Keystone offer investors guaranteed rental yield at new Footscray apartment development Ovation

The Melbourne developer Keystone Property Group is offering investors in their new Footscray apartment development Ovation a guaranteed five percent yield for two years following the development’s completion this time next year.

Investors have been creeping back into the property market in recent months, with investment activity across Victoria up 13.7 per cent in March.

Footscray ranks highly as an attractive investment proposition, with $1.2 billion committed to infrastructure, as well as the $1.5 billion investment granted to the redevelopment of the Footscray Hospital, where works began earlier this year.

The western suburb is tightly held, with a vacancy rate of just one per cent, compared to the wider Melbourne vacancy rate of 1.9 per cent.

Population in Melbourne’s west is also forecasted to rise by 180 per cent between 2016 and 2041.

The Buckley Street development of 131 apartments designed by KUD has a walking score of 90, located just 300 metres from Middle Footscray Station, a tram which is less than 15 minutes in to the Melbourne CBD. Nearby there’s also the popular restaurant and bar strips of Victoria Street and Barkly Street.

Ovation will likely be appealing for student renters given its proximity to the nearby Victoria University, ranked in the top two per cent of universities in the world by Times Higher Education magazine. Just over 50 per cent of the popular of Footscray are aged between 20 and 39, considered to be an ideal renter demographic.

Keystone are also offering investors a free blinds package for their apartments.