Melbourne-based property developer Hamton, in a joint venture with Gersh Investment Partners, today announced its $31 million redevelopment of the Brighton Bowling Club into an exclusive development of 46 luxury townhouses, to be named Baymarque.

Paul Hameister, Joint Managing Director of Hamton, said that Baymarque’s quality design, location and price will spur demand from young professionals and down-sizing baby boomers wanting to gain or retain a foothold in this much sought after affluent inner Bayside location.

“The two and three-level townhouses at Baymarque, situated on one of the last major land development sites in the suburb, will sell between $610,000 to $810,000; well below Brighton’s most recent median house price of $1.6 million,” Mr Hameister said. “It really is the most affordable opportunity to buy quality product in this exclusive area.”

Baymarque will occupy a prime location in Male Street, less than 100 metres from Bay Street’s restaurants, cafes, bars, cinema, supermarket, retail boutiques, recreational facilities and many other amenities. It is also just a three-minute walk to North Brighton railway station, close to some of Melbourne’s best schools, and within walking distance to Brighton Beach.

Designed by renowned architects Rothe Lowman, the two or three-bedroom townhouses (with two or three bathrooms) will be an outstanding example of contemporary coastal design incorporating environmental sustainability.

The majority of townhouses will achieve a six-star energy efficiency rating and include solar hot water, water efficient fittings, energy efficient public lighting, environmentally-sensitive building materials, integration of storm water management into landscaping design and “green” purchaser options, including rainwater tanks.

The townhouses will also feature first floor living areas, open plan layouts, spacious bedrooms and the highest quality finishes, fixtures and fittings, including Miele appliances.

Research undertaken by strategic property consultants Charter Keck Cramer shows that there is “limited supply of contemporary townhouses throughout Brighton”.

“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.

Mr Hameister said: “The Brighton project is likely to have strong investor appeal, with its townhouses priced competitively with apartments in the area, but in contrast to apartments, offering freehold land title and potentially superior returns.

“Median weekly rents in Brighton remain well above 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 Brighton generally attract rental rates of between $400 and $450 per week, while new two-bedroom townhouses generally attract rental rates of between $500 and $550 per week.

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

Hamton gained control of the half hectare site in July 2006 and recently secured a planning permit for the proposed development. Site works are planned to start in July this year with completion expected at the end of 2008.