Melbourne's top four parkside apartment developments under construction and selling in October 2024
In bustling metropolitan cities like Melbourne, the allure of living on a park offers a refreshing respite from inner-city life.
New apartment developments on a park are hard to come by, given the cost of land surrounding a park, much like being beachfront, is typically more expensive.
That's why parkside apartments offer something from both a lifestyle and an investment standpoint, as the lack of abundance of parkside apartments generally speaking means they hold their value, attract more potential buyers, and can yield higher rents.
Parkside apartments appeal to a diverse range of buyers, especially families and pet owners who view the park as an extension of their living space. These developments are often designed to incorporate the natural surroundings, with apartments strategically oriented to maximize views of the greenery, both from inside the homes and on their balconies.
Melbourne is famous for its parks, but a lack of supply means opportunities for buyers are few and far between, with only a handful of new parkside developments coming every year.
We've shone a light on the top four apartment developments currently for sale, and under construction, on some of Melbourne's best parks.
What: Prince & Parade by Mirvac, Brunswick
Where: 701 Park Street, Brunswick VIC 3056
Who: Mirvac
Mirvac's latest parkside apartment development, Prince & Parades proven to be a hit with local buyers from Brunswick, as well as the neighbouring Parkville, Princes Hill, and Carlton.
The parkside location on the 39-hectare Princes Park, home of Carlton Football Club, walking paths, sports grounds, and playgrounds, has been one of the biggest drivers in purchasing.
Designed by Bates Smart in collaboration with Mirvac Design and landscaped by Jack Merlo, Prince & Paradeprises 144 one, two, three, and four-bedroom apartments.
Prince & Parade is also just four kilometres from the CBD and is within walking distance of the historically vibrant suburbs of Melbourne's inner north. It's also just a short walk to Jewell Train Station and Royal Park Train Station.
Early site works have commenced on the development by Mirvac's inhouse construction arm.
What: Maléa, Malvern East
Where: 94 Burke Road, Malvern East VIC 3145
Who: Abadeen Group
Maléa is the first development by the Victorian arm of luxury developer Abadeen, a developer who's name has been synonymous with quality apartment developments across Sydney for the best park of two decades.
Their first development is on Central Park in Malvern East where they've created just seven apartments across a boutique building designed by Ewert Leaf with interiors by Carr.
The Burke Road location will put residents across from the seven-hectare Central Park that is bordered by just three streets, making Maléa an incredibly rare opportunity.
Andrew Leoncelli, who leads the Victoria arm of Abadeen, says they chose the site for Maléa because of its incredible location opposite Central Park in the beating heart of Malvern East.
"We are committed to delivering a project of exceptional quality in this dynamic and thriving community across from one of the great heritage parks moments from all the very best that Melbourne has to offer," Leoncelli says.
Brompton is currently building Malae, which is expected to complete in late 2025.
What: Eblana, East Melbourne
Where: 140-142 Jolimont Road, East Melbourne VIC 3002
Who: PB & Co.
Fitzroy Gardens is one of Melbourne's most well-known parks with historically significant gardens throughout its 26 hectares.
Luxury developer PB & Co. recently revealed Eblana, just four full-floor apartments on Joilimont Road, just 300 metres away from the southern end of Fitzroy Gardens, with Jolimont Reserve and Wellington Park even closer.
The ultra-high-end project will see the redevelopment of the landmark former residence of Young & Jackson publican Thomas Jackson.
Each apartment will have three bedrooms, multiple living zones, winter gardens and study retreats, as well as a fully automated car parking system likened to a James Bond-style parking.
The three-level penthouse, expected to sell for over $20 million, will have views over Fitzroy Gardens and Melbourne's skyline. It will feature a private rooftop terrace and infinity pool, accessed by either an internal lift or a sculpted spiral staircase.
All residents will have access to a fitness centre, landscaped communal spaces for entertaining guests, and a private concierge service.
What: Highett Common
Where: 37 Graham Road, Highett VIC 3190
Who: Sunkin Property Group
While not next to an established garden so to speak, the apartment buildings in Sunkin Property Group's Highett Common will be surrounding by new parks and landscaped pathways.
Four hectares of the large 9.3-hectare block has been reserved for greenery, three of which for a conservation area and one hectare for public parkland.
The design of the open spaces has been inspired by the nature already on the site, says Tract senior principal landscape architect Mariano Lopez.
Highett Common will feature several architecturally designed apartments and townhomes that will home more than 1000 residents, with the buildings arranged so they overlook the parklands.
After great success of the first two stages, Sunkin recently released the third stage of Highett Common. The Mews Collection comprises a trio of buildings with 185 one, two and three-bedroom apartments. The Mews Collection also includes the first luxury apartments within the precinct.
Sunkin Property Group is expecting the first stage of Highett Common to be complete by late 2025.
