Melbourne based property developer, ICD Property, is continuing its rapid expansion into the residential market with the announcement of a new joint venture to develop a $30 million apartment project in Hawthorn.
Purchased in 2010 from a private owner, the site will be transformed into a six-level development comprising 51 one, two and three bedroom apartments aimed at the owner-occupier market.
ICD Property has teamed up with local developer, ANGLE, to deliver the project, which is located on a high-profile site on the corner of Power Street and Burwood Road.
ICD Director of Operations and Development manager, Sal Quah, said this is the first venture with the respected design-focused developer that has extensive experience in developing Hawthorn sites, following ANGLE’s sell-out success at Luton Lane.
“We’re excited to be working together with ANGLE to deliver our fourth multi-residential apartment development positioned in one of Melbourne’s best performing inner-city suburbs.
“Our strategy has always been to ensure we collaborate with forward-thinking businesses and this opportunity to partner with ANGLE appealed to us due to the developer’s success in the area,” said Quah.
ANGLE Director, Lachie Gibson, said ICD Property’s proven track record and like-minded passion for delivering beautiful yet well-designed functional apartments fuelled the collaboration.
“Our like-minded approach to development has reinforced this partnership where we’re looking at ways to work together and extend our capabilities,” said Gibson.
The pair has curated a talented design team comprising Stokes Architects, Studio You Me and Urban Commons to deliver the apartment project, known as Maple, boasting magnificent views across the city skyline.
Flexible living spaces will be a highlight feature of the development along with custom pieces commissioned specifically for this project; free-standing island benches and in-situ baths; to match the individuality of its residents.
Quah added that Maple’s position in one of Melbourne’s top performing areas, with a median house price of $1,307,500 that is over double the state’s average, will provide savvy buyers an entry point into this highly sought after suburb.
“Maple addresses a gap in the market for three bedroom configurations – it’s hard to find in Melbourne’s market.
“This apartment model provides access to families through to downsizers to maintain a sound investment while ensuring they have access to the best lifestyle choices at their doorstep,” said Quah.
Maple is ideally located close to some of the best local amenities including Hawthorn Train Station, IGA supermarket, numerous cafes, parklands, recreational facilities and shops.
Prices will start from $420,000 and range up to $1.15 million.
The project will launch in April with construction scheduled to commence mid-2015.
Maple is located at 121 Power Street, Hawthorn with the display suite open to the public from 11 April.
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