Elenberg Fraser-designed Collingwood Oxley development sells 190 pre-marketing

Melbourne’s Collingwood is currently being overshadowed by the East-West link debacle but a $140 million development by Urban Inc has been launched, offering first homebuyers and investors a step into the inner city market.

Located at the junction of Stanley Street and Oxford Street, it is not affected by the current issues facing some residents.

Oxley (exterior pictured below) will comprise of 233 apartments and penthouses across four low-rise buildings; Tailor, Foy, Mason and Gibson.

The buildings will be connected by two laneways.

“At 0.7%, Collingwood has the lowest vacancy rates in Melbourne,” says Urban Inc director Tim Gurner.

“Oxley is one of the most significant projects to be developed in the area for some time, especially within such a significant heritage precinct,” says Gurner.

Oxley has already sold 190 apartments through VIP clients and networking.

Tailor will feature 59 one- and two-bedroom apartments across eight levels and Foy will feature 55 one- and two-bedroom apartments across seven levels.

Mason will include 68 one- and two-bedroom apartments across nine levels and Gibson will feature 51 one-bedroom apartments across four levels.

Apartments range in size from 54 square metres to 93 square metres.

One-bedroom apartments are priced from $330,000 and two-bedroom apartments are priced from $485,000.

Two-bedroom penthouses start from $590,000.

Designed by Elenberg Fraser, the development will feature vertical gardens, climbing vines, indigenous planting, courtyards and winter gardens.

A sky terrace will be located on level four and will feature a swimming pool and BBQ area.

Apartments will be framed by industrial-style material and neutral colours, with a choice of a light modern scheme or a dark polished scheme.

Purchasers can upgrade to the Oxley industrial scheme, which features Miele appliances, polished concrete, natural stone and industrial stainless steel finishes.

“Purchasers have obviously been attracted to the unique attributes of living in one of only four boutique buildings with access to amenities usually only available in larger projects,” says Gurner.

Director of Elenberg, Fraser Callum Fraser says the material used in Oxley is derived from the area’s manufacturing past.

“Oxley will be part of the local fabric, and is integrated and sympathetic to the broader community.

“It’s a model for urban renewal that doesn’t drive young people out of the central city environment,” says Fraser.

There will also be three retail spaces in the development, totaling 300 square metres.

Construction is scheduled to commence late 2013, with a scheduled completion date of mid-2015.

The median apartment price in Collingwood is $520,000, a 12.5% change in five years, according to RP Data.