It’s been a “very busy” six months for up-and-coming developer Sam Jamieson.
Five months after winning approval, Jamieson is feeling confident ahead of the launch of his debut development, in tightly held Fitzroy.
Jamieson has been blooded in one of the toughest property cycles in recent history, but rough seas make for good sailors, and far from feeling seasick, Jamieson is working with Fitzroy specialists Nelson Alexander to take the project to market.
The six-storey Warren Mahoney-designed NS227, at 227 Napier Street, is targeting the wealthy downsizer market with a 10-residence offering that takes style cues from European apartment living.
Jamieson acquired the site in 2022 for $4.5 million, which, he said, proved good buying.
Nearby, Sydney developer Danny Avidan reportedly sold his 398sq m property at 237 Napier Street last year to Romano Property Group for about $5.5 million, which is $13,944 a square metre.
“We’re having to keep property prices in line with escalating construction costs,” Jamieson said.
Jamieson said established stock was selling for $19,500 a square metre in Fitzroy, a rate he will be looking to test with NS227 residences priced from $1.85 million to $5.2 million.
Early interest has been strong, but the proof will be in the pudding for JMSN’s debut project with its display suite opening this week.
“There are very few developments of this size being built in A-grade Fitzroy,” he said.
“This is just 10 residences, it’s unique and perfect for downsizers.
“The cost to construct in the current market makes it very difficult to get projects off the ground unless you are targeting the right market.”
The apartments will comprise a mixture of six three-bedroom apartments, and four two-bedroom apartments with the architecture and interiors inspired by Jamieson’s travels.
“I felt that there was a lack of developments in Australia that drew inspiration from the classic principles of mid-rise townhouses found throughout Europe and the UK.
“I wanted to incorporate elements such as the form, flow and materiality of Georgian architecture, the charming Juliette balconies of Paris, and the overall nostalgia of being on holiday.
“I’m looking forward to getting this project off the ground.”
He said he also wanted to move away from the stark interiors that had become popular to create high-end livability.
Jamieson said he hoped to put shovels to dirt in the third quarter of 2024, subject to meeting presales targets.
