Grocon's Bouverie Street Apartments securing 50 sales a month
Grocon has secured funding arrangements for its $110 million Bouverie Street Apartments development at the former Carlton brewery site in Melbourne.
Qualitas is an equity partner and Sumitomo Mitsui Banking Corporation, the project debt financier.
Bouverie St Apartments follows the full sellout of Swanston Square apartments, Grocon’s first residential development at the site, which is due for completion early next year.
The 225 apartments and town houses in the Bouverie St Apartments development have attracted strong interest from investors, university students and young professionals, selling at a rate of 50 apartments a month. Prices start from around $379,000 through Colliers.
The development incorporates a winter garden designed by ARM architects which provides public access to covered gardens and retail tenancies.
Phil Lydeamore from Grocon Group Capital said there would be further development of another 0.9 hectares which remains over four sites.
Construction is now set to commence on Bouverie Street Apartments which are due to be completed early in 2016.
Grocon partnered with Studio 505 architects for design of the latest project.
Grocon paid the Royal Melbourne Institute of Technology $39 million for the 1.6 hectare former brewery in 2006.
A brewery occupied the site for more than a century, from about 1858 to 1987, having had houses on the block from as early as the 1840s.
