Florey apartment flourish in Bundoora
The first release of residential property at MAB Corporation’s University Hill $1 billion mixed-use development has sold out.
The recently released Florey apartments have sold to a mix of investors and owner-occupiers since being first offered to the market last month.
MAB Senior Development manager Jason Wood said many of the buyers were from the Bundoora area and saw good value and proximity to the city via ease of access to arterial road links and public transport.
“We have had an overwhelming response … they have all sold since their initial release in mid-May,” Mr Wood said.
“This sales success is proof that we are answering local market needs. Apartments have not been attempted before in an area that is largely devoted to house and land packages,” Mr Wood said.
Covering 104 hectares and positioned on the corner of Plenty Road and Western Ring Road, University Hill is situated at the start of Melbourne’s northern growth corridor.
Its residential precincts will ultimately accommodate up to 3000 residents upon completion in 1000 high-quality homes, apartments and townhouses. The Florey apartments offer a unique lifestyle opportunity that perfectly blends urban living in a suburban setting.
“The position of Florey apartments within the development is a strong attraction for those wishing to reside here,” Mr Wood said.
“They are within close proximity to the Town Centre and their elevated position provides residents with superb views of the nearby Plenty Gorge and over the surrounding Diamond Valley towards the Yarra Ranges and Dandenongs,” Mr Wood said.
Florey apartments are also ideal for those seeking the investment benefits of buying in on the ‘ground level’ of a new residential development that is surrounded by established suburbs and amenities.
Catering for a variety of buyer needs, Florey apartments ranged from studios to two-bedroom plus study loft apartments – including storage, undercover parking, secure access and balconies or landscaped private gardens.
Selling agent Adam Renouf from Oliver Hume said the north-west was experiencing pent up demand for apartments.
“This is traditionally an area of family homes, but well designed apartments with proximity to services sell well,” Mr Renouf said.
“They have been a breath of fresh air for the area – it is Lygon Street in the suburbs,” he said.
Second home buyer Rachel Catherine Helliar said:
“The total package of the development and all that it offered was a much more attractive and appealing choice than other apartments in the area that I looked at. I am a local and was familiar with the convenient location; the easy access to the city and major transport routes was a major influence on my decision to purchase a Florey apartment at University Hill.
The Florey apartments offer a unique atmosphere and lifestyle together with the convenience of low maintenance apartment living. I am very much looking forward to moving in and enjoying the facilities”.
Investors Geoffrey and Wendy Costello were attracted to the opportunity to purchase one of the first residential offerings at University Hill. “What a tremendous development University Hill is and we feel that the Florey apartment we purchased will prove to be a sound investment. The convenient location, proximity to services and extensive parklands provide a unique lifestyle option in Melbourne’s North.