Big Four-backed, under construction: How LDS Property have de-risked GALERIE apartments in Glen Iris
Developer LDS Property boasts one of the only projects under construction in Melbourne which is backed by one of the Big Four banks.
Their Glen Iris apartment development, GALERIE, is being financed by Westpac and is currently under construction by award-winning builder company Iurada.
Projects by Buxton Director Heath Thompson, who is marketing the project of just 29 apartments, says the financier, and the construction clarity, are two of the biggest drivers in consumer confidence.
"We're in a fortunate position compared to other projects in market where we have one of the biggest financial backers in the country, and construction is well underway," Thompson said.
"A Big Four backing means they see LDS as low risk. They've assessed the finances around the developer and they're comfortable in financing the project. Big banks don't take risks in the current climate, which says a lot about LDS and what they're developing."
The ground floor slab has been poured, and a new slab will be completed every few weeks. The team are hoping to be topped out by Christmas.
GALERIE secured over 40 per cent of sales before it kicked off its build. It had early success in the market from local downsizers and empty nesters who wanted to stay in the Glen Iris postcode, but hadn't found the right downsizer product.
Another sign of confidence in a project is when the most expensive apartments sell. Earlier this year a buyer opted to amalgamate two of the top floor apartments to create one large apartment, spending just over $4 million and setting new suburb record.
One of the other top floor apartments was also bought by a close friend of the developer.
There's only one three-bedroom apartment remaining in the project. The two-bedrooms start from under $900,000.
Construction completion is slated for Q4 2024.
