Local downsizer targeted in Jaques Richmond's urban renewal project

Local downsizer targeted in Jaques Richmond's urban renewal project
Local downsizer targeted in Jaques Richmond's urban renewal project

A $290 million urban renewal project has transformed a former industrial rock crushing business into contemporary housing in the Melbourne suburb of Richmond.

A joint venture between the Riverlee Group, and Macquarie Real Estate Equity Funds, the newly completed Jaques precinct features 377 apartments and townhouses.

Bordered by Palmer, Coppin, Highett and Griffiths Streets, it is situated on the Jaques Bros Foundry, a 9945 sqm engineering business that produced rock crushing machinery dating back to founder Edward Jaques in 1885.

The factory’s original red brick tower greets visitors at the south-western entrance to the site and original drawings and blueprints for the manufacturing of the rock crushing machinery are showcased throughout, which date back to as early as 1915.

Lead architect Karl Fender, of Fender Katsalidis Architects, remarked that all those involved in the project felt a responsibility to the site’s past, particularly since it had remained in the Jaques family until Riverlee purchased it in 1997.

“The architecture had to reference the heritage of the site while also creating a contemporary home for new residents and all of the modern conveniences we expect today,” he said.

Local downsizer targeted in Jaques Richmond's urban renewal project

“Through adaptation, modification and contemporary reinterpretation of the original perimeter of the factory’s brick wall, this industrial element has become the defining feature of Jaques and a signal that will always reference the site’s past.”

Crafted over three stages, Jaques features five integrated buildings ranging in height from four to ten levels, industrial materials such as brick, copper, timber and steel have been used on all buildings in a restrained way to enrich the façade.

Stage one interiors were designed by award winning interior design firm Hecker Guthrie created stage two’s interiors.

Palmer St in stage three is the vision of Samantha Eades.

Targeted at the downsizer market, Palmer St evoked a luxury response, with elevated fixtures and finishes and large apartment sizes throughout the unique triangular shaped building.

Local downsizer targeted in Jaques Richmond's urban renewal project

Riverlee Group spokesperson Kristine Lee said locals had embraced Jaques, with on average 70 percent of purchasers being owner occupiers across the three Stages.

"In fact, less than 6 percent of purchasers reside offshore, with postcode analysis showing the majority lived within a five to seven kilometre radius of the site before moving to Jaques," she said.

Local downsizer targeted in Jaques Richmond's urban renewal project

As an added incentive to residents of the inner City project, Riverlee provided some purchasers with a bicycle upon moving in as well as a Myki card. The buildings also feature live Tram Tracker screens.

With the exception of the penthouse within stage two to be released onto the market in April, Jaques is completely sold out and residents have been moving in since the first stage was completed in 2013, with stage three residents occupying the Palmer St site since January 2017.

 

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New Developments Richmond

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