Steller

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Melbourne developer Steller has collapsed into receivership.
Steller had a reported $4 billion-plus worth of residential and commercial projects in the pipeline with a number of high-profile development vendors and acquisitions across Melbourne.
The decision comes a few days after their stalled $80 million joint development of the <a href="https://www.urban.com.au/expert-insights/investing/100517-sorrento-s-stalled-conti-hotel-listed-for-sale" target="_blank">Conti Hotel in Sorrento</a> (above) hit the market. It is owned by hotelier Julian Gerner who bought it from the Di Pietro family in 2015. 
Gerner had embarked on a $150 million end-value restoration and redevelopment before Steller bought into the project in 2017.
Stellar was founded in 2006 by Simon Pitard and Nicholas Smedley who dissolving their partnership and selling all undeveloped assets.
Financial trouble has been cited as the likely cause.
Credit fund manager OCP Asia, who provided funding to Stellar, appointed receivers McGrathNichol Restructing to secure their position, the Australian Financial Review has reported.
The Australian reported OCP lent around $120 million. Sydney-based fund manager Atlas Advisors also lent to Steller. Atlas Advisors has advised it was not a principal lender but ran bespoke funds built to cater for the differing appetites of investors.
"The receivers are undertaking an urgent financial assessment of the assets under their control," McGrathNicol partner Keith Crawford said in a statement.
"We'll be working constructively with all stakeholders, including financiers of individual properties, to secure the best possible outcome for all parties."
OCP Asia said they will support the assets during the receivership process, providing "additional funding to ensure the assets can be maintained while options for recapitalisation, development and/or disposal are explored".
Based in Caulfield East, Steller had projects in nearby Carnegie and Bentleigh and recently completed developments in Glen Huntley and Hawthorn East. 
Guy Hedley, the executive chairman at Atlas, has since publication of their involvement, noted "Steller is going through a process of dissolving its partnership.”
“However Atlas is confident the matter will be resolved and a recovery acceptable to our investors will be achieved.”
The Age has reported Atlas placed caveats last month on a series of properties owned by Steller or the subject of Steller property developments.
Atlas has caveats over a development site at 12-18 Craig Street, East Keilor, a series of houses on Riversdale Road, East Hawthorn, the Parkdale private hospital at 152 Como Parade West and properties in Bittern, Hastings and Mornington.
 
 
 
 
 
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jrobinson-rf4aSBido9

Melbourne developer Steller falls into receivership

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Laila in Carnegie, Steller’s latest apartment development has incorporated a new ‘flexible space’ product into it's one bedroom apartments.
Located at 7 – 11 Belsize Avenue, all Laila one-bedroom apartments now include a flexible space component which allows purchasers to choose between incorporating a butlers pantry, study or nursery into the floor plan.
With the addition of this space, one-bedrooms are now 54 to 70 square metres.
According to James Cirelli, Steller’s Project Sales &amp; Marketing Director, this product offers an affordable way for purchasers to add value to their homes while adapting to their own individual requirements.
“Design expectations for off-the-plan developments continue to rise as buyers become savvier about their home and how it needs to function. This flexible space component opens up a world of possibilities for our Laila first home buyers, downsizers and expecting families,” said Cirelli.
With 35 one, two and three-bedroom apartments across four levels, Laila has been designed by architects Ewert Leaf.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/14/Steller%202.jpg" alt="">
Alongside its expansive one-bedroom apartments, two-bedrooms range from 69 to 100 square metres and three-bedrooms from 125 to 138 square metres.
Cirelli said that Laila caters to the evolving needs of the modern buyer, who want to be close to cafés, shops and recreational facilities.
“Steller’s approach to development is community-centric and we recognise that buyers are now considering a multitude of factors in their purchase, including aesthetics, interior design, location, amenities and community,” he added
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/14/Steller%203.jpg" alt="">
“The flexibility of Laila’s location allows for unrivalled access to coveted school catchment zones. Iconic Caufield Racecourse is just 10 minutes away and offers a range of family- friendly and sporting events throughout the year.”
“Close proximity to nearby Koornang Park and Lord Reserve is an added bonus for Laila residents who can enjoy a weekend stroll or spontaneous family picnic,” he said.
The Laila display suite is now open and prices start from $550,000.
Steller’s flexible space component has also been incorporated into its recently launched Maude Residences at 7-11 Maude Street, Cheltenham and Sora at 13-15 Hamilton Street, Bentleigh.
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j.ballantyne1990-6AQqhLzZaK

