Construction to commmence soon on Canopy development in Elwood

Elwood will soon be home to $35 million Canopy, a 58 apartment project at 12-14 Dickens Street, with construction expected to commence this year.

With designs from ROTHELOWMAN, Canopy will include one- and two- bedroom apartments over four levels from $480,000.

They will be sized from 45 square metres to 80 square metres.

Urban Inc are the developers behind the project.

Selling the development is 360 Property Group’s Evan Cathcart, who notes that the area has seen ongoing gentrification for many years.

“Recent changes in planning legislation mean there will be limited opportunities for purchasers to buy property off main roads in Elwood, so we anticipate interest in Canopy will be high,” Cathcart said.

“With Elwood’s forecasted capital growth over the next five years and the low vacancy rate of 1.7 percent, it represents a great opportunity for both owner occupiers and investors.”

In the development will be six penthouse apartments with two-bedrooms and two-bathrooms, including 35 square metre terraces. Meanwhile, each of the one- and two-bedroom apartments will have an individual terrace and ground floor terraces are adjoined by landscaped courtyards from MDG Landscape Architecture.

Each has one basement car park, and in total seven visitor car parks will be included as well as bicycle and storage cages. Security entrances with video intercom will also be included.

The expectation for building completion is late-2015, however other material suggests early 2016.