National property company Baulderstone Hornibrook has launched an $80 million residential project in North Melbourne.
Located at 40 Macaulay Road, the 203-apartment project, titled Macaulay Park, will consist of seven low-rise buildings between three and five levels in height.
And despite doom and gloom predictions for Melbourne’s apartment market project agent PRDnationwide remains confident of the project’s success.
PRDnationwide Victorian general manager Tim Storey says that North Melbourne had shaken its industrial image and was being seen more and more as a desirable residential location.
“Macaulay Park’s proximity to facilities such as Melbourne University, Royal Melbourne Hospital and the Royal Children’s Hospital will ensure that investors have a higher renter base and strong yield potential.
“Macaulay Park is in an ideal location, a short drive from the CBD’s restaurants and shops; close to public transport and North Melbourne’s Errol Street shopping; and with fantastic facilities such as the North Melbourne swimming pool nearby,” said Mr Storey.
Baulderstone Hornibrook development manager Karen Janiszewski says the apartments had been priced affordably, given their quality design. “We’ve already sold 20% of Macaulay Park internally to Baulderstone Hornibrook staff. That kind of support is a further sign that this project is timely and well-positioned,” she says.
“We conducted thorough market research prior to proceeding, so we’re confident that Macaulay Park will appeal to a wide range of owner-occupiers and investors.
“The analysis of Melbourne’s inner city property market has been downbeat, but we believe that buyers and financiers understand that the middle Melbourne sector is still very strong, well-priced and attractive. “There are pockets of inner city oversupply, but the fact remains that quality residential stock is very scarce in North Melbourne,” Janiszewski concludes.
Macaulay Park comprises 61 one-bedroom, 132 two-bedroom and ten three-bedroom apartments.
It is anticipated that demolition on the site will commence in March and construction will in April 2004.
