This article is from the Australian Property Journal archive
MAB Corporation has launched construction of its HarbourOne tower in its NewQuay Docklands precinct, which has just passed the 1000 apartments milestone.
The Lord Mayor of Melbourne Cr Robert Doyle was at the launch of the $180 million, 22-level H1 tower, which went to the market in late 2008, just months before the GFC, and is now 100% sold.
Managing director Andrew Buxton said H1 was a milestone in the development of the 24-hour-styled Docklands village precinct as it brings total apartment numbers to 1039 in the past 10 years.
He added that buyers purchased 310 apartments and 10 studio offices with 400 residents to move in late 2011 boosting the NewQuay population from 1500 to almost 2000 people.
Aimed at the entry point of the Docklands market – the top price was $980,000 with an average price of around $550,000 and an entry of $320,000 – the building has appealed to young professional First Home Buyers, investors and owner-occupiers.
Designed by Plus Architecture, the development is in the heart of the NewQuay and is due to be completed in December 2011.
Buxton said 2010 also marks a decade since MAB Corporation first won the right to develop NewQuay and the sale of the first apartment in the Arkley tower.
Buxton said the Eastern Precinct of NewQuay will be completed in 2012-2014 with more than $1 billion invested in the precinct to date. There is currently more than $300 million of construction underway to add to that total.
Earlier this year, MAB Corporation launched its Quay Park Townhouses which have sold out.
Australian Property Journal
