Construction has wrapped on Luminess, the latest Essendon apartment development.

Drakk Pty Ltd have officially completed the building works on the $37 million Russell Street project.

The nine-level building, developed by Urbala Development and funded by Banner Asset Management, comprises 58 apartments above two retail tenancies and a three-storey underground carpark.&nbsp;

[smartcode_project:default project_id=4429 project_image_fid=32975]

Banner Asset Management provided a first mortgage construction funding facility for the project, which has already secured $71.6 million in sales across 31 units.&nbsp;

Andrew Turner, Founder and CEO of Banner Asset Management, said they were pleased to celebrate the completion of Luminess this month.

"The vast number of presales reflects the development’s unbeatable offering, which has been delivered as a response to increased demand for dwellings at this price point in the area," Turner said.&nbsp;

“The efficiency and know-how of the builder, developer, and project team have ensured a smooth build with an impressive finish.”

[smartcode_project:default project_id=4429 project_image_fid=32977]

Lawrence Lee, Director of Urbala, said Luminess is a celebration of Essendon.

"The design is in tune with the heritage buildings that surround it, but its contemporary palette and materials add a new lease of life to Russel Street," Lee said.&nbsp;

“With Banner Asset Management as funding partner, we have ensured that the development has reached completion in time to address the current rental market.”

Situated just eight kilometres north-west of the Melbourne CBD, Luminess benefits from being positioned within the heart of Essendon. Residents will be within minutes from a number of parks, as well as food, dining and retail options, including local favourite, DFO Essendon.

[smartcode_project_cta:default project_id=4429]

The nine-level building, developed by Urbala Development and funded by Banner Asset Management, comprises 58 apartments above two retail tenancies



alisonwarters@gmail.com

Urbala Development complete Essendon apartment development Luminess

Multiplex has achieved practical completion at S P Setia's $600 million, dual-tower development on Melbourne's Exhibiton Street.

One tower is known as Sapphire by the Gardens, which comprises 325 apartments, while the other will be the future home for the 5-star Shangri-La hotel.

Sapphire by the Gardens, which rises 60 levels, was designed by Fender Katsalidis, who worked in collaboration with Cox Architects to create the striking buildings just off Carlton Gardens at the eastern end of Exhibition Street. 
 
The 61-level hotel is joined to the 60-level residential tower by a sky bridge on level 46. The sky bridge homes a number of amenities and a Sky Lounge for visitors and residents. It features a unique transparent ‘oculus’ glass floor with views into the UNESCO world heritage listed Royal Exhibition Building surrounding the Carlton Gardens and Port Phillip Bay.

[smartcode_project:default project_id=4470 project_image_fid=218304]

Beneath the two towers stands a mixed-use podium with spaces for resident recreational facilities, future hotel function, and above ground carparking.&nbsp;

Sapphire by the Gardens features exclusive resident facilities across two floors with a heated swimming pool, gymnasium, Sky Lounge, a cinema, karaoke room, chef’s kitchen and lounge with fireplace.

During construction Multiplex coordinated a unique purchaser upgrade which involved the installation of a $3 million supercar into the living room of the super-penthouse. The Sapphire by the Gardens super-penthouse has set the new benchmark for Melbourne property as the highest recorded apartment sale price in the city at around $39 million.

“We are thrilled to deliver this world-class precinct, and it is testament to the collaboration and determination of our team and subcontractors," Ross Snowball, Regional Managing Director of Multiplex, said.

"Constructing two towers simultaneously takes exceptional planning and management, especially when facing construction and engineering complexities like the iconic sky bridge, 46-storeys in the air. 
 
"This iconic development breathes new life into the CBD, and it’s set to become Melbourne’s next landmark.”

Construction of the unique sky bridge required innovative methodologies, with Multiplex creating a temporary protection deck beneath it to enable safe working access. This deck cantilevered out from the building and sat between two large trusses. The successful delivery of the sky bridge saw the project win the ASI 2022 National Award for Engineering Projects.&nbsp;

“The completion of Sapphire by the Gardens and the Shangri-La marks our fifth significant development within Melbourne", Datuk Choong Kai Wai, President and CEO of S P Setia, said.

"We are thrilled to see this iconic development come to life and stimulate thousands of local jobs during and after construction."

