The Principal: Flemington Road's latest addition
Flemington Road is set to receive another substantial apartment tower, adding to the emerging cluster of residential projects that are taking shape along boulevard.
Property syndication and investment manager Oliver Hume Property Funds is driving the development, which will be known as The Principal. Located at 69 Flemington Road, The Principal joins another nearby Oliver Hume project dubbed Nord at 81 Flemington Road which is well into construction.
The Principal will replace a low-rise commercial building currently across the 1,042sqm site, which also fronts Villiers Street.
67-73 Flemington Road was highlighted by Urban.com.au last year as a project on behalf of Obiter Investments Pty Ltd which was listed as the proponent at the time. Lodged with Melbourne City Council during August 2014, the application gained final approval only last month.
Designed by David Watson Architects, the development carried a nominal value of $40 million and featured 165 apartments (82 x 1BR, 80 x 2BR, and 3 x 3BR) within a 15/16 levels tower reaching 50.29 metres. 115 car parking spaces and 100 bicycle spaces were included over both basement and lower ground levels.
While it is possible that design changes have been made to the initial scheme, The Principal will still contain 162 one, two and three bedroom apartments and two penthouses over 15 levels according to the project website.
The Principal's 164 dwellings will join a handful of new apartment projects fronting Flemington Road. Currently there is in excess of 700 apartments under construction over three separate developments, namely North, Nord and Helio.
Incidentally should The Principal remain true to the above render, it will become the fifth apartment project to front Flemington Road with a black glazed exterior, resulting in a decidedly brooding entry point to Carlton and Melbourne's CBD from the North West.
Future apartment projects set to grace Flemington Road include the recently sold 3-5 Bedford Place and an adjoining 1200sqm site on the Haymarket roundabout which is now with Fortius and Melbourne architecture firm Metier3.
