Phase one of Victoria Square, the new six-tower $600 million masterplanned precinct in Footscray recently launched with 70 per cent of apartments already sold.
Playing a pivotal role in Footscray’s rejuvenation, Victoria Square by Australian-based developer Growland has been popular with first home owners, upgraders and savvy investors due to its high quality architectural offering, affordable price points, and the exponential interest in Footscray’s property market.
Once a paragon of Melbourne’s working class, Footscray is undergoing significant gentrification that will see its value increase drastically in the coming years.
Evidence of the area’s growing appeal comes from Core Logic data, which shows house prices in the area have grown by 8.82 per cent in the last 12 months, and apartment prices by 9.52 per cent in the same period. Research think- tank Urbis has reported that Footscray’s median apartment price has experienced the highest annual price growth compared to other suburbs in the same radius from Melbourne’s CBD.
CEO of Growland, Ronald Chan, says Footscray’s strong potential is finally coming to light, and savvy buyers are recognising the unique opportunity the suburb presents.
“Buyers today are astute. They know that as Melbourne prices continue to grow, buying in a relatively affordable suburb like Footscray, where there are significant drivers for growth, is a wise investment option,” said Chan.
‘It’s an inner-ring suburb that is seeing billions of dollars of private and government investment, so there’s no doubt it will flourish in the years to come.”
“We are finding our buyers are looking for residences to support their idea of modern living. Beautiful apartments surrounded by extensive food, entertainment and retail options, that are only a short journey from the CBD,” said Chan
At Victoria Square, significant interest has come from Melbourne’s middle suburbs such as Caroline Springs, Sunshine, and St Albans, with homeowners looking to upgrade their residences and move into Melbourne’s inner ring.
“This reaffirms to us that buyer sentiment is changing rapidly. Five years ago, the overwhelming majority of purchasers were keen to settle down into a family home and traded location for a big backyard. Now, we’re seeing depth in the market – while this dream still exists, a strong segment of the market is recognising the inherent value in an inner-city apartment thanks to the incredible lifestyle convenience and amenity it can offer.
“Victoria Square embodies this next generation living. The six towers will support a strong community and each apartment is designed for long term living, with generous living spaces and intelligent design.”
“Connectivity has been a strong drawcard for these buyers, with Footscray only a 10-minute train ride to the CBD in comparison to their usual lengthy commute. The extensive entertainment and lifestyle offering within the suburb itself speaks to the desired lifestyle of these soon-to-be apartment dwellers.”
The agile developer has adapted to recent changes to stamp duty exemptions by offering to cover the price difference for relevant first home buyers during the interim period, retaining the original market launch date for the project.
Growland engaged young-gun architecture company, Kavalleris Urban Design, to design the project, briefing their team to ensure that unique and intelligent design principles were integrated from the façade through to the finer interior details.
With an emphasis on creating a new community hub, Victoria Square will be home to over 3,000sqm of retail space, including premium hospitality and retail offerings.
Residents will also have access to Australia’s first aerial outdoor track, as well as a pool, state-of-the- art-gym, 3000sqm podium skypark and private cinema. Proving the developer’s commitment to the residents, all amenities will be developed in the first phase of the project.
Set to commence construction in mid-2018, the first tower at Victoria Square will encompass 240 one, two and three-bedroom apartments across 23 levels.