Construction of 308 Exhibition Street spanned a four and a half years, generating over 1,000 jobs, with more than 500 workers on site during peak periods.&nbsp;

[smartcode_project_cta:default project_id=4470]

Sapphire by the Gardens, which rises 60 levels, was designed by Fender Katsalidis, who worked in collaboration with Cox Architects to create the striking buildings

Joel Robinson

Multiplex achieved practical completion of S P Setia's Sapphire by the Gardens, Melbourne apartment tower

Developer SP Setia is approaching full completion of UNO Melbourne, the newest residential tower to complete in the Victorian capital.

Builder Roberts Co, who began construction toward the end of 2020, topped out the 210-metre A'Beckett Street tower earlier this year. Residents are expected to move in later this year.

Designed by Elenberg Fraser, the soaring building between the picturesque Flagstaff Gardens and Carlton Gardens plays home to 635 one, two and three-bedroom apartments. Around 90 per cent of the building is already sold, with some of the lower level buyers moving in late last year.

[smartcode_project:default project_id=3281 project_image_fid=46049]

&nbsp;

The one-bedrooms start from $492,000, and the two-bedroom apartments, which have a car space, are priced from just over $1 million.

The apartments boast generous open-plan living spaces, with natural stone, perforated metals, and top-of-the-line Miele appliances adorning the kitchens.

The bedrooms incorporate an abundance of storage, while floor-to-ceiling windows allows natural light to flood the interiors along with providing panoramic outlooks.&nbsp;

[smartcode_project:default project_id=3281 project_image_fid=46050]

Residents will also benefit from a suite of resort inspired amenity throughout UNO.&nbsp;The ground floor houses retail stores and a welcoming lobby, while there's also a private dining area with teppanyaki facilities available, in addition to&nbsp;a well-appointed lounge, breakout rooms, and a media room.

On the ninth floor, a suite of wellness facilities await, including a yoga studio, a fully-equipped gym, swimming pool, steam room, spa, and an outdoor entertainment and barbecue area.

[smartcode_project:default project_id=3281 project_image_fid=46053]

SP Setia, a Malaysian-based developer, also created the sold out Sapphire by the Gardens on Exhibition Street.

Recently the penthouse shell on level 57 sold for $39 million. It was bought by Adrian Portelli, famous for his purchases on The Block.

[smartcode_project_cta:default project_id=3281]

Builder Roberts Co, who began construction toward the end of 2020, topped out the 210-metre A'Beckett Street tower earlier this year

Melbourne's newest CBD apartment tower soon to complete

Privately-owned, Sydney-based developer Lumex Property Group has recently completed work on their <a href="/developments/lindfield-nsw-2070">Lindfield apartment project</a>, Village Lane.&nbsp;

Located across the road from Lindfield Train Station, <a href="/buildings/village-lane-305-pacific-highway-lindfield">Village Lane</a> spans two buildings, comprising 37 one, two and three-bedroom apartments designed by the renowned SJB.&nbsp;

[smartcode_project:default project_id=25841 project_image_fid=78425]

The apartments seamlessly integrate with their surrounds, boasting a refined red brick and masonry facade, coupled with 3,900 sqm of new public domain and open space and 6,000 sqm of new retail offerings.&nbsp;&nbsp;

Fostering community connections, Village Hub brings together a new library, civic centre, and child care, 3,000 sqm of open space, and new shopping and dining experiences, including cafes, boutique stores and a new supermarket. The Village Green will breathe new life into the neighbourhood with an expansive, tree-lined new park, with a large converted car park also providing an urban plaza and café.&nbsp;

Lindfield Learning Village puts top-quality education for all ages in one world-class space, with the area set to comprise three new homebase schools, a 40-space child care centre and high-quality technical spaces for science and the arts.

[smartcode_project:default project_id=25841 project_image_fid=78429]

<a href="/buildings/village-lane-305-pacific-highway-lindfield">Village Lane apartments</a> feature timber floors and stone kitchen benchtops, complemented by Miele appliances, ducted air-conditioning and spacious balconies or ground floor gardens, blurring the lines between indoor and outdoor living.&nbsp;Crowning the building is the communal rooftop garden and barbecue area, offering views to the surrounding district.&nbsp;

For buyers interested in experiencing the <a href="/buildings/village-lane-305-pacific-highway-lindfield">lifestyle Village Lane has to offer</a>, furnished display apartments are open for inspection, with one, two and three-bedroom apartments still remaining.&nbsp;

[smartcode_project_cta:default project_id=25841]

Located across the road from Lindfield Train Station, Village Lane spans two buildings, comprising 37 one, two and three-bedroom apartments designed by the renowned SJB. 

