Hawthorn East development 8 Montrose St sells 50% in opening six weeks
New development, at 8 Montrose Street, Hawthorn East has sold 50% in its opening month and a half, with Kokoda Property behind the 110 one- and two-bedroom apartment development.
The development, called ‘8 Montrose St’, includes one-bedroom apartments from $339,000 to $499,000, as well as two-bedroom apartments from $529,000 to $855,000. There is also a three-bedroom penthouse. It's located just off of Burwood Road.This isn’t Kokoda Property’s first foray into Hawthorn East, being developers of nearby Leo Apartments, on Camberwell Road, which saw one-bedroom apartments priced from $379,000, and two-bedrooms from $569,000. It was 75% sold out in September last year.
The median price in Hawthorn East for units is $535,000, with a median asking rent of $385. This is indicative of a 3.7% rental yield. The vacancy rate, according to SQM Research, currently sits at 2.8%.
Kokoda Property’s sales and marketing manager, Sam Tucker, said that it is just four stations from the city, and will have views of both the city and tree top surrounds from levels six to 10.
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However, it does appear that it faces quite a bit of competition from a number of other developments in Hawthorn East, just a bit further along on Camberwell Road.“8 Montrose St will have a café at street level so you won’t need to travel into the city for that authentic laneway experience,” said Tucker.