Centuria's Mosman project Monarch leads the Military Road residential renaissance
Monarch Mosman, the first residential development in the Centuria property portfolio, has secured an 80% sales success rate in quick time.
The development offers a mix of 62 apartments and townhouses.
There's also four live/work Soho-style units designed by the architects, Bates Smart.
Peter Walsh of Ray White Projects fielded some 800 enquires intanden with the local Ray White Lower North Shore network (Mosman, Neutral Bay and Crows Nest offices) as well as Ray White Hong Kong.
Property Observer gleans a very limited number of apartments were released in Hong Kong last weekend to sell out within hours.
New stock supply is very limited, but proving popular with both the established mature buyers and new investors.
The project is located at the corner at 116 Belmont Road and 339 Military Road, owned by Centuria Property Funds since paying $13.75 million in 2001.
The project was approved by the Joint Regional Planning Panel.
Jason Huljich of Centuria said Bates Smart were selected for their vision for the bespoke development close to Cremorne Junction.
Outside space including private gardens, loggias and balconies was sought with every apartment having designated spaces for motorbikes and pushbikes and basement storage.
Centuria Property Funds has over $820 million of property under management in 14 unlisted property funds. Centuria Property Funds is a wholly-owned subsidiary of Centuria Capital Limited, an ASX- listed specialist funds manager with $1.6 billion in funds under management.
Many had views across the north shore or over the harbour, and some over on Military Road look towards Chatswood.
Construction for the development will commence in June.
It is expected to take 15 months to complete.
One bedroom apartments are starting at $640,000 and two bedroom apartments from $800,000.
Roger Poole, the Bates Smart chair, said there were generous floor plans and the prospect of being liberated from the car.
For many years the offices were home to Australia's largest retail advertising agency, Ideaworks.