The first stage of Footscray’s new $600 million landmark project, Victoria Square, is providing one of the last remaining opportunities to enter the popular inner ring suburbs at an affordable price.
This is the first release since the highly-anticipated project received masterplan approval in 2016, under its previous name, Joseph Place. The first tower is offering 61sqm one-bedroom plus study apartments at $298,000 – well below Melbourne’s median price for a one bedroom unit, which according to CoreLogic currently sits at $330,000.
According to the Real Estate Institute of Victoria, Melbourne’s median unit price rose to over $585,000 in the December 2016 Quarter. As prices shoot up in Melbourne’s north, south and east, attention is turning towards Melbourne’s western suburbs.
Footscray, in particular, is rapidly transforming into a vibrant, activated area; highly desirable to first home buyers and astute investors that are recognising the inherent opportunity in its location.
Research by think tank Urbis states Footscray has seen the lowest median unit price but the highest annual unit price growth over the last decade when compared with other suburbs in Melbourne’s inner ring such as Brunswick, Richmond, and Yarraville.
Ronald Chan, CEO of Growland, the developer behind Victoria Square, says as affordability becomes an increasingly pressing social issue, projects such as Victoria Square are a vital piece to solving the puzzle as they provide achievable price points for first time buyers.
“The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living,” said Chan.
“It is vital that the next generation has access to quality homes, with considered, long lasting architecture, but at a price that is achievable in relation to today’s median household incomes.
“Young people also need to be able to live at a reasonable distance to where they work. Melbourne’s employment precinct has traditionally been concentrated to the CBD, meaning the inner ring suburbs are incredibly important to Melbourne’s future growth.”
Despite the project’s affordability, Growland says it is committed to providing deeply considered, quality architecture that supports the lifestyles of its residents.
Designed by young gun architect, Billy Kavellaris of Kavellaris Urban Design, the first tower will be home to a mix of one, two and three bedroom dwellings, with a curvilinear architectural language that reflects the cadence of the iconic Maribyrnong River.
Sweeping panoramic windows wrap around the dwellings, offering views of Melbourne’s cityscape, Flemington Racecourse and Port Phillip Bay from all the internal spaces.
The building embodies next generation design, with intelligent apartments that are created for long term living. All dwellings are generous in size, with one bedroom apartments starting from a lavish 61sqm, and close attention has been paid to the efficiency of space. Considerations of maximum natural ventilation and clever storage reflect the most forward thinking approach to design.
Kavellaris says the core of KUD’s approach is to engage in conscientious design as a foundation, to deliver unique and intelligent architecture to meet the end user’s needs.
“Victoria Square presented the opportunity to design a truly unique precinct, adding significant value to the urban character of Footscray as it transforms into the future,” said Kavellaris.
“While a project on this scale necessitates keeping the overall vision front of mind, it is the little considerations that will truly invite its residents to call it home – from the quality finishes to the open plan living, the custom joinery, and feature tiles.
“Each touchpoint provides an opportunity to connect with the living space.”
The open, flowing energy of interiors is furthered by the large sweeping panoramic windows, which continue from the living spaces to the bedrooms and through to the bathrooms. The continuity of the internal material palettes between the spaces communicates a coherent design and enhances the generous size of each apartment.
Victoria Square’s first tower of 240 apartments will be housed over 23 levels, sitting atop the precinct’s retail laneway and the heart of the development. The retail offering will be delivered in the first stage of the roll out and house over 3000sqm of retail space including boutique hospitality and premium retail amenity.
Also delivered in the first stage will be Victoria Square’s unparalleled first-class communal amenity, including Australia’s first and only Olympic-sized aerial outdoor track. A residents’ pool, gym, and cinema complete the suite of offerings for an active and modern lifestyle.
Victoria Square will also give residents the opportunity to entertain friends and family atop the 3000sqm podium skypark with Melbourne’s cityscape as the backdrop.
The project is only 3.9km to Melbourne’s CBD, and a nine-minute train ride to Southern Cross Station, making it the perfect home for residents commuting to the city or surrounding suburbs.
One bedroom residences at stage one of Victoria Square start from $298,000. Two bedroom and three bedroom residences start from $425,000 and $579,000 and 68sqm and 86sqm respectively.