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.

GROWLAND LOCKS IN $73M DEAL FOR WEST MELBOURNE SITE

PUBLICATION: The Australian
DATE:

Melbourne-based Growland has settled the purchase of a development site in the city’s west, paying $73 million for a parcel of land for a 900-lot residential estate.

The Doherty’s Road property will be the base for a $420m project.

The company said it expected to launch three apartment projects and two house-and-land communities totalling 1500 homes later this year.

Growland chief executive Ronald Chan said strong population growth and a lack of supply would drive the affordable housing market in Melbourne, particularly in the city’s western corridor.

The company is also developing apartments in inner Melbourne. “We have strategically decided to place as much emphasis on our house-and-land offering as on our inner-city product, as the market drivers across both are so strong,” Mr Chan said.

The population in the western suburb of Tarneit was expected to increase by nearly 55,000 in the next 14 years, with the state committing $533m in infrastructure improvements to the area, Growland noted.

Growland locks in $73m deal for west Melbourne site

PUBLICATION: The Australian
DATE:

Melbourne-based Growland has settled the purchase of a development site in the city’s west, paying $73 million for a parcel of land for a 900-lot residential estate.

The Doherty’s Road property will be the base for a $420m project.

The company said it expected to launch three apartment projects and two house-and-land communities totalling 1500 homes later this year.

Growland chief executive Ronald Chan said strong population growth and a lack of supply would drive the affordable housing market in Melbourne, particularly in the city’s western corridor.

The company is also developing apartments in inner Melbourne. “We have strategically decided to place as much emphasis on our house-and-land offering as on our inner-city product, as the market drivers across both are so strong,” Mr Chan said.

The population in the western suburb of Tarneit was expected to increase by nearly 55,000 in the next 14 years, with the state committing $533m in infrastructure improvements to the area, Growland noted.

Developers switch to larger units to meet buyers changing demand

PUBLICATION: The Australian
DATE:

Developers are redesigning apartment projects to include fewer one-bedrooms and more large apartments suitable for owner occupiers to meet buyer demand in a changing market.

The trend comes amid a regulatory clampdown on bank lending to property investors, as well as elevated house prices that are enabling empty nesters to sell, downsize into a luxury apartment and pocket the difference.

In one recent example, architects Fender Katsalidis were appointed to design the second phase of Asia-backed developer Growland’s $600 million Victoria Square project in Melbourne’s Footscray, where the floorplan was reconfigured for more two- and three-bedroom apartments and fewer one-bedrooms.

The decision followed feedback from the first stage of the project where local demand exceeded expectations.

Fender Katsalidis director James Pearce says one-bedroom apartments have become less preferable but two-bedroom, two-bathroom apartments can be used by a wider variety of residents, such as owner-occupier couples with a young child or even two couples renting together. “We’re seeing that trend over all of our projects,” Mr Pearce said. “People are seeing the value for money in the apartments that are more functional and more appropriate to

live in, which is this idea of flexibility that the two-bedroom, two-bathroom provides.”

Mr Pearce earlier worked on Riverlee’s Jaques project in Richmond, where the third stage was redesigned to offer large two- and three-bedroom apartments instead of smaller stock. Other redesigns have taken place at Pellicano’s suburban Alke development and multiple Moda projects in the southeastern suburbs, where the number of units was reduced to include more large homes.

Marshall White Projects director Leonard Teplin has seen a “significant increase” in demand for larger apartments over the last two years.

“We have worked with many developers recently to adjust their product mix to be more in line with current market conditions,” Mr Teplin said.

CBRE managing director of residential projects Andrew Leoncelli sees projects redesigned often, to cater to owner occupiers but also to improve the financial returns.