Swanston Central apartment tower in Melbourne almost sold out as construction starts
Swanston Central, a 70-level apartment project on the Melbourne CBD fringe, has achieved 95% pre-sales, indicating strong interest in one of the largest luxury residential towers planned this year.
Construction is expected to start this month at the 168 Victoria Street site in Carlton.
The project is being constructed by contractor Multiplex in its second project with developer Hengyi. It will comprise 1039 one, two and three bedroom apartments and 2,700 square metres of retail space. The Elenberg Fraser-designed tower will feature a multi-coloured facade that will change colour at different times of day.
“This has been a hugely successful project, after being acquired by Hengyi in March 2015 for $64.8 million from CEL,” said Tim Store of Colliers International, which is marketing the project.
“This will be an iconic, high quality residential tower in an outstanding location, and it has attracted strong interest from the outset.
“It is been a great result to achieve 95% pre-sales and we have been very pleased to see a lot of interest from the younger local population. This is part of a significant demographic trend we have seen over the last few years, this buyer type represents a big proportion of the 120,000 people coming into Victoria each year.”
Swanston Central is Hengyi's third major project in Melbourne, on the back of The William and Light House, and is its second collaboration with Multiplex. Work is currently on at the Light House, a 69-level residential tower in Melbourne CBD.
“We are witnessing strong underlying demand for projects in the CBD which are strategically located, well designed and well-priced. The overwhelming response to Swanston Central is a prime example,” said Store.
Facilities at Swanston Central will include a lap pool, a plunge pool, cabanas, garden, library, cinemas and a lounge bar among others.
Storey said Swanston Central would offer a prime location at the northern edge of Melbourne's CBD, close to entertainment, transport, retail and education.