Perhaps in line with the current market sentiment, the release of apartment projects within Fishermans Bend for public purchase has been sluggish at best.
The recent green light for 134-142 Ferrars Street brings to 14 the number of residential projects within the Urban Melbourne Project Database which hold approval within the Urban Renewal Area, but have yet to go to sales. Put another way, these 14 projects equate to approximately 4,800 apartments that are being held back by developers.
Looking to buck the trend is the developer behind SOUTH, Fishermans Bend's latest release.
Australia Ruiyi has cemented its local intentions with SOUTH, a $48 million creation of Rothelowman. At 15 Thistlethwaite Street, SOUTH includes 69 apartments across an eight level building capped by a 'Rooftop Club'.
Backed by Chinese developer Ruiyi, SOUTH is Australia Ruiyi's vanguard project. It along with future developments in North Melbourne, Coburg and Diamond Creek sees the new developer's local portfolio valued at $400 million.
On SOUTH and Melbourne's underlying strength, General Manager of Australia Ruiyi Rachel Wang provided the following statement:
SOUTH is located in one of Melbourne’s most affluent areas, with a high concentration of renters and a great local atmosphere.
Located just 3km from the CBD with a Walkscore of 92, and a local population set to increase by 91.9% over the next 20 years, we see South Melbourne as a key strategic suburb to either live or invest in. It’s no secret that Melbourne has a strong property market; it is consistently ranked as the world’s most liveable city, has strong population growth, good schools and a thriving employment sector.
The developer's confidence in the project is high, with SOUTH currently at construction tender prior to the project officially being launched later this month.
SOUTH's pending launch means it along with PM Port Melbourne and Vivid are the three major developments currently at sales within Fishermans Bend. Whilst pending sales speculation revolves around a handful of projects such as 15-87 Gladstone Street and 51-59 Thistlethwaite Street, only two residential projects have to date advanced to construction within the massive Urban Renewal Area.
As the backlog of approved projects mounts, the next wave of planning applications within Fishermans Bend has come through during the initial months of 2017.
Applications have been lodged for 112 Salmon Street, 253-273 Normanby Road and 365-391 Plummer Street. In excess of 1,000 apartments are planned for the trio of sites which are controlled by Gunnersen, R Corporation and Third Street respectively.