Diversified property group Pellicano has received approval for a $53m mixed-use project set to feature 95 apartments, a communal residents’ terrace and vibrant retail space in the rapidly evolving Melbourne suburb of Oakleigh.
The seven-storey development will be an iconic return to Pellicano’s roots where the company completed its first residential project over 46 years ago – twelve solid brick apartments in Oakleigh Street, Oakleigh. According to research think tank, Urbis, Oakleigh’s median apartment price has grown by 5.4 per cent per annum over the past ten years, surpassing the 5.1 per cent growth per annum achieved by greater Melbourne. The suburb’s population is growing by 1.2 per cent per annum indicating the healthy demand for Oakleigh’s lifestyle.
Pellicano Managing Director, Nando Pellicano, said the group’s newest development incorporates all the key drivers for an in-demand product.
“Pellicano focuses on three main drivers for every project – quality design, in-demand location, and quality residential and lifestyle amenity,” Pellicano said.
“The site for Alke is located on Atherton Road within Oakleigh’s retail precinct, just two minutes from Eaton Mall where the vibrant Greek community spills out into the communal seating area and you can enjoy some of the best Mediterranean food Melbourne has to offer.
“The suburb is significant for Pellicano. We are proud to be returning to an area with such a rich culture and established heritage.”
The suburb’s strong local community and multi-cultural heritage influenced the design of the Alke, which renowned architects SJB geared towards the local first home buyer and downsizer market.
Contributing to the strong demand from the owner occupier market is the suburb’s proximity to education, employment hubs, and entertainment along with a strong, established infrastructure.
“The site offers great connectivity to wider Melbourne being within a two-minute walk to bus access, and a five-minute walk to the Oakleigh train station. It also has direct access to major arterials such as Dandenong Road, Warrigal Road and the Monash Freeway,” said Pellicano.
Alke will present a four-storey frontage to the street, with a retail tenancy at ground level creating an opportunity to add to the already vibrant street life. Oakleigh’s lively energy is also proving attractive to renters with Urbis reporting a 17 per cent growth in rented apartments over the last five years. The area has a strong demographic of residents aged 20-39, including young professionals and students attracted by the accessibility to the inner city and education institutions. This has resulted in a steady appreciation of median weekly rents over the past decade of 5.8 per cent per annum.