New Project - Barkly Apartments

10 October 2013

Barkly Apartments - Elwood, Melbourne

 

Approval to construct 24 luxury apartments at 354-356 Barkly St Elwood was granted in local council in July 2013.

The popular bayside locality is highly sought after as it offers a combination of quite attractive leafy streets, nearby busy cosmopolitan cafes and restaurants and direct access to Elwood’s beaches and parks.

With overall responsibility for project delivery, CVC Venture Managers, on behalf of participating investors, has subsequently negotiated and awarded the construction contract to respected Melbourne firm, HamiltonMarino Builders.

Demolition of the two aged homes on the site was completed in early September 2013.

Construction on site will commence in November 2013 and project completion is expected in late 2014.

Investors in this project will retain ownership of the completed asset as part of a long-term build and hold investment strategy.

Given the attractive location of the project and its Northerly aspect, demand on completion from the rental market is expected to be high

The gross realisation value of the project is expected to be in the order of $10m

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