Friday, 02 June 2006
Hamton Property Group, has announced the launch of its latest residential project ‘Malvern Grove’ (mgv), the first medium sized apartment development in the affluent suburb of Malvern for 15 years.
Located off Malvern Road (on the former MECWA site in Elizabeth Street) the $30million mgv comprises 67 apartments across four separate buildings ranging between two and three levels in height.
The project will be the second large scale residential project to be released under the Hamton banner which is jointly directed by well known Victorian property specialists Steve Buxton and Paul Hameister.
The duo have engaged award winning architects SJB to design the apartment project which has been designed to follow a significant land fall across the site allowing the designers to emphasise the distant views of the Dandenong Ranges and retain a unique and private identity.
Hamton Joint Managing Director, Steve Buxton said mgv’s interior and exterior design is stylish and elegant with quality classic fittings and fixtures ensuring a very high standard of workmanship will be obtained throughout the development securing the long term value of the property.
Named after trees known to the Malvern area and set to be planted on the site, Whitecedar (10 apartments), Magnolia (20 apartments), Maple (16 apartments) and Elm (21 apartments); offer distinctive designs to suit market segments, each with its own frontage and private garden or terrace.
Tract Landscape Architects have worked closely with Hamton and SJB to create a landscape plan that aims to accentuate the reputation of Malvern as a ‘leafy suburb’ with generous extensive landscaped gardens, large private courtyards and interlinking walkways.
One of Australia’s leading property consulting firms, Charter Keck Cramer, recently conducted an independent property analysis that found that the most desirable characteristics for property capital growth included:
Mr Buxton said mgv is fundamentally positioned for strong capital growth not only because of the quality of the product, but also because of the lack of available opportunities to purchase apartment living in this premium area.
“ Research collated by Charter Keck Cramer has clearly identified a massive undersupply of apartment offerings in Malvern with only 31developments offering 10 or more dwellings in the past 15 years, averaging two apartments per year.
“ Unlike other areas in and around central Melbourne, Malvern has not been inundated by an oversupply of apartment buildings. Malvern is also enjoying strong capital growth with research showing a capital appreciation rate of 12 per cent last year when most other suburbs were flat. This in our view strongly underpins the blue chip value of mgv.
“ Buyers that have been strapped to find quality apartment style opportunities in Malvern will finally find what they’ve been searching for,” Mr Buxton said.
“ mgv will suit buyers across the board and initial interest has ranged from 30-something city-based professionals to local empty nesters.
“ This is the only offering of its kind currently in the Malvern area and it seems there is very little planned for the market in the near future highlighting the exclusivity of this development.”