This article is from the Australian Property Journal archive
R.CORPORATION, known for its upmarket developments, is venturing into low cost housing with a project in North Melbourne.
R.Corporation has yet to submit a development approval application, but is seeking to redevelop a 8,252 sqm site it had purchased yesterday for $7.06 million.
The land is bounded by Buncle, Mark and Sutton Streets in North Melbourne is one of the few remaining large residential sites on the edge of the CBD.
The site is within close proximity to the CBD, parklands, sporting facilities, Citylink, Melbourne University, RMIT and Melbourne’s major hospitals.
“We are broadening our business model while still maintaining R.Corporation’s long held commitment to design, culture and lifestyle. This project will provide an affordable urban housing option for lower income earners,” R.Corporation’s chief executive Andrew Rettig said.
“With housing affordability a serious issue for a growing number of Australians, R.Corporation is keen to be able to offer low and middle income Australians access to quality housing in convenient locations,” he added.
The vacant land was previously occupied by Willow’s manufacturing facility, (producers of coolers, bakeware and food storage containers) until it moved to Tullamarine in 2003.
Planning for the North Melbourne project will start immediately, with construction expected to commence in 2008.
In addition, R.Corporation has also lodged a planning application for an upmarket $100 million residential development in South Yarra and has recently completed the $260 million custom-built Australian headquarters for General Electric, at the highly innovative Botanicca Corporate Park in Richmond.
Australian Property Journal