Laila in Carnegie development adds 'flexible spaces' to its one bedroom units

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Melbourne's south-east apartment market is set for a major boost with Melbourne developer Steller launching three projects in two weeks across Carnegie, Bentleigh and Cheltenham. Urban.com.au is currently tracking Steller's project pipeline valued at over $4.2 billion, which includes its first high-rise foray in South Melbourne, working alongside longtime collaborator architect Ewert Leaf. Already the partnership has yielded hundreds of apartments across Melbourne's South Eastern suburbs.

Steller also recently commenced construction on the first stage of its $80 million Continental Hotel redevelopment in Sorrento. The major redevelopment will re-imagine the 143-year-old icon as a luxury accommodation, wellness, recreation, entertainment and dining destination, with the heritage hotel restored as a leading hospitality and events establishment, along with the addition of three new proposed interconnecting buildings, which will include premium hotel rooms and a wellness centre including a day spa and gym.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/continental_hotel-sorrento.jpg" rel="gallery-all" title="Work has commenced on the $80 million Continental Hotel development in Sorrento. Images: Supplied"><img alt="" class="image-article-full-width-580px" height="186" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/continental_hotel-sorrento.jpg?itok=TeJIBVrR" title="Work has commenced on the $80 million Continental Hotel development in Sorrento. Images: Supplied" width="580"></a>

<figcaption>Work has commenced on the $80 million Continental Hotel development in Sorrento. Images: Steller</figcaption></figure>Steller's trio of new apartment developments are all located within maturing apartment markets which are well serviced by public transport and within close proximity of retail strips, schools and supermarkets. Carnegie and Bentleigh in particular have benefited from the Victorian Government's Level Crossing Removal program which included the reconstruction of the respective stations, removing the conflict between rail and vehicle, while easing congestion.

Additionally, the three projects align with Steller's strategy in the south-east of delivering low-rise developments of around 30 apartments which are well designed and offer residents a high level of amenity.

<h2><a href="https://www.urban.com.au/projects/laila-residences-7-11-belsize-avenue-carnegie">Laila - 7-11 Belsize Avenue, Carnegie</a></h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/am18-21_lailaresidences_domain_living_1920x1080.jpg" rel="gallery-all" title="Laila, Carnegie. Image: Steller"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/am18-21_lailaresidences_domain_living_1920x1080.jpg?itok=tkYZj0lK" title="Laila, Carnegie. Image: Steller" width="580"></a>

<figcaption>Laila, Carnegie. Image: Steller</figcaption></figure>Located within the heart of Carnegie, Laila comprises 35 apartments across four levels, within walking distance of the Koornang Road retail and dining strip, green open space and the recently rebuilt Carnegie Station. The project also capitalises on its proximity to Chadstone Shopping Centre and Monash University’s Caulfield campus, both just just five minutes’ drive away in either direction.

Ewert Leaf's design for the exterior of the building allows it to sit comfortably within the low-rise streetscape. Employing a neutral palette of contrasting shades and highly textured materials, Laila is articulated as a series of buildings rather than one singular mass, with the upper level setback and designed to be visually recessive. The built form has also been designed to maximise privacy while minimising overshadowing to adjoining properties.

Laila's mix of one, two and three-bedroom apartments, each come with one or two bathrooms, and private outdoor spaces which seamlessly connect to the interiors, with large windows providing living areas with ample natural light and ventilation. The interiors feature timber flooring throughout, while kitchens are appointed with sleek black ILVE appliances and shaker style cabinets.

