Hamton

Display Suite Opens

With construction of the ‘Abito’ apartments in Fitzroy nearing completion, developer Hamton (formerly Buxton Development Projects (BDP)) has announced the opening of a permanent on-site sales suite to manage the resurging apartment sales inquiries.

With construction due for completion by September this year, Abito is set to provide buyers with much needed stock adhering to evidence of a serious apartment undersupply in the inner northern suburbs according to Charter Keck Cramer research.

Located at 69 Victoria Street, close to the intersection of Brunswick and Johnston Street, Abito has been created by award-winning architect Jackson Clements Burrows to combine innovative design with contemporary apartment living ranging in price from $350,000 - $599,000.

Abito comprises 35 apartments built over seven storeys in Manhattan-style towers with most featuring excellent city views and finished in varying tones of a unique red lime- wash.

Joint managing director for Hamton, Steve Buxton said the market is primed for action, with a serious lack of new apartment stock clearly evident in Fitzroy, Abito will provide owner occupiers and investors alike a much needed source of quality real estate.

“ The market is clearly gaining strength, our nearby project in East Melbourne, Tribeca, is showing rental increases of 10-15 per cent and Fitzroy is traditionally a more popular location with less product on offer.”

According to Hamton’s sales and marketing manager Cameron Yates, Abito’s new sales suite, located on the ground level on Victoria Street, will provide potential buyers with the opportunity to secure immediate viewings and access to more detailed information about the apartments.

“ We were driven to open the on-site sales office to provide buyers, whether owner- occupiers or investors, with the chance to experience the unique qualities of Abito first- hand and the rapid improvement in the apartment market, our timing couldn’t be better.”

Apartments are available in a variety of one bedroom, one bedroom with study or two bedroom layouts and many featuring balconies and larger living spaces while each apartment comprises a secure car parking space.

In addition, the building will include a ground floor level café which is currently under construction and due for completion in the coming weeks. The café is seeking tenant enquiries with a proven strong trading history.

Recent research by independent property analysts, Charter Keck Cramer, shows low stock and low vacancy rates in Fitzroy. Mr Yates believes these factors are the key drivers of interest in the area’s property market.

“ Fitzroy is home to a significant proportion of young high income earners making Abito the ideal location for owner occupiers.

It is also a very popular area for the rental market due to its proximity to the CBD, schools, universities and lifestyle opportunities and with a severe shortage of rental stock in the Fiztroy area Abito is an investor’s dream location with higher than average rental yields.

He said the already strong owner occupier sales (90% sales to date) for the project is evidence of a market resurgence but moreover is proof Fitzroy remains one of Melbourne’s most popular locations to buy and live.

“ The investor market has regained its strength especially in these inner city fringe locations such as Fitzroy that have strong well established infrastructure and culture that will never lose its value,” Mr Yates said.

“ Add to this the lack of apartments currently being marketed or built in Fitzroy and you have a very attractive environment for investors and owner-occupiers alike.”

Mr Yates urged people eager for a sneak preview of the Abito apartments or those interested in the café potential should come down to the display suite this weekend.

Over 50 per cent of Abito has already been sold with quality opportunities remaining and settlements due in September this year.

The on-site sales centre is open from Wednesday, Saturday and Sunday from 1pm to 3pm.

For further sales information please visit www.abito-fitzroy.com