Hamton

Hamton and Gersh launch $34m townhouse development in Sandringham

Melbourne–based property developer Hamton, in a joint venture with Gersh Investment Partners, today announced its exclusive $34 million luxury townhouse project.

The development will be located 200 metres from the heart of Sandringham Village, with its shops,  cafes and the railway station, and situated across the road from the beach. The site, formally known as The Red Bluff Hotel, fronts Beach Road and Masefield Avenue, Sandringham.

Paul Hameister, Joint Managing Director of Hamton, said that the project’s quality design, location and varying price points, will drive demand from young professionals and down-sizing baby boomers wanting the gain or retain a foothold in the popular Bayside location.

Drawing inspiration from Sandringham’s Beach, award winning architect RotheLowman has designed 35 dynamic contemporary townhouses reflecting the constant motion of the adjacent sea.

Featuring a variety of types and sizes the majority of houses feature basement car parking and rooftop terraces with 180 degree views across the bay.

Research undertaken by strategic property consultants Charter Keck Cramer shows that there is “limited supply of contemporary townhouses throughout Sandringham. This shortage of supply of contemporary townhouses, coupled with expected strong growth in rental rates in the area, will underpin moderate price growth in the short-term and stronger growth over the medium term,” its report states.

“Median weekly rents in Sandringham remain well above median metropolitan Melbourne rentals indicating a strong level of demand,” Mr Hameister said. “Our Charter Keck Cramer research indicates that the current rental market for new two-bedroom apartments in Sandringham generally attract rental rates of between $390 and $430 per week, while new townhouses generally attract rental rates of up to $550 per week.

“In addition, Charter Keck Cramer found that townhouses in Sandringham have increased at an average annual rate of 13 per cent per annum over the past 10 years, he said.

Hamton and Gersh settled on the 4,725sqm site in April this year and have recently secured a planning permit for the proposed development.

Sales will commence mid-2008 and Hamton is currently accepting registrations of interest from interested purchasers.

Hamton Property Group:

Hamton is a recognised Melbourne market leader for entrepreneurial and innovative quality property developments in good locations in the inner and middle ring suburbs.

Hamton is an award-winning developer. Most recently, in July 2007, Hamton was named winner of the RAIA Victorian Architecture Award in the Residential Architecture Multiple Housing category, and in December 2006, Hamton won the esteemed UDIA award for Best Medium Density Development in Victoria.

Hamton is owned and operated by Steve Buxton and Paul Hameister and has around 25 professional, dedicated and passionate employees who oversee around $750m worth of current development projects.

Hamton’s operating philosophy is about creating great property, such that we require all of our development projects to outperform in terms of economic viability, good locations, design creativity, environmental sustainability and cultural and community outcomes.

www.hamton.com.au