In a bid to renew Footscray’s Banbury Village, a $200 million apartment project is scheduled to commence construction mid-year attracting a number of youth residents.
Residing near the former Olympic Tyre factory site at Footscray West, the Botanica Apartments project is the final stage of the transformation of Footscray Banbury Village.
The project, designed by Rothelowman and developed by Cedar Woods appeals to Footscray’s younger demographic of professionals and students with the project offering 430 apartments and predicting a residential population of more than
Cedar Woods Victorian State Manager, Nathan Blackburne told Property Observer that the dwellings in the project have already attracted a decent price growth, which he expects will follow for the final release.
“Footscray’s rising popularity and proximity to the CBD has seen it competing with traditionally trendy Melbourne hotspots such as St Kilda, Richmond, Northcote and Carlton,” Mr Blackburne said.
Offering a variety of academic, social, community and retail facilities, Footscray has attracted a youth market with Urbis reporting that 60 per cent of residents moving into the area are aged 20 to 34.
In an interview with the Sydney Morning Herald, Maribyrnong City councillor Catherine Cumming spoke out about the Banbury Village, saying people love the idea and have paid a good price to get in to the apartments.
With the apartments featuring NBN connections, the project offers one and two bedroom spaces with prices starting at $305,000.
The Banbury Village project has been publicised as the southern hemisphere’s first US-college style education campus village and is expected to be released to the public in 2016.