedroom house that sold for $2.11 million in 2015.

It comes as Knight Frank this week released a report indicating “rightsizers” — downsizers seeking house-sized luxury apartments — would be among the major real estate trends observed in the coming years.

 

The buyer, from Melbourne’s northern suburbs, is a businessman attached to the construction industry and asked to combine two quarter-floor apartments to create the multimillion-dollar behemoth.

 

He made the move well before the developer, Growland, had been planning to sell the penthouse apartments — with no details or images of the planned homes yet available.

Victoria Square Construction Update Q4 2019

PUBLICATION: Growland
DATE:

Growland is pleased to be able to give our buyers peace of mind that your homes will be delivered on time and to the highest degree of quality. Following is an update on recent construction progress at VIC SQ.

Since our last update, there has been a great deal of construction progress recently. With two tower cranes installed, retention works and foundation piles for both towers are completed.  The Podium Structure is complete up to level 4 and internal works within the basement are underway. Focus now shifts to the Apartment Tower Structure with VSO1 Level 5 slab poured and Level 6 slab expected to be poured before Christmas 2019.

We are on track for completion of first two towers in Q4 2020, welcoming approximately 450 families to the community next Christmas.

We will continue to bring you further updates on the progress of construction at VIC SQ. If you would like to remain up-to-date with the latest Victoria Square news, including construction updates, be sure to follow us on Facebook! You can find us here. For further information, please contact Growland Team at info@vic-sq.com.au

Victoria Square Construction Update Q3 2019

PUBLICATION: Growland
DATE:

We are excited to advise that construction on site at Victoria Square is progressing well. If you have been passed the site recently, you will know that there has been some great progress since the last update.

Both tower cranes have been installed and the bulk excavation ground works are complete. Column foundations for VS01 & VS02 have been poured, below slab plumbing, and car stacker pits are completed. The lift shaft core is now if full production cycle and is racing up ahead of the floor slabs. The first two basement suspended slab have been poured for VS 01 & VS 02 and the structure is beginning its rise above the street level. It is anticipated that the first two towers completion will be Q1 2021.

LU Simon commences construction on Growlands Victoria Square

PUBLICATION: Urban.com.au
DATE:

Developer Growland has appointed LU Simon to build stage one of its mixed-use residential project Victoria Square, with construction now underway on the first two towers, reinforcing the continued demand for Footscray.

The $600 million project comprises six residential towers of 937 apartments, in addition to over 5,500 sqm of commercial, retail and hospitality space on Hopkins Street. The first phase of Victoria Square is expected to be completed by late 2020 and has achieved sales of 90%. Stage three, titled VS03, has just launched to market and will include a boutique collection of just 86 apartments.

Growland says it’s not surprising Footscray has become a hotspot, particularly for young buyers, with research from District Data indicating that the area is in the early ‘hotspot’ phase, providing buyers an opportunity to take advantage of excellent value for money.

According to Growland, the company is proud to be partnering with LU Simon, a builder that it says shares its vision for the project and commitment to the well-being of the residents.LU Simon has had a presence in the Melbourne for over 60 years, across a broad portfolio of projects including eight residential projects across Australia currently at construction.

Victoria Square is just one of a growing number of residential sites commencing in Footscray, with the suburb now one of Melbourne’s most sought-after inner-suburbs for young homebuyers. District Data indicates the proportion of residents aged 20-39 has increased by a substantial seven per cent between 2006 and 2016. These buyers are driving demand for housing and a subsequent shift in the local built environment, with approximately 282 dwellings currently under construction in the area.

The appeal of Footscray as a suburb to buy apartments in is also reflected in it being amongst the 5 most viewed suburbs on Urban.com.au during October, in fourth place.

Growland’s first two Victoria Square Footscray towers nearly sold out

PUBLICATION: Property Observer
DATE:

Melbourne-based developer Growland has seen its first two-tower stage of Victoria Square, its mixed-use residential project in Footscray, nearly sell out, around two years before its completion.

90 percent of the apartments have been sold.

