DealCorp start construction on $100 million mixed-use Glen Iris development Glenarm Square
The Melbourne-based developer DealCorp has began construction on its $100 million mixed-use development Glenarm Square in Melbourne's Glen Iris.
The project, which came about as DealCorp secured 2,700 sqm of land generated from the removal of a rail crossing and a train station upgrade, will be made up of 118 apartments, as well as 800 sqm of ground level retail and commercial premises.
Glenarm Square has been designed by Plus Architecture with interiors by Hecker Guthrie.
Around 70 per cent of apartments have sold since launch, with prices ranging from $600,000 to $1.8 million. There's been a mix of first home buyers, young families, professionals and downsizers.
Hamilton Marino have commenced construction of the development at 5 Glenarm Road, which was act as a gateway to Gardiner Station.
Local interest is expected to peak again in the coming months with the release of a new penthouse collection positioned on the recently approved eighth level, with penthouse residences starting from $1.1m.
DealCorp executive chairman David Kobritz said the project represented a progressive approach to there-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.
“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,” he said.