Investors signal market comeback at Osprey Safety Beach apartments
The rarity of the recently completed apartment development Osprey, located in Safety Beach on the Mornington Pensinula, hasn't been lost on savvy property investors.
Around 30 per cent of enquiry on the 18 two and three-bedroom apartments have come from investors, Projects by Buxton Director Heath Thompson says.
Investors have been particularly attracted to the rental guarantee offered by the builder-developer Figurehead. This guarantee ensures that buyers purchasing for investment purposes will receive income upon settlement, until a tenant is secured.
Enquiry data from Urban.com.au shows the three-bedroom apartments, priced at $1.08 million and $1,495,000, have proved the most popular.
Osprey is ideally located to draw a tenant on a good yield. It sits just 150 metres from the Martha Cove Marina as well as Martha’s Table, a popular local dining and retail destination.
Martha's Cove is also a growing community, which is typically indicative of future compound growth, making it appealing to investors.
Osprey won the national award for Small Scale Development of the Year at the 2024 Urban Developer Awards. It was designed by Wolveridge Architects who prioritised natural light, ventilation, and a coastal aesthetic, ensuring the apartments meet the lifestyle expectations of its occupants.
A special ‘lightwell breezeway’ serves as the entrance to every home, providing cross-ventilation and security.
The building sits on a prime elavated site which means there are significant views to Mount Martha and Red Hill.
The modern kitchens are well-equipped with Fisher and Paykel appliances and brushed nickel fittings.
Thompson says while investors have shown a lot of demand for the apartments, there is a large pool of buyers who are looking at it as a 'liveable investment'.
"Osprey offers the perfect lock and leave option for those living in Melbourne who want a weekender on the Mornington Peninsula but without the maintenance," Thompson says.
"These types of buyers might not use it all the time, and will explore holiday letting opportunities when it's not in use."
The most active buyers so far have been those who have a close relationship with the Mornington Peninsula.
"Local downsizers who either live in the immediate area, or those who have large landholdings in some more remote areas of the Mornington Peninsula who want to be closer to the water, have been the most active buyers so far, Thompson says.
