The luxury apartment project will be split among three buildings with the largest accommodating 92 apartments. In total it will feature 241 one and two bedroom apartments with areas varying between 51 and 79 square metres. Prices for the apartments will start at $330 000.
‘Ikebana’ will be the fifth development by founder and director Tim Gurner in West Melbourne over the past seven years and will be designed by Elenberg Fraser.
He has declared the area a strategic key for future growth and investment.
“West Melbourne has been a real focus for me over the past five years as I see huge growth potential in terms of capital gains for our clients, while maintaining fantastic yields with very low vacancy rates of 1.9 percent versus around 5 percent in the CBD,” he said.
‘If you buy an investment in the CBD there is usually a very limited tenant pool, most likely built around international students.
“ West Melbourne, however, paints a much broader picture, with the rental population made up of office workers feeding the CBD and Docklands, nurses and doctors working at the nearby hospitals, tutors, lecturers and students from the many Universities and local professionals who enjoy the CBD lifestyle without feeling like they are surrounded by huge apartment towers,“ he said.
His interest in the area comes off the back of the rapid gentrification which has seen a multitude of new developments, including bars and cafes which have increased the youth occupancy in the area.
Statistics also point towards this youth trend with over 60 per cent of West Melbourne populated by renters and 70 per cent of the population aged between 19-40.
The new development will include cascading flower boxes and formed concrete representing ‘hand torn’ paper along the façade. GURNER's signature Japanese influences will be easily visible throughout the project.