Lumex complete construction in Lindfield as Village Lane welcomes buyers 

Construction is nearing completion on the latest Kogarah apartments.&nbsp;

The aptly named project, Kogarah, will soon deliver 66 apartments to the suburb, with construction due to wrap in July.&nbsp;&nbsp;

[smartcode_project:default project_id=7551 project_image_fid=64221]

Positioned in a prime location, Kogarah offers residents unparalleled convenience, situated a mere 100 metres away from the train station, shopping centre, and hospital.

Residents will be a mere 12-minute drive to both Sydney's Domestic and International terminals, while there's also an array of parks, education and employment hubs within proximity also.&nbsp;

Internally, Kogarah boasts spacious and luxurious interiors, with the open plan living spaces adjoining generously-proportioned balconies, blurring the lines between indoor and outdoor living.&nbsp;

[smartcode_project:default project_id=7551 project_image_fid=64227]

The homes also feature contemporary finishes, including timber flooring, stone benchtops and premium European appliances.&nbsp;

Crowning the building will be a rooftop infinity pool, along with outdoor barbecues and an entertainment area.&nbsp;

There's only a selection of two-bedroom apartments remaining in the project, with prices starting from&nbsp;$829,000. The floorplans span from 86 sqm through to 126 sqm, with each offering two bathrooms and one car space.&nbsp;

[smartcode_project_cta:default project_id=7551]

The aptly named project, Kogarah, will soon deliver 66 apartments to the suburb, with construction due to wrap in July

Limited stock remains at Kogarah apartments as construction nears completion

Recently completed projects across Melbourne are dominating buyer enquiry at present. They offer an easy&nbsp;entry to the new apartment space, and they are&nbsp;providing&nbsp;different opportunities for a number of market segments.

The most recent to benefit is prominent CBD and&nbsp;inner city&nbsp;developer&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.urban.com.au/developers/central-equity&amp;source=gmail&amp;ust=1686718534749000&amp;usg=AOvVaw1U0Ml4YBnpPPPzf7Y6MFIu" href="/developers/central-equity" target="_blank">Central Equity</a>, who are just completing their newest apartment project,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.urban.com.au/new-apartments/parkhill-apartments-408-spencer-street-west-melbourne&amp;source=gmail&amp;ust=1686718534749000&amp;usg=AOvVaw1R-ng_-AVHkl6C52N44Kic" href="/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne" target="_blank">Parkhill</a>,&nbsp;and have just started welcoming residents.

The 20-level tower is&nbsp;attracting both first home buyers, who are wanting to move away from renting due to the current&nbsp;tight&nbsp;rental&nbsp;market, as well as investors, who are looking for those high yield apartments which also offer significantly higher depreciation tax benefits&nbsp;compared to&nbsp;older units.

[smartcode_project:default project_id=27406 project_image_fid=214207]

Central Equity Marketing Manager Jeremy Vile says buyers are likely to pay more for future new apartment projects because of rising construction costs and land values.

"We're offering brand new, two-bedroom apartments in the low $600,000's, which is a price that is going to be hard to replicate given the increased cost of both construction and land values," he says.

There's a mix of one and two bedroom apartments on offer in Parkhill.

He also says having the value add of a completed apartment has seen buyer demand increase in the last few months.

"In this market, people are looking for certainty," he added.

"People want to see the finished apartments and walk through them”

"For the most part, renters are walking through and they're either living or renting something older in the heart of the city. Parkhill gives them the opportunity to upgrade to something brand new, in a location which offers something different to inner-city living."

Vile says the location is one of the key drivers in buyer demand.

"While we're a CBD address, we're at the north end of Spencer Street, next to Flagstaff Gardens, which brings with it a quieter lifestyle than being in the heart of the city.

"It's a bit of an educational pocket. A little north of Parkhill are secondary and government schools, while campuses for RMIT, Melbourne University, and William Angliss, are either within walking distance or a short tram ride away."

[smartcode_project:default project_id=27406 project_image_fid=214155]

Jeremy Vile says the designs at Parkhill were well considered for the end user from inception.

“Central Equity have embraced the State Governments Better Apartment Guidelines and we've looked at how people want to live”.

"All of our ceiling heights are nearly three metres, and we've matched that with large floor-to-ceiling glass walls to allow as much natural light in as possible and give a spacious feel."

There was even consideration to make the balconies as useable as possible. Every apartment has an expansive balcony, located off the living space, which can fit a table and chairs enabling alfresco dining.

