It’s been an exciting adventure for two sets of millennial brothers who thought it would be a cool idea to start their own property development company six years ago, with the spontaneous purchase at auction one Saturday afternoon of a site in Packington Street, St Kilda.
The four from Adepto Co all in their late 20’s and early 30’s have certainly gathered experience fast and demonstrated a youthful entrepreneurial approach to building a development pipeline with expected revenue of $45 million over the next 12 months. Their latest purchase of nearly an acre of land in Templestowe Lower will see the team partner with Point Architects to commence design.
Directors, David and Marc Tricarico and Bruno and Vince Orlando founded Adepto Co in 2010, which is now a successful boutique property development firm with a strong focus on creating luxury boutique developments for generational living. The team’s focus on delivering solutions for owner occupiers, has been further reinforced with the changes to tax laws. Where traditionally off-plan stamp duty savings were great for those who purchased property to build their future home, it also gave investors an unfair advantage. To make sure that genuine home buyers are getting the subsidy, the stamp duty rule change now is only available to home buyers who intend it to be their principal place of residence or people who qualify as first home buyers.
Before joining forces to create Adepto Co, Bruno and David worked together at a construction company in Melbourne working on some of Melbourne’s medium and high density residential towers. Vince worked for a Tier 1 builder responsible for some of Melbourne’s most expensive real estate and Marc specialised in real estate sales.
All four have a strong Italian upbringing with family values a huge driver in the decision to build generational homes. “My business partners and I are all on the same wavelength, I think this transpired from similar upbringings being from a traditional Italian family home. My brother Marc and I grew up where we were taught to respect and love our family including future, current and past generations. By building for generations, our buyers will be able to raise their children in the areas they grew up in and love, a massive selling point for anyone looking to buy a house in inner city suburbia,” explains David.
Photo Courtesy of Adepto Co
Once the great Australian dream was to own a quarter acre block big enough to build a large house and have a spacious garden. Now, the dream has shifted, Australian’s look for proximity and housing options that fit their busy lifestyles and budget.
The material value of a home has led to a vast increase in demand for boutique developments, customised for owner-occupiers. This is what Adepto Co stands for and strives to achieve in its developments.
“It’s important for developers to move away from building your typical 30-100 plus apartments in a single project – Adepto Co’s typical medium density developments focus on building 2-20 townhouse style projects or 5-15 large boutique style apartments within similar envelopes, which can accommodate the changing family dynamics. By adapting to smaller developments, companies can capitalise on the owner-occupier trend that is powering the property industry,” says David.
This band of brothers has already delivered several high quality sold-out developments across Melbourne, including Norman in Coburg, Austin in Pascoe Vale and Prosperity Place in East Doncaster.
The Norman- Photo Courtesy of Adepto Co
Adepto Co is about to launch Luxe at 321 High Street in Lower Templestowe, a luxurious collection of crafted town residences designed by Ikonomidies Reid in unison with CoLab design studios. Each home boasts large room proportions, generous open space/outdoor living and double lock-up garages. Other sites in the construction and planning pipeline include 32 Hopetoun Street, Brunswick West, and 16 Nevada and 17 Turnley Streets in Balwyn North.
“The demand for these offerings has been unprecedented. We’ve had prospective buyers waiting to sign up before projects are even announced to the market. For both Hopetoun and Luxe, prospective buyers were sending in offers before planning permits were even granted,” he says.
Last week Adepto Co added a 3700sqm parcel at 142-144 &146 Templestowe Road, Lower Templestowe. Catering for generational living, plans for the site include a mix of (2 bed, 2 bath, 2 car garage), (3 bed, 3 bath, 2 car garage) to (4 bed, 3.5 bath, 2 car garage and some with plunge pools) double storey townhomes. Construction is on track to start mid-to-late 2018.
While consumer attitudes change and housing prices increase, Adepto Co believes that housing with that extra space will be what future buyers seek. The company is committed to delivering luxury homes that have space to allow a family room to grow.
The brothers are constantly on the look-out for opportunities in all suburbs North, East and South between 3-10km of Melbourne CBD, where potentially 6-20 homes can be developed with Residential Zoning. Leafy streets with wide street frontages are highly desirable.
“We want to be renowned for being the luxury property developer that builds solutions held onto for generations - something that can be treasured in the family and known as the family’s founding address through the years,” he enthuses.
Adepto Co is lifting the standard of design in Melbourne, creating developments in sought-after locations that meet the lifestyle aspirations of owner-occupiers.
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