Keystone Property Group, will look to add another 100 plus apartments to its circa 600 apartment Footscray development CV.
Boutique Melbourne residential property developer, Keystone Property Group, will look to add another 100 plus apartments to its circa 600 apartment Footscray development CV following the purchase of another site for just shy of $5 million.
According to Keystone Director, Ray Evans, the 2,736 square metre, 94-104 Buckley Street site, purchased through Savills Julian Heatherich, Nick Peden and James Lockwood, should accommodate a $60 million, 100 plus apartment, building.
“We will work closely with Council to come up with an iconic design which will enable us to provide a significant number of apartments that we can sell for under $500,000.The Buckley development next door accommodated 102 apartments on a smaller site,” Mr Evans said.
He said he expected the proposed development would sell out prior to completion with a start date, subject to council approval, in late 2017.
“It’s a very attractive price category for investors. Where else in Melbourne, five kilometres from the CBD, can you buy a brand new, 75 square metre, two bedroom apartment for $500k? The answer is nowhere.
“First time investors as well as occupiers love this type of product. Investors are especially happy with the solid capital growth and 4 to 5 percent rental returns. We sold the previous two projects at 90-92 Buckley Street and 27 Victoria Street before completion and I’ve no doubt we well do that again,” Mr Evans said.
Mr Heatherich said the sale of the Department of Treasury and Finance property had attracted very strong interest from developers wanting to play a part in Footscray’s most significant growth phase.
“We expected an enormous response from the market for an exceptional property in an exceptional location and that is what transpired.
“Footscray is rapidly emerging as the key investment destination of the west and that is down to its prime location on the banks of the Maribyrnong River, just five kilometres from Melbourne’s CBD, and its affordability,” Mr Heatherich said.
Mr Peden said the strong support from both the Victorian State Government and Maribyrnong City Council had played, and would continue to play, a key role in the growth and planned development of Footscray.
“Footscray was recognised by governments as the future western arm of the Melbourne CBD, extending both the employment and residential capacity of the city’s heart and we are now seeing that potential come to fruition.
“With the population set to double over the next ten years, government contributions in facilitating development and providing a high level of certainty for investors and developers, is essential to accommodating that growth,” Mr Peden said.
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