Growland recently awarded a $130 million contract to Australian builder LU Simon for the construction of the towers, which has officially commenced.

The $600 million Victoria Square project comprises six residential towers totalling 937 apartments and over 5,500 sqm of commercial, retail and hospitality space on Hopkins Street.

Stage three, titled VS03, has just launched to market and will include a boutique collection of just 86 apartments.

Footscray has quickly become one of Melbourne’s most sought-after inner-suburbs for young homebuyers, with District Data indicating the proportion of residents aged 20-39 has increased by seven percent between 2006 and 2016.

These buyers are driving demand for housing and a subsequent shift in the local built environment, with around 282 dwellings currently under construction in the area.

Growland Chairman Bruce Chan says it’s not surprising Footscray is such a hotspot for young buyers.

Footscray is an ideal location for young families, working professionals and first and second home buyers,” said Chan.

“In addition to being just 4km from Melbourne’s CBD, it is a thriving education and employment hub in its own right, which is driving the shift in demographics to younger buyers that want to be close to the action.

“The multicultural community offers an impressive variety of hospitality options and a friendly and vibrant atmosphere.

“It’s incredibly rewarding to be able to play a role in the area’s rejuvenation and to create a communal space where locals can enjoy top-quality restaurants and retail outlets

LU Simon wins $130m contract

PUBLICATION: Australian Property Journal
DATE:

DEVELOPER Growland has awarded a $130 million contract to builder LU Simon to deliver the first stage of its $600 million mixed-use residential project Victoria Square.

Construction has officially commenced on the first two towers. Growland chairman Bruce Chan the start of work highlights the evolution of Footscray, which is quickly becoming one of Melbourne’s most sought-after inner-suburbs for young homebuyers, with District Data indicating the proportion of residents aged 20-39 has increased by a substantial seven per cent between 2006 and 2016.

“Footscray is an ideal location for young families, working professionals and first and second home buyers.

“In addition to being just 4km from Melbourne’s CBD, it is a thriving education and employment hub in its own right, which is driving the shift in demographics to younger buyers that want to be close to the action,” he added.

This first two-tower stage, which is almost completely sold at 90%, is expected to be complete within two years. Stage three, titled VS03, has just launched to market and will include a boutique collection of just 86 apartments.

Victoria Square’s Next Phase Adds to Footscray’s Development Pipeline

PUBLICATION: Urban Melbourne
DATE:

Designs for the next phase of Growland Group’s six tower Victoria Square residential development in Footscray have been released. As reported on Urban.com.au back in May, Fender Katsalidis were tasked with the design of the twin tower project, located within the Joseph Road precinct bound by Hopkins Street, the Maribyrnong River and the railway line.

The Joseph Road Precinct represents 15 hectares of developable land which has been identified as a Priority Development Zone in the Council’s Structure Plan for Footscray.

In launching stage three which will be known as VS03, Growland claims it has responded to buyer demand and a maturing apartment market. VS03 will feature a product mix and floor plans geared towards owner occupiers, who account for 80 per cent of the sales to date. 76 per cent of the apartments within stage three comprise two-bedroom, two-bathrooms, while all 86 apartments will feature floor plans larger than Melbourne’s average and have at least one car space, one storage cage and a private balcony ranging from eight to 13 sqm.

Fender Katsalidis have designed twin curvilinear towers which draw on Victoria Square’s riverside location along the Maribyrnong River, with full height windows maximising panoramic views over the river, the CBD and the bay beyond. VS04 will be released at a later date, with the first two stages achieving 90% sales success.