[smartcode_project:default project_id=27406 project_image_fid=214196]

Central Equity’s experience over 35 years has been a key factor in the delivery of this quality project. Every detail down to the insulated walls and plumbing to keep noise levels at a minimum was considered. Apartments feature high quality fixtures and fittings, including Miele appliances and German tapware.

A big feature of Parkhill is the resident rooftop terrace which has a walking track which weaves around the whole roof. There is also a gym, barbecue facilities, seating, and stunning views toward the Bay, Docklands, and back to the city.&nbsp;

[smartcode_project:default project_id=27406 project_image_fid=68146]

Central Equity started building Parkhill in late 2021, once they finished Melbourne Grand.&nbsp;

Central Equity are hosting a Preview Event at Parkhill 15th to the 25th of June onsite at 408 Spencer St, where prospective buyers can get the first look of Parkhill, tour fully-furnished display apartments, the rooftop resident facilities, and inspect a limited range of brand new apartments for sale.

[smartcode_project_cta:default project_id=27406]

Central Equity  Marketing Manager Jeremy Vile says buyers are likely to pay more for future new apartment projects because of rising construction costs and land values

Buyers move into Central Equity's completed Melbourne CBD-fringe apartment development Parkhill

Construction has wrapped on the latest Elsternwick apartment development, EVA Elsternwick Village, located in the heart of the vibrant neighbourhood.

Elsternwick has quickly emerged as one of Melbourne's most sought-after areas, boasting a lively café and restaurant scene, a bustling shopping hub, and a welcoming atmosphere. Combining the laid-back charm of beachside living with the cosmopolitan allure of city life, Elsternwick has become a magnet for those seeking the perfect blend of convenience and tranquility.

Situated on the coveted Glen Huntly Road, the Elsternwick Village Apartments offer a rare opportunity to reside in the beating heart of the thriving suburb.&nbsp;

Developed by Pitard Group, Elsternwick Village Apartments delivers a blend of bayside luxury and urban sophistication, with a mix of one, two and three-bedroom apartments.

[smartcode_project:default project_id=93073 project_image_fid=157107]

The group had their construction arm build the project, which is home to 99 apartments.&nbsp;

Residents of Elsternwick Village Apartments will enjoy an array of amenities, including a rooftop terrace, boasting views of the bay and city skyline. There's also a members lounge on offer providing a serene retreat with equally captivating vistas.

A hallmark of the Hamptons style, the interiors feature high-end fixtures and fittings, European appliances, and natural timber flooring, while double glazing and best-in-class noise-cancelling acoustics ensure a peaceful living environment.

The apartments seamlessly integrate indoor and outdoor spaces, with each bathes in natural light, following an open plan layout offering spacious proportions accentuated by high ceilings.&nbsp;Each of the apartment also includes an outdoor terrace or balcony.

[smartcode_project:default project_id=93073 project_image_fid=157116]

From the convenience of basement parking to the ground-floor retail spaces and tranquil outdoor areas, every aspect of Elsternwick Village Apartments has been carefully considered to ensure a seamless living experience.

Private inspections of the completed apartments are available, with one, two and three-bed floorplans still on offer.

The one-bedroom apartments start from $635,000, two-beds from $895,000, and the three-bedrooms units ranging in price from $1,135,000 to $1.85 million.

[smartcode_project_cta:default project_id=93073]

The group had their construction arm build the project, which is home to 99 apartments

Construction wraps at EVA Elsternwick Village Apartments

Pace Development Group has completed two of Melbourne’s largest staged projects as the marketplace surges for affordable housing.

The end-to-end developer has delivered its Sunshine North project Pace of Sunshine North, and their popular Blackburn mixed-use development, Pace of Blackburn, in a market plagued by rising interest rates and high construction costs.

Pace secured a settlement rate of 97 per cent across the two projects, and a 99 per cent valuation success.

Pace Development Group Sales and Marketing Director Ash Bramich says that despite negative media coverage on house prices, the opposite is occurring on quality projects throughout Melbourne.

"Final developer stock released upon completion at Blackburn is now selling at 10 per cent higher than the off-the-plan price list, while a recent Sunshine townhouse sold for $60,000 above its original sale price," Bramich says.

<img alt="Pace of Sunshine North" data-entity-type="file" data-entity-uuid="7631ee97-343e-4cc7-93aa-da9c4d5afe66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-06-07%20at%203.54.07%20pm.png?VersionId=isGzWpXdm9a5ca0cLgrmCk_17Gd4vy0P" /> 
The completed townhouses at Pace of Sunshine North. Image supplied

In May, Pace of Blackburn settled its final stage of 126 apartments – of a total 288 residences in the project – after the completion of its third and fourth buildings.

