After only four weeks since off-the-plan sales commenced at Cowper Residences, a strong trend is emerging with locally-based owner occupiers representing the bulk of buyers.
With a quarter of first-release residences already sold, the strongest demand is coming from local purchasers looking to become owner-occupiers rather than investors at the beautifully designed mixed use development in Foostcray.
Located just four kilometres west of Melbourne’s CBD, Cowper Residences offer a series of terraces, SOHOs (Small Office/Home Offices) and apartments, designed by award-winning architects ClarkeHopkinsClarke.
A key reason owner-occupiers are gravitating to Cowper Residences is the quality of the design, finishes and materiality chosen throughout. The low to medium density development has been designed to provide exceptional quality, as Toby Lauchlan, partner at ClarkeHopkinsClarke explains.
“The quality of materials and finishes will be above and beyond standard as Cowper Residences has been designed for living, with owner-occupiers in mind. We believe in good quality architecture that stands the test of time,” he says.
“We’ve selected fixtures and fittings which go beyond what buyers might usually expect to find in a standard apartment, including Miele appliances, a fully integrated dishwasher, 100 per cent wool carpets, stone benchtops, feature track-lighting and timber flooring featured throughout.”
Higher quality specifications go hand in hand with changes in the multi-residential market, according to Cowper Residents’ selling agent, F.R. Chee from CT Real Estate.
“We are seeing a shift in off-the-plan purchases which favour owner-occupiers rather than investors. The design of larger apartments with natural light to all bedrooms, large terraces and balconies and generous living spaces are all proving to be immensely popular with owner-occupiers, says Chee.
“Rather than just meeting the minimum building and design standards, Cowper Residences has been designed to exceed these,” Lauchlan explains.
“The development’s high quality finishes and build are testament to this.”
This higher build quality is already paying dividends as the Footscray community embraces Cowper Residences. A number of the first-release owner-occupier buyers come from the fast evolving suburb of Footscray, as well as from neighbouring areas such as Yarraville and Sunshine. ClarkeHopkinsClarke’s design plays a strong role here.
“By paying close attention to the local culture and existing built environment, our design of Cowper Residences integrates with the community fabric of Footscray and the inner west,” says Lauchlan.
Footscray is quickly transforming into a vibrant art and design destination in Melbourne’s inner west, with an already well-established community, as well as artisan makers and creators, based in the area.
Felicty Joll is creative director of Yellow Diva, a Footscray-based company specialising in contemporary designer furniture, lighting and bespoke storage options. The critically acclaimed design studio launched in Milan and operated from London before finding a home in Footscray.
Yellow Diva’s impeccably designed objects have been selected for the Cowper Residences display suite, and furniture packages from the studio are available as an option for purchasers, just one example of the first-rate quality benchmark for the finishes and inclusions throughout.
“Cowper Residences feels like a good fit for Footscray. It’s an architect-designed regeneration project, generated by a masterplan that prioritises inviting public spaces, encourages community and makes good use of public transport,” says Joll.
“The scale and layout of the apartment floor plans are individual and varied, with generous living spaces by contemporary urban standards. The inclusion of properties which combine work and home, plus some retail and leisure facilities, all set amongst a wide variety of dwelling types should really encourage a diverse and cohesive new neighbourhood.”
With its range of architectural typologies, from the SOHO loft-style designs to three-bedroom terraces, and an affordable entry point into the market with several one-bedroom apartments available from $320,000, the development aims to preserve the diversity and character for which Footscray is known and loved.
“Cowper Residences offers different housing options and will provide diverse housing opportunities for families and individuals, across a wide demographic,” Lauchlan says.
“Additionally the inclusion of ground floor retail and home offices will activate the street and contribute to create a vibrant mixed-use hub for the wider community.”
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