Swanston Central, one of the largest residential towers to be constructed in Australia this year, has achieved 95% pre-sales with buyers flocking to secure space.
Early interest in Hengyi’s premium, city fringe project has been so significant that Swanston Central has almost sold out prior to the start of construction this month.
The project, which is being constructed by Multiplex in its second project with Hengyi, will be one of the largest towers to be constructed in Australia in 2016.
Colliers International Tim Storey said it will be a successful and iconic residential tower in an outstanding location, after being acquired by Hengyi in March 2015 for $64.8million from CEL.
“It is been a great result to achieve 95% pre-sales and we have been very pleased to see a lot of interest from the younger local population," he said.
"This is part of a significant demographic trend we have seen over the last few years, this buyer type represents a big proportion of the 120,000 people coming into Victoria each year.
“We are witnessing strong underlying demand for projects in the CBD which are strategically located, well designed and well-priced. The overwhelming response to Swanston Central is a prime example.”
Swanston Central represents Hengyi’s third major project in Melbourne, on the back of The William and Light House, heralding the developer as a major player in the local residential market.
Multiplex Regional Managing Director Graham Cottam, said Swanston Central marked the second project for Multiplex in collaboration with Hengyi, with the contractor currently constructing Light House, a 69-level residential tower in the Melbourne CBD.
“Light House is set to change Melbourne's skyline and this next project will be no different, with Swanston Central set to be the tallest residential building on the CBD fringe.”
Swanston Central is located at 168 Victoria Street, on the corner of Victoria and Bouverie Streets in Carlton.
The 70-level, Elenberg Fraser-designed tower will feature a multi-colored facade that will change colour at different times of day. The tower will be made up of 1,039 one, two and three bedroom apartments, with 216 car parks, parking spaces for 350 bicycles and ground floor and 2,700sqm of mezzanine retail space – including premium retail and food and beverage fronting Bouverie Street.
Premium residential facilities will include a lap pool, hot and cold spas, plunge pool, individual sauna and steam rooms, cabanas, a winter-garden, library boardroom, cinemas, games rooms, grand dining room, grand lounge bar and sky bar and lounge.
Swanston Central residents will be close to education institutions such as RMIT University and Melbourne University as well as Melbourne shopping destinations like Melbourne Central, QV, Bourke Street Mall and Emporium.