An Update on Serrata and the Docklands Community

July 5, 2010 § Leave a comment

Inset: Graphic design of proposed Serrata Interiors by Vivas LendLease

An ongoing discussion between LendLease and the Docklands Community continues regarding their new development called ‘Serrata’.

The Serrata apartment tower is set to take shape at 815 Bourke Street, and will be a 15-level, 144-unit complex, between Victoria Harbour and the Yarra River. A Vivas Lend Lease representative says the development provides an opportunity for Generation Y “first home buyers” with a desire for city living to get into the market. One bedroom apartments are priced from $385,000.

Vivas Lend Lease say they have been encouraged by the council to build more residential developments at Victoria Habour. Community members and purchasers of Montage and Mosaic (also by Vivas Lend Lease) feel that the Serrata apartments were not described adequately to them, and that mis-representation over the nature of the new block had occurred.

According to the Docklands News, Director of Lend Lease Hugh Martin has said that the system of approvals for new developments in Victoria is flawed. When asked why Lend Lease did not consult the community earlier, Mr Martin said that ‘You can’t display a master plan until it is approved’.  He re-iterated that it was a Government-driven site, and that consultation needed to primarily be with the Government initially. It sounds like the old dilemma of chicken – before – egg in the case of the Victoria Habour development.

What do you think of Serrata? Will it be deleterious to the quality of lifestyle and value of apartments at Montage and Mosaic? J.C Street eagerly look forward to the unveiling of the master plans for this development.

 

 

Financial Review – Mosaic Docklands

June 7, 2010 § 2 Comments

The Mosaic – 801 Bourke Street, Docklands

Sharn Swann presents an annual rundown on all the activity essential for Mosaic owners to know.

A $40 million boutique, nine storey residential development on Bourke Street, is the latest addition to Lend Lease’s 30 hectare Victoria Harbour waterfront development. The Mosaic offers a choice of one bedroom plus study, two bedroom apartments and three bedroom penthouses, as well as six, two-storey, three bedroom plus study terrace homes. All are generously sized and feature secure off street parking, conveniently located bulk storage and high quality finishes. The layout of the apartments has been designed to ensure that every one has a view of the city and Docklands Park to the east. While the two and three bedroom apartments boast dual aspects with views east over parks to the city skyline and west to the sunsets over Victoria Green. These dual aspect apartments have been designed to make the best possible use of the abundant natural light and deliver all the advantages of cross ventilation.

The Mosaic, Docklands

Top Sale in Last Year: 94/801 Bourke Street $949,500 3 bedroom

Bottom Sale in Last Year: 23/801 Bourke Street $501,000 2 bedroom

Number of  Transactions at Mosaic: 5

Number of Auctions at Mosaic: 1

Number of Auctions Sold at Mosaic: 1

Average Sale Price at Mosaic: $715,188

Sales for Past Year:

94/801 Bourke Street $949500 3 bedrooms

21/801 Bourke Street $746000 2 bedrooms

15/801 Bourke Street $660000 2 bedrooms

23/801 Bourke Street $501,000 2 bedrooms

64/801 Bourke Street $618,000 2 bedrooms

61/801 Bourke Street $735,000 2 bedrooms

Rentals for Past Year:

42/801 Bourke Street $550 per week 1 bedroom

23/801 Bourke Street $485 per week 2 bedroom

68/801 Bourke Street $550 per week 2 bedroom

75/801 Bourke Street $600 per week 2 bedroom

94/801 Bourke Street $800 per week 3 bedroom

77/801 Bourke Street $450 per week 2 bedroom

78/801 Bourke Street $580 per week 2 bedroom

Body Corporate:

The body corporate for this building is TEYS.  They are a large body corporate management firm who manage many high density buildings.

Amenities:

There is also a thriving retail element at Docklands, which provides great convenience and appeals to many of the owners and tenants in the block. Restaurants such as Live Bait, Berth and Mecca Bah have a cult following, as does the new super-supermarket Costco. A new shopping precinct featuring many well loved stores and the impending addition of Myer add to desire for leasing accommodation who work at Docklands. There is great parking facilities onsite for visitors, and wonderful proximity to Etihad Stadium. Employers such as NAB and ANZ have also moved their sizable workforces to the Docklands precinct, making growth from the corporate sector a sure thing.

Demographics:

Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. Most purchasers at Mosaic are professionals who work locally in the CBD. There are a few owners and investors country who utilise their apartment as a ‘lock up and leave’ second home. There are investors also who lease privately or through serviced apartment arrangements.

For in depth information on the history of Docklands, click here

Developer: Vivas LendLease

Number of Apartments in Block: 64 apartments and 6 townhouses.

Construction Nearby Underway:

The Southern Star Skywheel is in construction, and will likely mimic a London Eye style tourist attraction. VicUrban are currently constructing a development named Convesso Concavo.

Forecast for the 2010-2011 Financial Year:

We envisage that continuing owner occupier interest and buying power will keep the market buoyant in Docklands for the first half of 2010. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the plus $500,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. Mosaic offers a unique buying opportunity in a blue chip neighbourhood which should cushion it from too many market fluctuations. For further information on this, or any other property needs you may have, please contact:

Sharn Swann p) 9600 4988 or e) sharn@jcstreetrealestate.com.au

Serrata Docklands – Will it go ahead?

May 10, 2010 § Leave a comment

 

Lend Lease and Victoria Harbour residents don’t seem to be looking eye to eye over the developer’s proposed 15-storey residential tower in Bourke Street.

Recently a community meeting was faciliatated by Teys Strata Management with key stakeholders present. The body corporates of the Mosaic and Montage have suggested that they were misled by Lend Lease when purchasing their own investments several years ago. They claim they only ever expected low-rise community living.

Lend Lease say that the State Government wanted more inner-urban dwellings built, and as such encouraged Lend Lease towards higher density building. Lend Lease representative Ben Coughlan did show residents plans and drawings of the proposed development.

It will be called Serrata and will be constructed nearby to the Montage and Mosaic apartments. It will be a suggested 15 storeys, housing approximately 144 apartments. Most of the apartments will be one bedroom units without carparking.

The price range is intimated to be between $385,000 and $750,000.

This will be an interesting development to watch – previously Docklands was very much a ‘whiteboard’ without a community to consult – a developer’s dream you’d probably say. Now however, Docklands has developed into a thriving community – a community which wants its opinions and voices heard.

Disclaimer: This article is written to inform but is a personal opinion only. No information herein should be used to make any financial decisions or otherwise based upon.

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