Investor interest surges for new Essendon apartment development, Vivre

Investor interest surges for new Essendon apartment development, Vivre
Investor interest surges for new Essendon apartment development, Vivre

New development Vivre, a one- and two bedroom apartment complex in Essendon, has seen significant investor attention and expects owner occupiers to follow suit.

Essendon’s Vivre, at 64-66 Keilor Road, from Monson Property Group, has the unusual twist of seeing 90% of the 67 apartments with something called ‘flexible’ floor plans.

Essentially, this means that buyers can re-position a moveable wall to change the size or shape of their living areas – to make a second bedroom, a study or a larger living area, for example.

Architect ClarkeHopkinsClarke has become the mastermind by the flexi-apartment concept that has seen 40% of apartments securing registrations of interest, with 25 apartments reserved, after an expressions of interest campaign was launched on Thursday.

One-bedroom properties range from $375,000 upwards, for 50 square metres. Flexi-one bedroom apartments from 50 to 55 square metres command prices from $399,000 upwards. Meanwhile, two-bedroom apartments from 57 to 72 square metres start from $480,000. Two-bedroom apartments with a study are sized from 74 square metres, at $550,000 plus. The most expensive apartment is a two-bedroom apartment with a study for $575,000.

Each includes access to a lift, and a basement car park.

Currently, Essendon is commanding a median unit price of $435,000, with median weekly advertised rent at $310 per week, according to RP Data.

Riveren’s Sophon En, the marketing agent for the development, said that this is a leg-up for first home buyers as the flexible floorplans allow investors to buy a one-bedroom and turn it into a two-bedroom for a greater return.

“Essendon as a suburb has strong growth potential, with recent figures showing an average median price growth of 24% for houses and apartments over the last five years.  It is a desirable place to live and ticks the boxes for infrastructure and great access to local facilities, restaurants and other amenities,” said En.

En expects that Essendon will take off with the government’s focus on the area as a growth zone.

Meanwhile, Monson Property Group’s director, Simon Mehegan, said that the name Vivre, French for ‘live’, was in reference to the flexible floor plan concept of the apartments; being somewhere to live, have living space and the capability of adapting the property to suit your lifestyle.

“It’s become common for people to buy two apartments and merge them into one for more space but this is expensive. We’re turning this concept on its head and making added space affordable,” he said.

Apartments include stone bench tops, chrome fittings, timber floorboards, stainless steel appliances and mirrored splashbacks, with similar chrome features in the tiled bathrooms.

The display suite is set to open in early May 2014, with construction to start in September 2014. March 2016 is the current date set for completion.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
New Developments First Home Buyers Victoria Melbourne Essendon

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