<h2><a href="https://www.urban.com.au/projects/sora-13-15-hamilton-street-bentleigh">SORA - 13-15 Hamilton Street, Bentleigh</a></h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/steller_sora_bentleigh_digital_assets_domain_premium_project-gallery_photos_1920x1080px_012.jpg" rel="gallery-all" title="Sora, Bentleigh. Image: Steller"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/steller_sora_bentleigh_digital_assets_domain_premium_project-gallery_photos_1920x1080px_012.jpg?itok=O5VI-U7x" title="Sora, Bentleigh. Image: Steller" width="580"></a>

<figcaption>Sora, Bentleigh. Image: Steller</figcaption></figure>Ewert Leaf are once again the architects behind SORA, a four-storey low-rise of 27 apartments located 15km from the Melbourne CBD in Bentleigh.  Providing a mix of larger one, two &amp; three bedroom apartments, SORA has been designed to appeal to professionals, couples and families.

Situated within walking distance of Bentleigh Station, SORA also benefits from its proximity to Coles, Target, and the Centre Road retail strip which provides an array of essential services and amenity. A number of green spaces are also located within a short walk.

SORA's exterior is characterised by its tiered form, and combination of timber, brick and textured concrete with planters and vegetation providing green flourishes on the facade. The building is expressed as two forms to respond to the built form along the Hamilton Street and to minimise its impact on the streetscape and surrounding properties.

Internally, SORA comes complete with ILVE kitchen appliances and much like Laila, shaker-style cabinetry and natural timber flooring. In keeping with the desire to provide apartments with natural light and ventilation, large windows have been provided which also allow for a green outlook and seamless transition to the outdoors.

<h2><a href="https://www.urban.com.au/new-apartments/maude-7-11-maude-street-cheltenham">Maude - 7-11 Maude Street, Cheltenham</a></h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/steller_mc_maude_street_cheltenham_digital_assets_domain_premium_project-gallery_photos_1920x1080px_01.jpg" rel="gallery-all" title="Steller's Maude is set to launch in the next week. Image: Steller"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/steller_mc_maude_street_cheltenham_digital_assets_domain_premium_project-gallery_photos_1920x1080px_01.jpg?itok=dXB56Mya" title="Steller's Maude is set to launch in the next week. Image: Steller" width="580"></a>

<figcaption>Steller's Maude is set to launch in the next week. Image: Steller</figcaption></figure>Set to launch to market in the next week, this four-storey building comprising 34 apartments has been designed by regular Steller collaborators, Ewert Leaf. Look out for Urban.com.au's feature on Cheltenham's development pipeline including Maude next week.
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Laurence Dragomir

A Steller showcase in Melbourne's south-east

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Steller's intended development of a low-rise South Melbourne corner site has taken another step closer to fruition with Ewert Leaf producing a new design for 200-204 Wells Street.

What shapes as the first high-rise for both developer and architect is also set to continue the very well established relationship between the duo. The partnership has yielded hundreds of apartments over numerous sites predominantly across Melbourne's South Eastern suburbs.

Steller landed the South Melbourne plot after it was offered for sale via a Lemon Baxter campaign during late 2017. The sale came after approval was granted during June 2017 for an Artisan Architects-designed tower containing 174 apartments.

That scheme included a Gross Floor Area of 21,857 square metres over 20 levels.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image154_1.jpg" rel="gallery-all" title="Lemon Baxter's sales image for the Wells street site"><img alt="" class="image-article-full-width-580px" height="347" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image154_1.jpg?itok=3stxkgms" title="Lemon Baxter's sales image for the Wells street site" width="580"></a>

<figcaption>Lemon Baxter's sales image for the Wells Street site</figcaption></figure>Reflective of a number of pending residential towers surrounding Steller's site, the apartment balance has been reworked to better suit current market conditions. The approved 174 apartments are likely to shrink to 84 according to Ewert Leaf, split between 36 single, 36 double and 12 triple bedroom apartments across its 18 levels.

The nearby <a href="https://www.urban.com.au/new-apartments/the-eighth-8-palmerston-crescent-south-melbourne">8 Palmerston Crescent</a> for Crema Group also spans 18 levels and consists of only two and three bedroom apartments. 

The apparent dramatic reduction in Steller's Wells Street apartment numbers can also be attributed to the inclusion of commercial office space and a marked increase in space associated to amenities. Ewert Leaf note the tower's Net Saleable Area as at 6,907 square metres, equating to an average apartment size of just over 82 square metres across 84 apartments.

