Melbourne-based developer Growland has seen its first two-tower stage of Victoria Square, its mixed-use residential project in Footscray, nearly sell out, around two years before its completion.
90 percent of the apartments have been sold.
Growland recently awarded a $130 million contract to Australian builder LU Simon for the construction of the towers, which has officially commenced.
The $600 million Victoria Square project comprises six residential towers totalling 937 apartments and over 5,500 sqm of commercial, retail and hospitality space on Hopkins Street.
Stage three, titled VS03, has just launched to market and will include a boutique collection of just 86 apartments.
Footscray has quickly become one of Melbourne’s most sought-after inner-suburbs for young homebuyers, with District Data indicating the proportion of residents aged 20-39 has increased by seven percent between 2006 and 2016.
These buyers are driving demand for housing and a subsequent shift in the local built environment, with around 282 dwellings currently under construction in the area.
Growland Chairman Bruce Chan says it’s not surprising Footscray is such a hotspot for young buyers.
Footscray is an ideal location for young families, working professionals and first and second home buyers,” said Chan.
“In addition to being just 4km from Melbourne’s CBD, it is a thriving education and employment hub in its own right, which is driving the shift in demographics to younger buyers that want to be close to the action.
“The multicultural community offers an impressive variety of hospitality options and a friendly and vibrant atmosphere.
“It’s incredibly rewarding to be able to play a role in the area’s rejuvenation and to create a communal space where locals can enjoy top-quality restaurants and retail outlets