DealCorp sells out $100 million Glenarm Square apartments in Glen Iris
Private developer, DealCorp has just sold the final apartments in its $100 million Glenarm Square project.
Set to transform the prominent Glen Iris site into a residential and mixed-use precinct at the gateway to Gardiner Station, the project is slated for completion later this year.
Glenarm Square will comprise 120 apartments, along with 800 sqm of ground level retail and commercial space, complemented by a suite of luxury resident-only facilities.
Prices for the apartments ranged from $600,000 to $2,300,000, selling to a mix of first home buyers, young families, professionals and downsizers.
Marshall White Projects marketed Glenarm Square, with Director, Leonard Teplin saying they saw a surge of interest through the pandemic, with buyers eager to capitalise on a lock and leave city residence, offering direct access to the Monash Freeway and just a 50 minute drive to the Mornington Peninsula.
“Buyers at Glenarm were attracted to the project’s location, incomparable city views, elegant design and the amenity on offer,” said Leonard Teplin.
“In this market, it is rare to see a project of this scale sell out before completion. Buyers have some hesitancy; they want to touch and feel the product. But DealCorp have positioned the project incredibly well, knowing their market, and they have a strong track record for delivering premium projects,” he added.
The development is the result of pioneering planning by DealCorp, which sought to repurpose 2,700 sqm of land, generated from a level crossing removal and train station upgrade near the corner of Burke and Malvern Roads.
DealCorp executive chairman David Kobritz said the project represented a progressive approach to the re-development and revitalisation of key in-fill sites, particularly in well-renowned locations like Glen Iris where the median house price sits at over $2 million.
“We are delighted with the sell-out success at Glenarm Square. Our aim is to bring low maintenance and affordable living to inner Melbourne. Glenarm Square will be a stand out example of how we can create a project which not only services residents but the wider community,” Kobritz said.
“Glenarm Square is set to deliver not only high-calibre apartments for buyers but an activated public realm that will seamlessly integrate with the entrance to the train station and bring a vibrancy to the area with the activation of over 800sqm of retail and commercial space.”
“By creating living and vibrant neighbourhoods out of this repurposed and highly valuable land, we can deliver residences in suburbs where demand is traditionally high, and create an alternative solution to the challenge of urban sprawl.”
“Glenarm Square is not only proof that the concept works at an engineering and development level, but a benchmark for the revitalisation of future sites of this nature,” Kobritz concluded.