200-204 Wells Street finds itself on the eastern border of South Melbourne, and is within walking distance to the under construction Anzac Station. The area is becoming increasingly popular with developers owing to its location and abundance of relatively modern low-rise buildings suitable for redevelopment.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1-3-596x727.jpg" rel="gallery-all" title="Ewert Leaf's first high-rise project in the making"><img alt="" class="image-article-full-width-580px" height="707" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1-3-596x727.jpg?itok=CP1gP6dy" title="Ewert Leaf's first high-rise project in the making" width="580"></a>

<figcaption>Ewert Leaf's first high-rise project in the making</figcaption></figure>Ewert Leaf describes the project as follows:

<blockquote>
The development comprises 84 apartments, 3 levels of office space and 2 levels of shared communal facilities for the residents of the building. These communal facilities include hotel style offerings of pool, day spa, lounges, café, restaurant and private dining options. 

The podium features angled concrete planes, which are glazed or clad with a perforated mesh, creating an undulating form which wraps the corner site and draws your eye around the building.

To emphasise the slenderness of the tower, the form has been broken down into concrete frames which wrap a number of levels, creating a simple and unified form. The concrete is further utilised in a ribbed pattern on the east and west facades.

Perforated mesh screens to the balconies create winter gardens and enable residents to use these spaces all year.
</blockquote>

200-204 Wells Street is Steller's first high-rise pursuit in a catalogue of developments that reaches past 50.

Currently, Urban.com.au is tracking 30 developments under the Steller umbrella. The Wells Street tower aside, other sizeable pending projects for the developer include <a href="https://www.urban.com.au/projects/13-15-chesterville-road-cheltenham">Chesterville Road</a>, <a href="https://www.urban.com.au/new-apartments/13-15-taylor-street-moorabbin">Taylor Street</a> and Elsternwick's <a href="https://www.urban.com.au/new-apartments/233-247-glen-huntly-road-elsternwick">Glen Huntly Road</a>.
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silvermb

Steller and Ewert Leaf combine for a reworked South Melbourne apartment tower

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Steller's hefty portfolio of current residential projects continues to tick along, as the developer pursues another multi-level development in Moorabbin.

Sited at 13-15 Taylor Street, the pending project would account for a JAX Tyres outlet, and is a continuance of Steller's preference for apartment projects across Melbourne's South Eastern suburbs. Submitted for approval is a 10-storey mixed-use building created by Steller's in-house design team; a move that sees the developer's long favoured architecture firm Ewert Leaf overlooked on this particular project.

In store are 71 apartments across the 1,254 square metre site which holds a frontage of 30 metres to Taylor Street.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image48_10.jpg" rel="gallery-all" title="13-15 Taylor Street. Planning image: Steller"><img alt="" class="image-article-full-width-580px" height="594" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image48_10.jpg?itok=fn_jFFia" title="13-15 Taylor Street. Planning image: Steller" width="580"></a>

<figcaption>13-15 Taylor Street. Planning image: Steller</figcaption></figure>Steller has veered away somewhat from their stock-in-trade of large two and three bedroom apartments with 13-15 Taylor Street, electing to add 15 studio apartments into the mix. Not often detected through the Urban.com.au Project Database, the addition of studio dwellings may well be reflective of the target buyer Steller has in mind.

Studio apartments are supplemented by 52 dual bedroom and 4 triple bedroom apartments within the proposal.

3 retail outlets amounting to 268 square metres, an office of 320 square metres and 86 car parking spaces are present across the design's lower levels.

At 32.6 metres in height, the application's east and west facades are its design highlight featuring white angular balconies contrasting against a black background. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_6532_0.jpg" rel="gallery-all" title="The Taylor Street site with Steller's 11 Central to the rear"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_6532_0.jpg?itok=5G0mgJmb" title="The Taylor Street site with Steller's 11 Central to the rear" width="580"></a>

<figcaption>The Taylor Street site with Steller's 11 Central to the rear</figcaption></figure>This particular pocket of Moorabbin is beginning to receive a heightened degree of residential activity, as suitably sized sites are secured by developers.

