This article is from the Australian Property Journal archive
PRIVATE developer DealCorp has sold the final apartments at its $100 million Glenarm Square project in Melbourne’s inner south east suburb of Glen Iris, on a site created from the Victorian government level crossing removal and train station upgrade program.
Slated for completion later this year, Glenarm Square will have 120 apartments along with an 800 sqm ground level retail and commercial plane, complemented by a suite of luxury resident-only facilities, located at the gateway to Gardiner train station.
A mix of first home buyers, young families, professionals and downsizers snapped up the apartments, which were available from $600,000 to $2,300,000.
The project, saw a surge in interest through the pandemic, with buyers eager to capitalize on a lock and leave city residence offering direct access to the Monash Freeway for a 50-minute drive to the Mornington Peninsula, according to Marshall White Projects marketing agent Leonard Teplin.
“In this market, it is rare to see a project of this scale sell out before completion. Buyers have some hesitancy, they want to touch and feel the product. But DealCorp have positioned the project incredibly well, they know their market and they have a strong track record for delivering premium projects.”
The development is the result of DealCorp seeking to repurpose 2,700 sqm of land generated from a level crossing removal and train station upgrade near the corner of Burke and Malvern Roads.
DealCorp executive chairman David Kobritz said the project represented a progressive approach to the re-development and revitalisation of key in-fill sites, particularly in well-renowned locations like Glen Iris where the median house price sits at over $2 million.
“Our aim is to bring low maintenance and affordable living to inner Melbourne. Glenarm Square will be a stand out example of how we can create a project which not only services residents but the wider community,” he said.
“By creating living and vibrant neighbourhoods out of this repurposed and highly valuable land, we can deliver residences in suburbs where demand is traditionally high, and create an alternative solution to the challenge of urban sprawl.”
