Louise Melbourne hits 70% sold
Louise Melbourne, the striking Samuel Property-developed, Cera Stribley-designed apartment project just off Albert Park, has hit a major milestone.
The 16-level development, which launched last year, is now 70 per cent sold, after a strong run of sales in the first half of 2023.
Blair Property Group's Darren Blair, who is exclusively marketing Louise, says the majority of apartments have been snapped up by downsizers.
"Every purchaser from level 10 and above is a downsizer," Blair says.
"They picked up all of the big apartments on the sought-after north west corner, which will offer the best views in the building."
Blair says there was a big run of sales to downsizers and owner-occupiers toward the back end of last year, and that's spilled into 2023.
"Buyers are starting to see some positives in the market in 2023", Blair notes.
"There's also a large cohort who are wanting to completely exit the rental market, as prices continue to trend upwards."
The diverse product mix in Louise, a mix 89 one, two and three-bedroom apartments, has seen a diverse number of buyers come through the door.
Blair has said investors are slowly starting to come out of the woodwork, primarily from overseas, as local investors wait to see the RBA's next move.
The development team, led by prominent developer Samuel Property, are also well advanced in their construction phase. They're hoping to start demolition of the block of 1950s flats on the 1224 sqm site in March, with the aim of commencing construction on Louise in May.
Well regarded builder Hamilton Marino will be in charge of construction.
"They're a well versed builder with a good name in the market, which will breed further confidence for buyers," Blair added.
Prices start at just over $500,000 for the one-bedroom apartments in Louise Melbourne, and $719,500 for the two-bedrooms.
Aptly named Louise, the site is situated on the north-west corner of Louise Street and Queens Lane, and is a nod to the surrounding art deco architecture, blending 1920's design charm with the sensibilities of modern urban living.
There's extensive resident amenity in the building. A swimming pool, which is located beneath a distinctive skylight, forms the heart of a wellness centre, which also features a steam room and a landscaped outdoor terrace that wraps around the communal areas.
There's also a bookable private dining room, which comes with a fully-equipped kitchen, and a private lounge area, which has been designed as a space for more informal get-togethers.
Samuel Property, who since being founded in 2009 by its current Managing Director Illan Samuel, have predominantly concentrated on the high-end boutique owner-occupier market in some of Melbourne's most affluent suburbs.
Their last two projects have been Willow, just 14 apartments in Brighton, and most recently Edition in Toorak, on the dress circle Lansell Road, which has just three house-sized residences.
They have just received approval for 91 apartments across two five-level buildings on Phillip Island.