First off the rank was PPHA and MAB Corporation's joint 7 level project fronting South Road, followed by Milbex's 10 level Elenberg Fraser-designed apartment project at 6 Station Street Moorabbin.

Most recently completed was Steller's initial high-density project in this pocket of Moorabbin dubbed 11 Central. Settled during 2016, the seven-level buildings is diagonally opposite the Taylor Street development site.

In the event that Steller's latest project gains approval, it would sit next to a Shangri-La Constructions-controlled approved development of 52 apartments at <a href="https://www.urban.com.au/new-apartments/moor-17-taylor-street-moorabbin">17 Taylor Street</a>.
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Steller dips back into Moorabbin

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Elsternwick may potentially receive a new tallest building as Steller's latest project hits advertising, revealing a Ewert Leaf-designed mixed-use scheme for 233-247 Glen Huntly Road.

A prompt turnaround of the site is on the cards, with Steller simultaneously revealing that they were the purchaser of the site and lodging the project with City of Glen Eira during July. The 2,340sqm site which also fronts Ripon Grove was secured by the prolific developer for $25 million.

233-247 Glen Huntly Road would usurp the completed <a href="http://www.plusarchitecture.com.au/portfolio/element/">Element</a> development nearby at 221-229 Glen Huntly Road as Elsternwick's tallest contemporary development.

<h2>233-247 Glen Huntly Road application summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image10steller.jpg" rel="gallery-all" title="Rendered perspective from street level. Planning image: Ewert Leaf"><img alt="" class="image-article-full-width-580px" height="380" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image10steller.jpg?itok=YZ3PwXe8" title="Rendered perspective from street level. Planning image: Ewert Leaf" width="580"></a>

<figcaption>Rendered perspective from street level. Planning image: Ewert Leaf</figcaption></figure><ul>
<li>Currently onsite: Commercial tenancies and a dwelling</li>
	<li>Proposed: 12 level building at 41.4m in height</li>
	<li>117 apartments: 2 x 1BR, 111 x 2BR, 4 x 3BR</li>
	<li>Apartment size range: 64sqm - 143sqm</li>
	<li>2 retail tenancies: 974.8sqm combined</li>
	<li>1 office tenancy: 896.7sqm</li>
	<li>Provision for 172 vehicles &amp; 127 bicycles</li>
	<li>Communal roof terrace</li>
	<li>Anticipated cost of development: $39.45m</li>
</ul>
<h2>A new iteration</h2>

Steller's current aspirations for 233-247 Glen Huntly Road are not necessarily groundbreaking in that VCAT has in the past endorsed a similar-sized scheme for the site.

During 2011 consent was given for a building rising up to 10 levels and containing 141 apartments. That scheme also included the adjoining church on Ripon Grove which was to have been converted into an additional 21 dwellings, although the church which is described as having architectural and social importance by Heritage Council Victoria is not included within the current application.

233-247 Glen Huntly Road falls under an urban renewal zone within the <a href="http://file:///C:/Users/silvermb/Downloads/Draft-Elsternwick-Structure-Plan.pdf%5C">Draft Elsternwick Structure Plan</a>, allowing this and adjoining sites to receive intensified development.

According to the development team, the current scheme has been designed to comply with relevant planning overlays.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image15ghr.jpg" rel="gallery-all" title="Aerial rendered perspective. Planning image: Ewert Leaf"><img alt="" class="image-article-full-width-580px" height="384" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image15ghr.jpg?itok=qKow4kur" title="Aerial rendered perspective. Planning image: Ewert Leaf" width="580"></a>

<figcaption>Aerial rendered perspective. Planning image: Ewert Leaf</figcaption></figure><h2>Steller's next wave</h2>

Steller's move on Elsternwick coincides with the news that they are the recent purchaser of St Kilda's former Greyhound Hotel site.

Picking up the vacant block for $7.5 million, Steller may well redesign the approved plans from eight levels into a seven level mixed-use project including 37 apartments and two retail spaces. Addressed 1 Brighton Road, Savills recently handled the marketing campaign for the 911sqm site which included approved plans devised by Terry Harper Architects.

