The project has an approved Planning Permit for three-story apartment building compromising 29 dwellings above basement parking. Due to feedback from the initial soft sales launch, a decision has been made to adjust the top floor from three penthouses to two penthouses. This has reconfiguration has now resulted in a yield reduction from 20 apartments to 19 apartments.
Key milestones/actions for the month:
- 80% Documentation issued for Tender
- Contract negotiations progressed with builder
- Responded to builder RFI’s
- VCAT strategy review
- Authority designs progressed – electricity underway
- Gas abolished and electricity abolishment underway
PLANNING
Plan of consolidation was submitted council and approved.
CONSRUCTION
Construction is yet to commence. Tender applications have been submitted.
SALES & MARKETING
Marketing is yet to commence.
The target market strategy for the project is directed towards mature couples and empty nesters, predominantly local to the Templestowe and acre belt area. This target market is looking to downsize to a large, contemporarily designed low maintenance property offering quality finishes, privacy, and security. An estimated sales timeframe of 12 months is anticipated to achieve Financial Close and construction commencement.
