The project has an approved Planning Permit for three-storey apartment building compromising 29 dwellings above basement parking. The proposed strategy is to submit a Town Planning Amendment for a reduced yield of 19 apartments and a 1.5 level basement consisting of 3-bedroom apartments.

Planning

Building permit has been obtained. Architectural layouts to be finalised in the month of February 2023.

Construction

Construction forecasted to commence March 2023 providing building contract has been executed.

Marketing & Sales

The sales campaign is forecasted to re-commence shortly with revised marketing strategy yet to be resolved.

The target market 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.

Currently the project has 4 executed contracted, total of $7,695,000. One contract is subject to the purchased being awarded and the fire subcontractor for the project.