Caydon's S.T.K development impresses with a life-like experience
When the 2,827 square metre site on St Kilda Road went to market, Caydon principal Joe Russo knew he had to have it and splashed nearly $21 million to purchase it.
“The synergy of location, the opportunity to build St Kilda’s tallest residential building that overlooks the beach and city in a south after location… it has it all when it comes to property investment,” says Russo.
The $200 million project - known as S.T.K – will include 309 apartments and 19 townhouses.
Russo says every aspect of the site is a draw card.
“I chose the site because of its location – close to the beach and the city – a place where people want to live.
“S.T.K offers an unrepeatable opportunity to live in this location with over 70% of apartments having incredible water and city views,” says Russo.
The purchasing of the site wasn’t how everyone would imagine, with Russo and the vendor throwing around different numbers.
Russo’s daughter sat it on the meeting, and when a decision couldn’t be made, after listening quietly she said, “why don’t you meet in the middle?” – which was a simple enough suggestion for a young girl, and a fair one too.
The 26-level building, made up of two structures within one façade, will house one- and two-bedroom apartments, as well as two-bedroom dual level rooftop terraces.
The S.T.K display suite at Caydon’s head office in Abbotsford allowed potential purchasers to see the actual view they would see from their chosen level.
The team at Caydon took photos from every floor in order to provide a true picture of what residents could buy.
At the @Caydon display suite for S.T.K, feel like I'm in my own apartment #propertyobserving @propertyobs pic.twitter.com/ZeZf5kGqEv
— Nicola Trotman (@NicolaKTrotman) October 4, 2013
Caydon purchased the site with the existing planning permit and kept the same envelope, but reconfigured the apartments to optimize views.
Caydon wanted to take a futuristic approach to buying off the plan, offering potential buyers a 3D life-like vision of their future property.
“We pushed technological boundaries, incorporating leaders in their fields from all over the world – even bringing hardware from Silicon Valley not yet released to the general public,” says John Paige marketing manager.
“The result is as close to a life-like experience as you can get without actually building the apartment.
“We did this for one simple reason, to help solve the age long question our clients ask when buying off the plan – how will it actually feel to be in my apartment?” says Paige.
Using the latest in 3D technology, many images are overlapped to create 3D vision.
Paige says the glasses themselves have only been sent out to key software developers around the world to trial.
3D goggles, now I'm really inside my own S.T.K apartment. A must for display suites, pretty cool #propertyobserving pic.twitter.com/PqbXvXUxO5
— Nicola Trotman (@NicolaKTrotman) October 4, 2013
More than 130 apartments have been sold to investors and owner-occupiers.
“There has been an interesting mix of buyers with a number of investors buying now to live in later, and also buying apartments for their children,” says Russo.
Russo says there have also been repeat buyers who have bought in other Caydon developments such as Trilogi and Atria.
One-bedroom apartments range in size from 50 square metres to 61 square metres and range in price from $380,000 to $527,000.
Two-bedroom apartments range in size from 64 square metres to 87 square metres and range in price from $560,000 to $842,000.
Townhouses on Barkly Street range in size from 68 square metres to 71 square metres and rooftop terrace townhouses range in size from 82 square metres to 100 square metres.
Townhouses range in price from $645,000 to $820,000.
Designed by Eades and Bergman, apartments will feature textured splashbacks, marble finishes, satin chrome fixtures and timber flooring.
Residents will have access to the S.T.K club, comprising of a 20-metre infinity edge pool, gym, steam room, yoga room, business lounge and a library.
“With any Caydon development I am in this for the long term,” says Russo.
“S.T.K will be an icon of what St Kilda is all about - I see it as redefining people’s expectations of what urban living is all about.
“Market cycles don’t both me; a standout location such as S.T.K coupled with the Caydon brand of exceptional quality in residential living ensures the success of S.T.K,” says Russo.
Construction is scheduled to commence early next year with an expected completion date of late 2015.