Both Elsternwick and St Kilda reinforce Steller's push into Melbourne's inner south-eastern corridor, following on from the developer's purchase earlier this year of a permitted 20 level tower at 200-204 Wells Street in South Melbourne.

That site holds approval for an Artisan Architects-designed tower of approximately 200 apartments, after being sold via Lemon Baxter earlier this year.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image12_13.jpg" rel="gallery-all" title="St Kilda and South Melbourne were both purchased with approved schemes."><img alt="" class="image-article-full-width-580px" height="204" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image12_13.jpg?itok=h3d38G58" title="St Kilda and South Melbourne were both purchased with approved schemes." width="580"></a>

<figcaption>St Kilda and South Melbourne were both purchased with approved schemes.</figcaption></figure>
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Steller seeks a new Elsternwick high point

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...prolific apartment developer Steller.

Provided you're in the right suburb, chances are when you peer over your back fence you'll be looking at a Steller project under construction.

The Carnegie-based outfit has made a habit of targeting suburban Residential Growth Zones with low-rise apartment projects - and very successfully. Steller has no less than 22 projects currently within the Urban.com.au Project Database; based on database entries alone they are a veritable quantum leap ahead of the next.

Steller's upswing can be attributed to a number of factors. Primarily, the developer focuses on 3-5 level apartment buildings across Melbourne's southern and eastern suburbs where owner-occupiers are currently all the rage.

Working generally within the 20-40 apartment band per project, two and three bedroom options rule to roost. Single bedroom apartments few and far between.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image27_6.jpg" rel="gallery-all" title="Bentleigh is the epicentre of Steller's project map"><img alt="" class="image-article-full-width-580px" height="348" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image27_6.jpg?itok=LrIb8Ru9" title="Bentleigh is the epicentre of Steller's project map" width="580"></a>

<figcaption>Bentleigh is the epicentre of Steller's project map</figcaption></figure>The slant toward oversized apartments in suburbs which are currently in favour sees Steller log 21 projects within the Urban.com.au Project Database which are either at Registrations &amp; Sales or Under Construction. Undoubtedly the developer has more up their sleeve as well which have yet to reach the public realm.

The sum of all Steller listings within the Urban.com.au Project Database amounts at 781 apartments; 36 apartments per project on average, or still well under any of a handful of individual inner city's super towers under construction which carry in excess of 1,000 apartments.

Steller's success has also passed down to their architect of choice, Ewert Leaf. The South Melbourne practice sees a healthy proportion of their database listing attributed to Steller apartment projects.

Steller's increased project exposure flows from the developer's relationship with two key partners, namely APN Property Group and OCP Asia. 

In partnership with APN, the duo have cemented a development partnership which will <a href="http://apngroup.com.au/fund/apn-steller-development-fund/">develop 223 apartments over six medium density projects</a>. Insight is given by APN Property Group as to why their partnership (and by default Steller) is so successful. The manageable size of each project allows for an altogether nimble approach to development. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image28_4.jpg" rel="gallery-all" title="Bentleigh's Vickory and Hall Street, Cheltenham"><img alt="" class="image-article-full-width-580px" height="240" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image28_4.jpg?itok=4zmu7PcS" title="Bentleigh's Vickory and Hall Street, Cheltenham" width="580"></a>

<figcaption>Bentleigh's Vickory and Hall Street, Cheltenham</figcaption></figure>Medium density projects with a fast turn around and lessened inherent risk, located in Residential Growth Zones surrounding public transport is the order of the day, and a recipe for success.

The Australian <a href="http://www.theaustralian.com.au/business/property/steller-group-gets-asian-equity-boost/news-story/35cdf02c518251a72e6b5dfbdbaa846c">reported mid this year</a> that OCP Asia as Steller's second partner will provide finance to multiple apartment developments in the pipeline; roughly $800 million worth of apartments across ­Melbourne’s south eastern ­suburbs will benefit from the agreement.

With the sheer volume of projects Steller has on the go, one thing's for sure...they will keep the Urban.com.au Project Database ticking over for some time to come.
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