Victoria Square turns to lower density approach with latest tower

PUBLICATION: realestate.com.au
DATE:

FOOTSCRAY’S streets have gentrified in recent years, but with house prices also soaring families and professional couples are increasingly turning to the apartment market. And one of the suburb’s biggest developments to date, Victoria Square, has changed its plans to accommodate them. RELATED: Victoria Square in inner west catching the eye of outer suburbs’ buyers Footscray penthouse apartments have first-home buyer price tags Growland chief executive Ronald Chan said while its first two stages were now 90 per cent sold, they were changing their approach to lower density and bigger — though still affordable apartments — for the third stage, named VS03. “Tower three is very different in terms of the number of apartments in the building,” Mr Chan said. The 13-storey tower is the shortest and will house 86 apartments, compared to 240 in the 24-storey first tower and 180 across the 21 levels of the second. While both of the preceding towers were taller, the latest one to hit the market will put more space into its residences, with 66 apartments — one in every four — featuring two-bedroom, two-bathroom floorplans. “In stage three we are targeting owner occupiers and first-home buyers, and we have found that two-bedroom and two-bathroom properties were very popular with young families and professional couples,” Mr Chan said. That translates to a 72sq m average internal size for the two-bedroom apartments, not including a balcony, carpark and storage space that comes with each residence. It has also translated to significant demand. Of the 13 apartments sold at a launch event earlier this month, 11 were two-bedroom designs.

Growland Appoints New Director to Manage Expanding Portfolio

PUBLICATION: Growland
DATE:

Leading local developer Growland has appointed Kevin Parker as its development director as the company prepares to move into the next phase of its rapid expansion.

The move is reflective of Growland’s fast-paced ascent in the residential market and its goals for future growth; this year alone Growland will launch at least three new projects and the second stage of its $600 million mixed-use Footscray development Victoria Square.

Parker joins the team following 13 years as project director at Gallagher Jeffs, where he worked with Growland as a consultant to manage the planning and launch of both Victoria Square and Growland’s recent luxury St Kilda Road tower Neue Grand.

Parker’s new role will see him lead the development and sales teams across all projects, while implementing new internal processes and aiming to further grow the team.

Parker has a proven track record of leading teams and projects from planning through to completion, working on some of Melbourne’s most prominent projects including the first two stages of $700 million Queens Place, the $100 million Lucia Apartments in South Yarra and Aura Apartments in Melbourne’s CBD.

Growland’s dedication to creating quality projects that exceed expectations, and give residents homes that will last a lifetime, is just one of the reasons Parker says he is thrilled to be joining the team.

“ Working as a consultant with Growland, I was impressed with the team’s innovative approach to projects; the scale of projects they are delivering is also really exciting” said Parker.

“ The ability to work on a variety of mixed-use projects, from a hospitality and retail precinct to a 900-lot house and land estate, is a rare opportunity that not many developers offer and is a marker of the company’s desire to consistently raise the bar.

“ Moving into the position of development director, I look forward to taking a hands-on leadership role with these projects I’ve been working on for years.

“ Growland has achieved phenomenal growth in just five years, with a team that has more than tripled in size and a portfolio valued at over $3 billion – the sky is the limit for what the next few years could bring.

“ I believe the key to a successful project lies in the strength of its team, and I am proud to be leading the team through this next phase of growth and evolution.”

Luxury Melbourne apartments featuring ‘sky garage’ planned by developer Growland

PUBLICATION: AFR
DATE:

A new high-end apartment development in Melbourne will feature fingerprint recognition software and a cutting-edge lift system that allows residents to park their luxury vehicles in their penthouse suites.
Local developer Growland has announced plans to include Australia’s first “sky garage” in its lavish 20-storey project at 613 St Kilda Road, the site it acquired in 2015 for $12.1 million.

But the German-engineered parking system, which would allow residents to display two prized vehicles in a glass garage beside the lounge room, is yet to be ticked off by local planning authorities.
While permits for the building were secured last October, several amendments to the original application — including the sky garage — are still under review.

Despite this, Growland hopes to officially launch the development in the coming months, with the average apartment price estimated to sell for $6 million.
Each apartment would take up an entire floor, with just 19 apartments in the boutique project. The developer would not reveal how much the premier penthouse was expected to fetch.

There are several ultra-prestige apartment developments in the pipeline across Melbourne, amid unfulfilled demand from wealthy retirees looking to downsize from their family mansions.
Tim Gurner last week announced plans to develop the St Kilda foreshore site of the Novotel, with the project’s best apartments touted to sell for more than $30 million.