Melbourne-based developer Outline Projects has lodged plans for a 9-storey apartment block in the inner-city suburb of Fitzroy.
The project, located at 131-143 Smith Street, will comprise 48 apartments under an application designed by Richmond-based architecture firm Freadman White.
The proposed apartment block, which will replace an existing 2-storey building, features 677sq m of ground floor retail along the popular high street and will sit above three levels of basement parking, offering spaces for 84 cars and 56 bicycles.
The project also features a ground floor lobby, 16 one-bedroom, 13 two-bedroom and 19 three-bedroom apartments beneath an expansive rooftop terrace.
The plans aim to mirror the setbacks of the neighbouring facades of 127 Smith Street and 145 Smith Street.
Outline Projects, led by Peter Forsyth, is no stranger to the Fitzroy area, having completed seven townhouses between 44-46 Greeves Street.
The developer also has a foothold in the neighbouring suburb of Collingwood, having completed a 29-apartment project dubbed Lt Oxford.
Melbourne unit prices have reached a record high in recent months despite the still-recovering economy, boosted by an influx of first-home buyers taking advantage of low interest rates and government incentives.
Apartment prices have surged after lockdown, rising by 4.4 per cent to $569,677 over the December quarter, following a mid-year dip of 1.5 per cent.
At the same time, investor activity in the city’s apartment market is falling, and overseas investment has slumped following new regulations.
Melbourne endured Australia's longest coronavirus lockdown and has been hit hard by international border closures, with apartment rents falling by 8.7 per cent across the year, according to SQM Research.
“ANZ has forecast that apartments will weigh down the overall Melbourne market,” a Nelson Alexander spokesperson said.
“While this may prove to be accurate, be aware that there will be a plentiful buyer pool at lower price points. We are expecting more competition for auction properties, especially for A-grade apartments.”
Nearby, plans have been approved for a 10-storey luxury apartment building to be built opposite Fitzroy Gardens at 372-380 Albert Street.
Melbourne-based development group Pace is also in the early stages of planning for its 2,411sq m building in Fitzroy on the corner of Johnston Street, Gore Street and Argyle Street, after securing the site for $20 million.
In East Melbourne, Sydney developer Luxcon has plans to turn an old 9-storey office building located at 372-380 Albert Street into a boutique Woods Bagot-designed residential apartment building.