Glenvill Group's Yarrabend development has achieved $63 million of townhouse sales in a single morning, representing a 95% clearance rate that is well above the Melbourne average.
Fifty five Parkview Townhouses were quickly purchased by a group of eager buyers on Saturday morning, November 26, comprising 52 local Melbourne residents, one Tasmanian buyer and two families from New Zealand.
The buyer profile was mainly young couples and young families with prices ranging between $770,000 to $1.215 million.
Glenvill’s decision to fast-track it’s offer of 29 Stage One Townhouses almost six months earlier than planned was vindicated after over 100 paid Expressions of Interests were registered by the Glenvill client base.
Due to the overwhelming demand, the company decided to release a further 30 Stage Two townhouses and all but five were sold.
The stunning result was no surprise to the Glenvill sales team who have been overwhelmed by interest in YarraBend since a soft launch of the Parkview Townhouses last month. Sales Manager Nick Marinakis said marketing had mainly been directed through the Glenvill client base who attended an information evening in Ivanhoe.
“When we invited our client base to an information evening at our display suite, we anticipated approximately 100 attendees, the demand was so great we needed to cap the attendee list to 300 guests and changed venue to The Centre in Ivanhoe.
“Now we have a large waitlist of buyers for our next release due early 2017,” Mr Marinakis said.
Architect Paul Conrad was responsible for designing the contemporary two and three level townhouses with consideration of the prime Alphington Park facing side and Artisan Park of the development. The luxurious $60,000 roof top entertaining option offered in many of the townhouses was purchased by 80 per cent of buyers.
YarraBend is Melbourne’s most iconic major urban renewal development located on the banks of the Yarra River only 6.5km from Melbourne CBD with new shopping centre, artisan district, proposed primary school and major residential amenities including wellness centre and high quality open spaces including outdoor gymnasium and elevated linear park.
Construction on the townhouses will commence in mid 2017 with completion mid 2018.
