A developer has added another 100 apartments to its 600-apartment development in a bustling suburb.
Keystone Property Group will add another 100 apartments to its planned 600-apartment development in Footscray, five kilometres from Melbourne’s CBD.
“We will work closely with [the] council to come up with an iconic design which will enable us to provide a significant number of apartments that we can sell for under $500,000. The Buckley development next door accommodated 102 apartments on a smaller site,” said Keystone director Ray Evans.
“It's a very attractive price category for investors. Where else in Melbourne, five kilometres from the CBD, can you buy a brand-new, 75 square metre, two-bedroom apartment for $500,000? The answer is nowhere,” said Mr Evans.
Keystone expects the development to sell out well before its expected completion. The current start date, pending council approval, is late 2017.
“First-time investors, as well as occupiers, love this type of product. Investors are especially happy with the solid capital growth and 4 to 5 per cent rental returns. We sold the previous two projects at 90-92 Buckley Street and 27 Victoria Street before completion and I've no doubt we will do that again,” Mr Evans said.