Construction has started on Albion Mill Village’s first apartment project, marking a significant milestone for the historic inner-city suburb.
Hutchinson Builders have commenced construction on The Hudson on the back of strong pre-sales figures. The Hudson is set to be a 14-level, 164 apartment mixed-use development, which the local government has zoned as an official urban renewal area.
Sold by Aveo Group, The Hudson apartment site was believed to be transacted for $7 million in December 2014.
Twin Ocean Group’s managing director, Tim Jones, said the company has secured a Sydney-based equity partner and both companies were extremely confident in their decision to bring forward construction of The Hudson.
“The fact that we’ve now reached our pre-sales target of 60 per cent sold, including all of our premium penthouse stock, we have no doubt that committing equity into construction is the right decision given the project’s unrivalled location.
“It’s the only project of its type underway in the area and will add value to the eclectic Albion village vibe featuring historic architecture and a string of dining and cafés establishments lining Sandgate Road and forming a tree-lined ‘restaurant row’,” Mr. Jones said.
The stand-alone site will comprise of a mix of one, two, and three-bedroom apartments together with six ground level retail outlets.
Twin Ocean Group has appointed respected property and finance identity, Brad Tindale as Project Director to oversee The Hudson’s development.
Priced from $349,000 to $1.25 million, The Hudson has been designed to appeal to owner-occupiers, however investors are also seeing the benefits of investing in The Hudson given there are no comparable projects in the area.