Majority of Victoria One apartments selling to local owner occupiers
Construction will commence later this month on Golden Age Group’s Victoria One, which on completion will be the tallest building in Melbourne’s CBD.
Construction is scheduled to be completed in 2017.
Victoria One will stand 241 metres high, set to beat Bourke Place (224 metres) and Telstra Corporate Centre (218 metres) as the CBD’s tallest tower. It will be Melbourne’s second highest residential building, behind the Eureka Tower on Southbank.
The $350 million project, designed by architects Elenberg Fraser, will comprise 629 apartments over 75 levels and will be built on the corner of Elizabeth and Franklin Streets.
The tower will include 163 car parks, a pool, spa, gym and a communal entertaining area.
In the first four months on the market, 95% of apartments were sold. But what kinds of buyers are purchasing these apartments?
“These types of projects will find buyers in any market,” said founder of Golden Age Group Jeff Xu.
According to Xu, the majority of purchasers at Victoria One are local owner occupiers, though the project has also garnered interest from investors, both local and offshore.
Xu believes that the depth of local interest indicates a shift from the traditional Melbourne suburban lifestyle.
“It signals a change in people’s desire to live closer to the city” says Xu.
One bedroom apartments at Victoria One are priced from $370,000, with two bedroom apartments starting at $473,000 and three bedroom apartments selling from $890,000.
