The project has an approved Planning Permit for a six-story apartment building compromising of 10 residential dwellings and 2 retail premises above basement parking.
The project has recently launched sales and is now in Detail Design looking to commence construction as soon as possible.
PLANNING
A permit extension application has been made as the original permit was granted in August 2019 with a 2-year expiry for works to commence. It is not expected there should be any issues with the extension with Council already verbally agreeing to this.
CONSTRUCTION
Construction is yet to commence. Tenders have been submitted and are currently being reviewed.
SALES & MARKETING
Currently, the 4 executed contracts equate to $11,966,966 in pre-sale revenue secured to date. Should 202 be executed (as expected), this would take the pre-sale revenue to $14,091,966.
The first portion of the sales campaign has now come to an end. Moving forward, a presence on REA will be the main focus of the next stage of the development. The selling agent has indicated that should this new strategy be proceeded with, another 3-4 sales (in addition to the currently negotiated/reserved units) can be expected within the next 6 months, as a construction start approaches.
