Victoria Square turns to lower density approach with latest tower

PUBLICATION: realestate.com.au
AUTHOR: Nathan Mawby

FOOTSCRAY’S streets have gentrified in recent years, but with house prices also soaring families and professional couples are increasingly turning to the apartment market. And one of the suburb’s biggest developments to date, Victoria Square, has changed its plans to accommodate them. RELATED: Victoria Square in inner west catching the eye of outer suburbs’ buyers Footscray penthouse apartments have first-home buyer price tags Growland chief executive Ronald Chan said while its first two stages were now 90 per cent sold, they were changing their approach to lower density and bigger — though still affordable apartments — for the third stage, named VS03. “Tower three is very different in terms of the number of apartments in the building,” Mr Chan said. The 13-storey tower is the shortest and will house 86 apartments, compared to 240 in the 24-storey first tower and 180 across the 21 levels of the second. While both of the preceding towers were taller, the latest one to hit the market will put more space into its residences, with 66 apartments — one in every four — featuring two-bedroom, two-bathroom floorplans. “In stage three we are targeting owner occupiers and first-home buyers, and we have found that two-bedroom and two-bathroom properties were very popular with young families and professional couples,” Mr Chan said. That translates to a 72sq m average internal size for the two-bedroom apartments, not including a balcony, carpark and storage space that comes with each residence. It has also translated to significant demand. Of the 13 apartments sold at a launch event earlier this month, 11 were two-bedroom designs.

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