Despite a backdrop of speculation about market oversupply in Australia’s eastern capital cities a North Melbourne development has achieved sales success with its inner fringe location proving popular with buyers.
Reflections in Haines Street North Melbourne is a cornerstone project by Revel Development Group and Plus Architecture.
With construction commencing shortly Reflections features 142 luxury apartments complete with a concierge lobby offering and expansive residents rooftop overlooking the parkfront surrounds, designed by landscape designer Jack Merlo.
“What we are noticing is a shift in buyer behaviour, with many buyers shifting their focus from CBD and Southbank projects to those on the city fringe areas of Melbourne,” explains Eton Property Group Director, Bradley Dean, who is managing the sale of Reflections.
“This can be attributed to the widespread realisation amongst both owner-occupiers and investors that Melbourne’s CBD and Southbank are becoming over-developed, preferring instead to seek out quality apartment addresses in more residential surrounds.”
“We are starting to see more interest in projects located on the city fringe, with their access to superior public transport links, premium schools, cafés, eateries, amenities and leisure facilities growing in popularity – the success of Reflections and interest from local owner-occupiers reinforces this market sentiment,” added Dean.
Sold in quick succession after its inaugural release late last year, Reflections is now 80 per cent sold with only a select few of the park-side apartments still available.
“The media has been talking up an oversupply for quite some time but the success of Reflections suggests that for projects with a sincere dedication to quality, inner-city location, owner-occupier target market and relative price tag, the demand is absolutely still there,” Caspar said.
70-75 per cent of Reflections purchasers are owner occupiers, who paid an average of $425,000 for one of the luxury-appointed apartments, or up to $1,490,000 for one of the three bedroom penthouses, which were in high demand from the outset.
Appointing ABD Group to manage the build, Revel Development Group Director, Daniel Caspar, said the $85 million project was specifically designed to cater to the local market.
“From the beginning, our intention has always been to raise the bar with Reflections and introduce a new standard of quality and design, the likes of which North Melbourne is yet to experience,” said Caspar.
“Reflections is a truly a unique offering due to its sheer dedication to quality architecture and design in an iconic location on the cusp of the CBD.”
“Not only do these residences boast never-to-be-built-out, park-front views, they offer a lifestyle of convenience with purchasers enjoying the benefits of a 24-hour concierge service, 300sqm rooftop oasis and custom designed app that will allow you to coordinate deliveries, have your dry cleaning tended to and restaurants booked.”
Specifically designed to quite literally reflect the neighbouring Gardiner Park, the 14m high mirrored glass façade has been conceptualised by national award-winning practice, Plus Architecture. Also responsible for the interior design, Plus Architecture have created an inner sanctum in which private to communal spaces flow seamlessly.
“Bringing to life Plus Architecture’s elaborate vision requires the expertise of a builder with a proven track record and the technical aptitude to construct to this level of specification,” said Caspar.
“ABD Group’s impeccable attention to detail will bring to life the generously designed and light-filled one, two and three bedroom apartments ranging from 40sqm up to an expansive 101sqm internally with balconies or terraces ranging up to 79sqm, with many boasting uninterrupted views over the parkland surrounds and to the City.”
Revel Development Group has over 20 years experience in delivering quality project developments in conjunction with the best architects, designers and builders.