07 Jun Prime Site In Footscray Offers Unrivalled Investment Potential And Diverse Purchasing Opportunities
An exciting new master planned mixed use development is set to launch on one of the best located sites in Melbourne’s rapidly growing Footscray.
Nestled in a quiet, prime residential pocket bordering Footscray’s busy centre, COWPER RESIDENCES is a short walk from Footscray Station and the new railway interchange, as well as the suburb’s evolving cosmopolitan café and shopping precinct.
The boutique development is expected to attract keen interest from both astute investors and owner occupiers when it’s released for sale this month.
Just 4km from Melbourne’s CBD, Footscray’s property market is showing high growth potential with more than $26 billion worth of investment committed to infrastructure and projects in the inner west, and a young, fast-growing population expected to more than double over the next 20 years (source: Urbis).
Over the past 10 years, the median price of apartments in the historical suburb has increased by 7.9 per cent per annum and has experienced the highest annual price growth compared to a selection of suburbs of similar distance to CBD (source: Urbis).
The site’s first two precincts will be released for sale this month, offering purchasers a varied range of buying opportunities which aligns with the area’s diverse population.
Sixteen terrace homes, ten SOHOs (Single Office/Home Offices) and 63 apartments will be available for purchase under this exclusive first release.
Designed by award-winning architects ClarkeHopkinsClarke, the low to medium density site offers affordable proximity to the city and spacious, quality designs which masterfully balance historical heritage with contemporary living.
“When we saw the site, we immediately recognised it as a standout in Footscray,” says Toby Lauchlan, partner at project architects ClarkeHopkinsClarke.
“Centrally located, it’s close to the station and all of the vibrant, lifestyle offerings of this colourful suburb, but rests on a quiet, tree-lined residential street giving it real sense of tranquility.
“COWPER RESIDENCES has also been designed to capture city views which won’t be built out – a rarity this close to the CBD.”
COWPER RESIDENCES has been designed to create a strong sense of place and community, with each precinct interlinked by landscaped gardens and internal laneways. A café, gym and rooftop terrace feature on site, and a communal courtyard will connect the secure apartment lobbies, and the small offices and retail on the ground floor of the SOHOs.
“The mix of housing types throughout the precincts allowed us to really diversify the design, with each form appealing to the types of people who will want to reside there,” says Toby Lauchlan.
“The terraces have been built higher and larger, with some offering city views, and have a high level of finishes and mix of materials. Each terrace has two balconies and a private courtyard, perfect for growing families.”
The SOHOs are of a New York loft-style, complete with exposed brickwork and high ceilings.
Each SOHO also features dual access from both the living spaces above and from street level, designed so home businesses can operate with ease.
“The SOHOs were designed with the area’s young professional in mind, providing an environment which enables home business and accommodates flexible working styles,” adds Toby Lauchlan.
The small-scale, low density apartment block of only six levels features single and two bedroom apartments, some with city views, all spaciously designed and with shared access to a rooftop terrace.
COWPER RESIDENCES’ selling agent, F.R. Chee from CT Real Estate, says that while Footscray is still considered affordable, continued gentrification of the area indicates that this may quickly change.
“Currently Footscray is an affordable suburb undergoing the process of gentrification, similar to what we’ve seen in Brunswick and Collingwood where there is now a substantially higher median sale price,” says F.R. Chee.
“Market growth is also being driven by the high proportion of students and young professionals moving to the area due to its affordability and proximity to the city. Almost 40 per cent of the suburb’s population is aged between 20-34 years.”
COWPER RESIDENCES offers this young population an accessible price point into the market, and investors an opportunity for capital growth and an estimated rental yield of approximately 5 per cent for the apartments.
“COWPER RESIDENCES’ position and housing mix makes for a unique investment opportunity in one of Footscray’s most premium locations. We are expecting strong sales across the campaign.
“With central Footscray set to be transformed, it truly presents one of the last great investment opportunities in Melbourne’s inner ring suburbs,” says F.R. Chee.
COWPER RESIDENCES is giving The Urban Developer database access to the presales release of its first two precincts ahead of the public launch on 15 July. To register your interest visit www.cowperresidences.com.au
Those interested are also encouraged to act fast to take advantage of off-the-plan stamp duty concessions before 1 July 2017.