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
The team anticipate endorsed drawings will be finalised next month and Building Permit will be issued shortly after.
CONSTRUCTION
Construction is forecasted to begin December 2022.
MARKETING & SALES
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.