Jeff Xu ushers in Melbourne's apartment age with Victoria One
If you live in Melbourne, you no doubt recognise one of the many marks Jeff Xu has made on the city in recent years.
The property developer's Golden Age Group has had its fingers in hospitality, leisure and residential projects across Melbourne's CBD. You may have dined on dumplings at Hu Tong, warbled off-key at Rainbow Karaoke, or stayed at the new Sheraton Hotel at the top of Little Collins Street. Or perhaps you're bought into Xu's latest venture, the 75 storey Victoria One tower.
The $350 million residential tower, coming to the corner of Elizabeth Street and Franklin Street, will bring 629 apartments to the western precinct of Melbourne's CBD.
According to Xu, the structure was built with the Victorian way of life in mind, with its green facade and fins reminiscent of the Victorian landscape. He said the apartments were intended for both investors and owner occupiers.
"We wanted to show that an investment product doesn't mean a cheap product," Xu said, adding that with a 24 hour concierge, the tower would "feel like a hotel".
The 241 metre tall tower on a 932 square metre site will include 115 one bedroom, 482 two bedroom and 32 three bedroom apartments, with two levels of commercial space facing Elizabeth and Franklin Streets. With the smallest apartment coming in at 41 square metres of floor space, the units would not meet proposed minimum space requirements for Melbourne apartments, which specify a 50 square metre minimum for one bedroom units.
But buyers don't seem to mind the squeeze: about 60% of the stock in Victoria One has already sold, with more than half going to local buyers. One bedroom apartments are priced from $370,000, with two bedroom apartments starting at $473,000 and three bedroom apartments selling from $890,000.
The tower will also include 163 car parks, a pool, spa, gym and a communal entertaining area. Construction is set to begin late this year, with completion due for 2016.
Xu and Golden Age continue to keep busy with other Australian projects, including The Emerald, a 282-apartment tower at 35 Albert Street. There is also 450 St Kilda Road, the low-rise overlooking the Botanical Gardens that Xu purchased from the Carter family for a reported $20 million sum earlier this year.
His CBD spending isn't reserved for towers and restaurants alone. Xu and affiliated parties were also major donors to Melbourne Lord Mayor Robert Doyle's re-election campaign.
With more than 1,000 apartments on the way, Xu isn't worried about the sustainability of Melbourne's appetite for high density inner city residences.
"We're not scared of the boom and bust cycle," said Xu. "That's where opportunities come from."
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