Approx 8 km North of Melbourne’s CBD Coburg is one of the Victorian Government’s designated Activity Centres set for major redevelopment as part of the Melbourne 2030 metropolitan Strategy Melbourne Tops Nation in Growth; Biggest Population Surge Since the 1980’s Melbourne is experiencing its biggest growth surge…with its population now increasing by almost 1,000 a week… Front page The Age Wednesday 28th Feb 2007 “We see the markets generally as being fantastic over the next 10 years, due entirely to population growth… We’re on the doorstep now of the strongest decade that we can imagine” Scott Keck Managing Director Charter Keck Cramer Property Valuers and Consultants Australian Financial Review, 15th January 2007 CONTENTS executive summary overview location coburg significant investment & renewal booming residential market media investment potential EXECUTIVE SUMMARY project name developer Valad Property - together with its joint venture partner The Aberdeen Group what’s on offer 259 Apartments with 9 studio apartments, 81 one bedroom apartments & 169 two bedroom apartments with either one or two bathrooms & a car space for every unit distance from CBD Approximately 8 kms north address Pentridge Piazza, Coburg, Victoria architect Rothe Lowman: Award Winning medium sized practice www.rothelowman.com.au building composition - Cutting edge contemporary architecture not seen before in Coburg - Standing 18 stories high & set to become the landmark of the north - Composed of two sections connected by the three car parking levels & internal walkways - All apartments come with an included car park & there are 242 bike racks price range Studios from $210,000 One bedrooms from $255,000 Two-bedroom from $315,000 anticipated rental 1 bedroom $270 – $310 per week 2 bedroom $310 - $350 per week 2 bedrooms, 2 bath + study $380 – $420 per week key features strong location within 8 kms of the city not yet offered to the market environmentally sustainable design considerable stamp duty savings significant depreciation allowances property management TBA closer to completion estimated completion date 2010 deposit requirement 10% of purchase price with nothing further to pay until completion interest on cash deposits Interest incurred on the 10% cash deposit shall accrue for the benefit of the purchasers & shall be paid at settlement deposit bonds Acceptable OVERVIEW In2money is delighted to offer AIR in this pre-market release. AIR will sit in the south eastern most point of Valad’s Pentridge master planned community in Coburg. Set within a 4,600 metre unique parcel of land & surrounded by the historic bluestone walls of Pentridge, the finished building will offer unrestricted & spectacular views in a southerly direction to the CBD, the Dandenongs in the east & across Merri Creek & its associated parklands to the north. AIR apartments will have their official street address on Pentridge Boulevard, a new public road that will connect Sydney Road & Bell Street. Set for completion in early October 2010, Pentridge Boulevard will place AIR residents within two minutes walk to the city bound trams of Sydney road & within a 30 second drive to Bell Street & its link to the eastern suburbs & CityLink a four minute drive to the west. Once at the entrance to CityLink you are free to choose to drive to Docklands, the CBD & beyond. LOCATION Coburg is located approximately 8km north of Melbourne’s CBD, presiding in the City of Moreland bounded by the well known suburbs of Pascoe Vale to the west, Brunswick to the south & Preston & Thornbury to the east & Fawkner to the north. Coburg is one of Melbourne’s most well known suburbs renowned for its village like atmosphere. The main commercial hub is the precinct between Coburg railway station & Sydney Road. The strip comprises of approximately 250 shops including a small indoor market & several supermarkets along with a vast array of retail outlets to service the suburb’s day to day needs. Coburg is one of the Victorian Government’s designated Activity Centres set for major redevelopment as part of the Melbourne 2030 Metropolitan Strategy. The suburb is serviced exclusively by public transport including trains, trams & buses. In fact, Coburg residents are one of the lowest car users in Melbourne. Major arterials such as the Tullamarine freeway, CityLink & the Western ring road are all within close proximity to the suburb allowing commuters uninterrupted access to Melbourne’s north, south east & west. Coburg is also known for its cultural diversity with a third of its residence from overseas origin. This is supported by a diverse array of multicultural dining & retail amenity available within the local community. There are also an abundance of educational facilities within Coburg including several primary & high schools. Some of Melbourne’s most prestigious universities are all within a short stroll, tram or train ride from the heart of Coburg including The University of Melbourne, Royal Melbourne Institute of Technology & Monash University. Seen from the outside, AIR is the tallest & most striking building in Coburg destined to become a major landmark of the north for years to come. But what’s also clear is that it is also environmentally conscious. To ensure AIR treads lightly on the planet, you’ll find green building principles incorporated throughout the apartments. Crowning the building’s summit, AIR’s futuristic wind turbines make both a powerful