Across the city, Pace of Sunshine North saw the last stage of 36 townhouses complete, bringing the total number of residences to 376 on a project that started five years ago.

With escalating building costs driving a 5-20 per cent increase in the price of future projects, bank valuers are acknowledging the affordability of current stock versus upcoming developments.

Many existing Melbourne apartments are now returning in excess of five per cent gross – a figure that hasn’t been seen for over 20 years. A looming undersupply of housing, coupled with rising migration, rent, and the return of first-home buyers, supports this evaluation.

This sentiment is reflected at Pace of Blackburn where 18 apartments were leased within three days of settlement.

<img alt="Pace of Blackburn" data-entity-type="file" data-entity-uuid="1c4dd9ab-864c-491e-9af1-ff2f3a0d4090" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-06-07%20at%204.12.25%20pm.png?VersionId=PjT8z8U0tJtLRsHRSvqLe2X5xlr6tZdT" /> 
A completed kitchen in Pace of Blackburn. Image supplied

The project overcame many of the challenges that faced the property and development industries at the time. Despite site restrictions, reduced labour, material and supply chain shortages, Pace Development Group remained resilient, adaptable and effective, delivering its largest apartment project on record.

Pace of Blackburn’s completion follows record sales at The Darley, where a three-bedroom&nbsp;apartment recently sold for $3.626 million, equating to $18,500 per sqm, surpassing a rate per sqm typically found in sought-after suburbs like Fitzroy or South Yarra.

The project, currently under construction within the historic grounds of Flemington Racecourse, supports a strong demand for off-the-plan residences with promising projected returns.

Pace have completed over 100 projects across Melbourne in the last three decades.

Pace secured a settlement rate of 97 per cent across the two projects, and a 99 per cent valuation success

Pace completes two of Melbourne’s largest staged projects as demand surges for affordable housing

Melbourne's coveted suburb of Ivanhoe East has welcomed it's latest new residential collection, with JWLand finishing up construction at The Grounds of Ivanhoe.

The Grounds of Ivanhoe, a collection of apartments across three buildings and a number of townhomes at 173 The Boulevard, was designed to take in nature, with more than 15,000 sqm of land dedicated to gardens and public spaces.

JWLand’s Project Marketing Manager Nick Babic says&nbsp;it will really hit home what they’ve produced as the landscaping starts to come to life.

“The landscaping is one of the major drivers for this project," Babic says.

"Most of the residents will be downsizers from the local area, who have been accustomed to large gardens.

"When forming the masterplan for The Grounds, we focused on creating this landscaped environment where residents are still connected to nature, without having to maintain their own gardens.”

[smartcode_project:default project_id=5806 project_image_fid=210854]

The architects behind The Grounds have scaled the townhomes to harmonise with the lush green surroundings, with careful landscaping, featuring a profusion of native and exotic plantings, enveloping the architecture.

Inside, the interiors of the townhomes have been designed to offer spaciousness and sophisticated elegance. The generous use of engineered timber floating flooring, along with natural white walls, creates a warm and light-filled canvas.

Windows that seemingly disappear into the ceiling not only maximise natural light but also offer views, blending the indoors with the outdoors.

The attention to detail extends to the carefully selected features and finishes that adorn each townhome. Premium SMEG kitchen appliances await culinary enthusiasts, while a Vintec 50 bottle wine fridge adds a touch of luxury.

[smartcode_project:default project_id=5806 project_image_fid=201411]

The bedrooms are adorned with plush wool carpets, while the bathrooms boast seamless floor-to-ceiling tiling. The ensuite offers an added touch of indulgence with heated under tile flooring, ensuring your comfort during colder months.

Location-wise, The Grounds couldn't be more ideal. Situated just 1.3 kilometres away from Ivanhoe Station, commuting to Melbourne's CBD is a breeze, taking only 15 minutes by car. But despite its close proximity to the city, Ivanhoe East remains a tranquil oasis characterised by parklands, waterways, and hilly vistas.

The suburb follows the meandering course of the Yarra River and is flanked by vast expanses of greenery, including bushland reserves and sports fields.

Two and three-bedroom floorplans are still available in The Grounds, with prices from&nbsp;$995,000.&nbsp;

[smartcode_project_cta:default project_id=5806]

The Grounds of Ivanhoe was designed to take in nature, with more than 15,000 sqm of land dedicated to gardens and public spaces.



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