Projects by Crema approach completion of South Melbourne apartment development, The Eighth
Office and apartment buyers at The Eighth, the Domain Precinct mixed-use development by Projects by Crema, are set to take possession of their properties in December.
The 18-level Elenberg Fraser and Kennon-designed building next to the new Anzac Station comprises eight half-floor strata offices, hospitality tenancies and 36 owner-occupier apartments ranging from 128 sqm to 750 sqm.
Projects by Crema Managing Director Nicolas Crema says everything about The Eighth, from the design of the building typologies, to the integration of uses, to the operations and future management - has been highly considered to create a building for the ‘future state’.
"The Eighth is a benchmark project for us, and sets in motion the type of development we want to do going forward” Crema says.
The Eighth has been a long journey for Crema, having initially launched the project in 2019 before COVID hit in 2020.
I always say a good developer is a transparent developer, in good times or bad, and Crema certainly falls into the bracket of a good developer. He was honest in his assessment of what occurred when COVID hit, frequently updating his buyers as to the next steps with the project.
"In the early stages of the pandemic, we really had no read on the economic outlook. As such we were reluctant to start construction not knowing what impact COVID would have on the project," Crema recalls. “The pause in time enabled us to take stock, refine some of the design (including designing out an subterranean automatic car stacking system for a conventional ramped basement), and communicate a revised program to our collective group of purchasers”.
"After resetting a new construction start date 8 months behind our original development program, we went back to purchasers and gave them the option to back out of their contracts and take their deposits if they wished," Crema says.
That level of transparency, and ultimately human interaction which often developers don't have directly with their purchasers, helped Crema retain almost every single buyer. They were happy to wait, because they believed in both the quality of the product that was being built, and Crema's ability to deliver it.
Now the project, near the St Kilda Road precinct on the eastern side of South Melbourne, is all but complete, barring the fitout of the penthouse which will be finished toward the end of Q1 2024.
Crema says The Eighth has offered something for everyone. Speaking on the buyer demographic, Crema says the mix of buyer profiles has been really interesting.
"While the demographic has been all owner-occupiers, we've had everyone from mid-30 young professionals who want to be central to Melbourne, to a couple in their 90s who are arguably the most active buyers we've had.
"The buyers have come from all over. While it was popular with those already in the Domain Precinct, we’ve had buyers from Albert Park, even as far Mt Eliza."
Some buyers will occupy the apartments on a part-time basis, with expat who work in Germany and the US splitting their time between other countries and Melbourne.
It was the same diverse mix of business in the offices below the apartments. Six of the eight half-floor offices have been snapped up by SME business owners and family offices.
As another sign of a commitment to the building, Projects by Crema will be establishing its new office within the building, with the fitout to start in January.
In a further exiting development, Equilibrium, a new holistic corporate wellbeing business, has taken the lease on the whole of the podium level. Across approximately 600 square metres, Equilibrium combines a digital educational platform with a physical facility within The Eighth to encourage habitual change for employees. Opening in Q1 2024, residents of The Eighth will be offered access to Equilibrium through Projects by Crema’s membership.
The ground floor will house an Italian-style eatery which aims to serve both residents of The Eighth as well as the immediate local community. That's also due to open toward the end of Q1 next year.
Crowning The Eighth is the building’s stunning rooftop pool, bar and dining amenity - exclusively for residents and office tenants of the building. With 360 degree views to the CBD, the bay, the Shrine of Remembrance and Albert Park, future occupants of The Eighth will no doubt enjoy socialsiing on Melbourne’s newest rooftop.
There are just a handful of apartments left in The Eighth, which has a maximum of four apartments per floor.
