National developer Mirvac is close to wrapping up sales on its $130 million Jack Rd development in Cheltenham, Victoria, with the first residents moving in as the final few properties hit the market.
The 4.2 hectare masterplanned community’s 183 planned residences are 95 per cent sold, and residents have started moving into their new homes at Jack Rd, with 70 homes and apartments completed in the first stage in June.
Mirvac Head of Residential John Carfi said buyers were predominantly young couples planning on starting a family and attracted to Jack Rd’s bayside location.
“It is great to see young couples getting their foot on the property ladder at Jack Rd,” he said.
“More than half of Jack Rd’s purchasers have been local couples, the majority in their 30s and yet to start their family.
"Interest from this market just goes to show how alluring the traditional neighbourhood feel of a masterplanned community, complete with a local park, can be.”
When completed in late 2017, Jack Rd will feature a range of two and three bedroom townhouses, three and four-bedroom family homes, and two-bedroom boutique low-rise apartments.
The home designs offer options over two and three levels, maximising living amenity; while the apartments feature generous floor plans and are sized approximately 90 square metres for two bedrooms.
Many of these homes will front onto an architecturally-designed 1,800 square metre Jack’s Park featuring sculptural elements by MDG Landscape Architects, who worked on the MasterChef set and a winner at the Chelsea Flower Show.
“Within 10 minutes of the bayside lifestyle, with reputable education facilities and connectivity to the city, Cheltenham has emerged as a highly sought after suburb,” Mr Carfi said.
“Jack Rd provides a rare opportunity for new homes in this area, with the off-the-plan market highly apartment focused in Cheltenham.”