MAB’s gamble in Melbourne’s north pays off
MAB’s gamble on developing apartments and offices at University Hill in Melbourne’s north is paying off, with strong public interest causing the developer to bring forward the release of the second stage of the Lochmore Apartments and also the release of the next commercial office building.
“Our sales figures demonstrate there is a strong the demand for contemporary residential living options and high quality office accommodation, particularly due to the unique concept MAB has created here at University Hill,” Project Director for University Hill Jason Wood said.
“MAB’s vision for University Hill is shared by owner occupiers and investors with many purchasing because they see strong returns and long term growth for their investment.
“Residential property prices in Bundoora are the fastest rising in the Diamond Valley area, increasing by 28.7 per cent last year.”
“University Hill is attractive because of its mixed use concept with many amenities within walking distance and because its located off Plenty Road and within easy reach of the Metropolitan Ring Road.
We’re offering a contemporary way of life with all the benefits typically assiociated with inner Melbourne living within tranquil natural surrounds. With the mixture of retail and commercial activities employment opportunities are growing which is attractive to residents seeking the live, work, play lifestyle.”
University Hill’s first apartments, the Florey Apartments, sold out off the plan in just three days in July 2007. Stage 1 of the second offering, the Lochmore Apartments, went on sale in November 2007 and all of this first release sold out.
With such strong demand, MAB has now brought forward the release of Stage 2 of Lochmore Apartments to Wednesday 5 March. Along with the next residential release, a second office building will be on the market in April to further address the strong demand for quality office accommodation in Melbourne’s North.
Designed by award winning architect Rothe Lowman, Stage 2 of Lochmore Apartments will offer 51 apartments including studio, one and two bedroom offerings. The apartments have attractive modern exteriors with high quality finishes inside, as well as balconies or landscaped courtyards.
Located on a premium site next door to Peppercorn Park, residents will be just a step away from cycling and walking tracks and a thriving town centre which contains a Coles supermarket, cafes, restaurants, numerous shops as well medical and childcare facilities. This is to soon be complemented with Brand Junction, MAB’s outlet centre, comprising 80 retailers due to open its doors mid-late 2008.
MAB Corporation has turned traditional master planning on its head by developing University Hill’s services and amenities in advance of the residential and business precincts being fully populated.
Construction on Florey Apartments is expected to be completed in November this year, while construction on both stages of the Lochmore Apartments will start in May.
University Hill is a billion dollar integrated, mixed use development in Bundoora, offering residential living alongside a town centre, business park and retail shopping. It is set in a tranquil natural environment with sweeping views towards the Yarra and Dandenong Ranges.