Qualitas and Mitsui Back Grocon's Bouverie St Apartments

The development at the former Carlton brewery site in Melbourne, comprises 225 apartments and town houses over 21 levels designed by Studio 505 architects.

It has attracted strong interest, selling at a rate of 50 apartments per month.

The development provides residents exclusive roof top amenities and also incorporates a ‘winter garden’ designed by ARM architects, which provides public access to covered gardens and retail tenancies.

“Bouverie St Apartments is a great success story for its design, strong sales performance and particularly so for the two new relationships we have in Qualitas and Sumitomo Mitsui Banking Corporation, and the future opportunities we hope to work on together," said, Phil Lydeamore, Grocon Group Capital and Transactions Manager.

“Bouverie St Apartments is our second successful development at the former Carlton brewery site which is now well and truly validated by the market as a premier location for this type of product and we’re looking forward to the development of a further 0.9 hectares which remains over four sites.”

Mark Fischer, Managing Director of the Real Estate Principal Investment Group at Qualitas

said Bouverie St Apartments presents an attractive investment proposition.

“Our approach is to be a reliable equity capital partner to leading market participants on projects with solid fundamentals – Grocon has a long and successful track record of delivering premium projects and this investment clearly fits our criteria” Mr Fischer said.

Bouverie St Apartments follows the success of Swanston Square apartments, Grocon’s first residential development at the site, which is due to open early next year and is fully pre-sold.

Construction of Bouverie St Apartments is due to be completed early in 2016.