Monno sell 50 per cent of Geelong's Stella Maris
Late last year MONNO Projects launched its once-in-a-generation development, Stella Maris, on the outskirts of the Geelong.
Stella Maris, set on a prime three-acre waterfront block in Rippleside which had been owned by the Sisters of Mercy and the MacKillop Family Services for over a century, has provided a new form of living in the growing area.
Recognising the rarity of the project and the quality of the development team, the distinctive project is already 50 per cent sold, which MONNO Senior Development Manager CJ Koay says is an incredible achievement in the current market.
Urbis calculated in their Q1 2023 report that only five per cent of available stock on the market in Melbourne sold in the first quarter of 2023, the lowest sale to available stock percentage across the country. Comparably Sydney saw nine per cent of its available stock sell, and the Gold Coast and Brisbane closer to 20 per cent.
Koay attributes Stella Maris' success to the project's uniqueness.
"It's an unrepeatable project in an unrepeatable location," Koay says, adding that they could have made the project denser, but to create a luxury product such as Stella Maris, part of that is the landscaped surroundings and generous space within the grounds.
The project comprises 52 apartments and three townhouses across four striking buildings designed by Rothelowman. At the heart of the development is St Helens Estate, an 1848 stately mansion with a contemporary rear addition on a 3,000 sqm subdivided allotment designed by Carr, complemented by landscape design from Acre. The once-in-a-generation residence is slated for a very exclusive release Q4 2023
"We've brought our expertise in curating and delivering quality development to Geelong, and matched that smarts and attention to detail with a location which will be incredibly difficult to replicate, and that's resonated with buyers," Koay added.
The majority of buyers at Stella Maris, particularly those securing the higher-priced stock, have come from the local area, something which Koay said the team had anticipated when they were putting the plans together.
"The majority of buyers have been the mature downsizers from Geelong and the Bellarine Region, as well as those on acreage who have lived and worked further away from a city hub. Now they want to be closer to the action, while also having the added bonus of being on the water."
Monno's big sales milestone will soon be followed by commencement of demolition and early works in the coming weeks, which Koay says will no doubt see the remaining stock in the development sell out well before it’s forecasted mid-2025 completion date.
"Stella Maris has managed to buck the trend of the current market in reaching these milestones, a testament to the quality of our offering which is a confidence booster for our customers and prospective buyers,” Koay says.
Geelong is quickly establishing itself as Melbourne's second CBD, and with newly gazetted planning controls which facilitates development activities, the forecast population growth is expected to see nearly 400,000 residents call the Geelong region home in the next two decades, a 40 per cent increase from the current population.
Traditionally the Mornington Peninsula has been the weekender playground for Melburnians, but Koay says Geelong and the surrounding areas are now offering a different prospect for those looking for something near the water.
"Geelong offers a an exciting proposition, where downsizers and seachangers can have the best of both worlds, living near a growing city without the density compared to Melbourne, whilst also being on the water and at the gateway to Great Ocean Road and the surf coast regions."
