We’ve recently been discussing the apparent growth trends of alternate property development sectors – see here.
Retirement and aged care developments are in demand to meet an aging population and there are currently 3.6 international students to every student housing bed. While these articles outline the attested demand driving the trend in each sector, the shift is also seen as a result of tightened competition in core sectors as a result of more conservative prudential controls; institutions are looking to alternative developments to diversify their portfolio.
In our first of a three-part showcase, we’re discussing five alternate developments that are currently in construction in Victoria and the considerations that have made them successful in receiving development approval and buyer interest.
1.HOTEL / SERVICED APARTMENTS / RESIDENTIAL / RETAIL
M-City
2107 Dandenong Road, Clayton
With its mix of residences, retail, hotel and commerce, the ‘M’ in ‘M-City’ stands as much for ‘Miniature’ (Miniature-City), as it does Melbourne or Monash. This large-scale development offers visitors almost everything required to prevent you ever needing/wanting to leave.
Lead by project developers Saraceno Group and construction company Schiavello, along with architectural designs by The Buchan Group, M-City brings a modern landscape to one of Melbourne’s growing outer ring suburbs.
The hotel component will be operated by a 4.5-star Mantra Hotel and supply 225 rooms to the complex. A range of function venues will also be offered, including a range of meeting rooms, a ballroom and a hotel bar.
643 apartments are presented across three separate towers/residential areas. The accompanying retail space will be occupied by a brand-new K-Mart, Woolworths, Village Cinemas, mini majors, a dining hall, health and wellness providers, totalling approximately 60 specialty stores. A nine-storey commercial tower will also serve as the region’s ‘business district’.
Construction began in late 2017 and is expected to be complete by 2021.
2.HOTEL
Vibe
1 Queen Street, Melbourne
Commencing construction 2017, local property developers Caydon, are close to finalising development of their new Vibe Hotel on the corner of Flinders and Queen St in Melbourne’s CBD.
The heritage façade of the existing three level building has been retained in the design of the new 23-level, boutique 4.5 star hotel. The facility will comprise of 204 hotel rooms and has included an indoor heated pool, gym facilities as well as associated retail on ground level.
Commencement in operation as a Vibe Hotel is expected in early 2019.
3.STUDENT ACCOMMODATION
42-50 La Trobe Street, Melbourne
This new student accommodation development by Blue Sky will stand almost 150m tall when complete in late 2018. Over the building’s 43-levels, Hayball Architects have designed 783 bed spaces with an emphasis placed on supporting the students’ sense of belonging and social interaction.
Highly engaging social spaces are interspersed throughout; communal facilities include terraces, lounges, dining rooms, kitchens, sports and recreation, a cinema, videogame spaces and collaborative learning spaces for studying and hot-desking.
Builders, Hickory, are responsible for the construction of what will be the tallest prefabricated student accommodation project in Australia and one of tallest prefabricated buildings in the world.
4.STUDENT ACCOMMODATION
123-135 Bouverie Street, Carlton
Builder Watpac has recently been announced as the contractor of choice for this $49 million student accommodation project to be operated by UniLodge.
The purpose-built, 13-level facility will be home to 648 University of Melbourne students and will also provide ample meeting lounges, a sky lounge, shared kitchens, dining spaces and a gymnasium.
Cedar Pacific is the developer responsible for the project, which was designed by Nettleton Tribe. The building is set to achieve a 5-Star Green Star rating and will include sustainability features such as water harvesting for re-use, passive thermal design and roof top photovoltaic cells.
5.AGED CARE
BlueCross Springfield
40 Dorking Road, Box Hill
Looking to take their first admissions in October of this year, the latest BlueCross development on Dorking Road in Box Hill will cater to the needs of 221 individuals.
The building itself will be 3-storeys, plus a large basement for services with a carpark for 80 vehicles. The standard resident’s room starts in size from 20sqm plus a private ensuite – larger than industry average and reflecting modern preferences.
This low-rise serviced apartment development was designed by the team at Billard Leece Partnership and built by Buxton Construction.
