LU Simon wins $130m contract

PUBLICATION: Australian Property Journal

DEVELOPER Growland has awarded a $130 million contract to builder LU Simon to deliver the first stage of its $600 million mixed-use residential project Victoria Square.

Construction has officially commenced on the first two towers. Growland chairman Bruce Chan the start of work highlights the evolution of Footscray, which is quickly becoming 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 a substantial seven per cent between 2006 and 2016.

“Footscray is an ideal location for young families, working professionals and first and second home buyers.

“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,” he added.

This first two-tower stage, which is almost completely sold at 90%, is expected to be complete within two years. Stage three, titled VS03, has just launched to market and will include a boutique collection of just 86 apartments.