architectural & environmental statement, generating electricity for the common areas. Each apartment includes recycled rainwater for flushing, water efficient tapware, energy efficient appliances & low voltage downlights. Thermal chimneys induce cross flow ventilation for the apartments. On the windows, double glazing & glazing coefficients reduce summer heat gain & winter heat loss. An advanced solar boosted gas hot water system also helps reduce the buildings carbon footprint. It’s nice to know AIR’s beauty is more than skin deep, delivering the kind of feel good factor that our planet so deserves. COBURG – EXPERIENCING SIGNIFICANT INVESTMENT & RENEWAL Over the next decade, Coburg is set to undergo extensive urban renewal after Moreland City Council confirmed the release of 12 hectares of state & council owned land within central Coburg. Known as the Coburg initiative, a number of the country’s largest developers have submitted expressions of interest to undertake the redevelopment. The Coburg initiative is estimated to include over $1 billion worth of investment & will include a revamp of the Coburg town centre & railway station, as well as the construction of 1,500 new dwellings & 65,000 square metres of additional retail & commercial floor space. The initiative has been created in order to promote Coburg as a principal activity centre in the state government’s Melbourne 2030 plan which sets out a plan for sustainable growth in the metropolis. A BOOMING RESIDENTIAL MARKET The announcement of Moreland city council’s redevelopment plans for Coburg coupled with a general demographic towards inner city living has spurred property prices in Coburg to burgeon. Over the past decade the Coburg median house price has increased by an astonishing 237% from $153,500 to $517,500. More recently, in the year to March 2008, the median house price increased by a staggering 32.7%. Due to the same premise, apartment prices have also risen dramatically in Coburg recording a total growth of 230.5% over the past decade from $118,000 to $390,000. Strategic planning coupled with Coburg’s rich history & enormous investment being injected into the suburb will result in a total rejuvenation of an elderly buzzing suburb. Consequently the increased amenity & infrastructure will be able to support & stimulate an increasing demand for residential property as Coburg continues to become one of the most vibrant suburbs in Melbourne. BRW HOT PROPERTY BRW / July 31 – September 3, 2008 Identified as a hot spot by Terry Ryder. “Coburg, in the northern suburbs & Footscray, in the west, have good prospects because they are close to the CBD & are reasonably cheap after being overlooked in the past price cycle.” “Melbourne’s overall got very good prospects because its got the strongest population growth of any city in Australia, mainly because of overseas migration.” “BIS Shrapnel’s Angie Zigomanis says that Melbourne is ‘more of a steady as she goes kind of story. Affordability is not too strapped, but it’s not necessarily undervalued either” Terry Ryder INVESTMENT POTENTIAL (a) Capital growth The late 1990s ushered in a five year boom that saw house prices double in most parts of Melbourne. The median house value increased from $140,000 in 1998 to $375,000 by the end of 2003. median Coburg’s current median price is well above Melbourne’s overall median value of $430,000 and it is placed well-placed to take full advantage of the cyclical upturn which Melbourne has now entered. According to the latest census data (2006) Coburg has a total population of 23,722 increasing by 1.3% rthermore from the previous year. Furthermore population is forecast to increase to approximately 29,655 people by 2021. This equates to a total population increase of 21.9%. Over this same period the average persons per household size is forecast to decrease from 2.55 persons per household to 2.41 pers household. (b) Vacancy & rental rates Over the past year Melbourne has experienced a 25 year low in vacancy rates that for inner Melbourne 08). (0-10 km) stands at 0.9% (Apr-08). Record population growth has been the main driver of these unprecedented lows which indicate the strong demand for rental properties within inner Melbourne. significant Critically low vacancy rates of recent times are expected to place significant upward pressure on rental rates over the short to medium term. Since 2000, the median rental rate in Coburg for a two bedroom apartment has increased by over 66% & over the last quarter alone rents have increased from $230 to $250 per week. (c) Outlook Having already begun a journey of gentrification, Coburg along with a number of Melbourne’s inner northern suburbs is undergoing a period of renewal, backed by Moreland City Council, the State Government & some of Australia’s largest developers. Strategic planning for increased amenity & infrastructure will stimulate & support an increasing demand for residential property as Coburg continues to attract families drawn by the diverse array of amenities & strong community values as well as a new generation of professional couples & individuals working in the CBD & Melbourne’s north. Furthermore, with rental rates expected to increase significantly over the short to medium term coupled with significant capital improvements in the area through the Coburg Initiative, Coburg is set to relish its newly found status.
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