The boomer-boom: 55 Claremont targets the luxury apartment market
Prolific South Yarra developer Michael Yates has banked upon the continued success of the luxury apartment sector within the suburb by positioning his latest apartment offering squarely at the expanding baby-boomer sector of the market.
After a string of successful apartment and commercial developments spanning the best part of two decades and predominantly within South Yarra's Forrest Hill Precinct, Michael L Yates & Co. have released 55 Claremont with the intention of capturing the “boomer-boom." Discerning the shift of a certain part of the market toward premium apartment living, 55 Claremont will contain a comparatively modest 37 apartments over 16 levels.
According to the developer the first signs of the strengthening luxury apartment market appeared when fellow Michael L Yates & Co. development Yarra House sold more than 70 percent of apartments to owner occupiers in the over-50 bracket. With Yarra House freshly completed, 55 Claremont has been positioned to absorb the “boomer-boom” defined by their desire for high quality, spacious apartments in inner city pockets.
In excess of 40 percent of stock has traditionally gone to investors in the developer's earlier apartment projects, although with baby boomer demand for apartment living on the rise projects such as 55 Claremont will continue to emerge as the industry steps up to cater for this emerging apartment dweller.
The boomer shift
We ensured our next development, 55 Claremont, ticked the boxes for baby boomers – spacious and flexible floorplans, a boutique development in a prime location and a dress circle view of Melbourne.
Another trend we’re seeing is the downsizers’ desire to merge floorplans. The ability to create your own, bespoke apartment combined with a five-star hotel ambiance has been embraced by empty nesters looking to enjoy their encore years.
With the kids out of home, or retirement on the way, these buyers value being in close proximity to Melbourne’s best restaurants and cafes, cinemas, recreational facilities, parks and the city.
Michael Yates of Michael L Yates & Co
Michael L Yates & Co.'s preferred architect Bird de la Coeur is responsible for the overall design of 55 Claremont, with Hassell appointed to deliver interiors for the premier project that will see a maximum of three apartments over any one floor
Designed with clean finishes, apartments feature and abundance of space, stainless steel Gaggenau appliances, stone-finish island benches and oak timber flooring.
As South Yarra and Forrest Hill in particular continue to develop, Michael L Yates & Co. also consider 55 Claremont's position as a strong selling point. Panoramic, never-to-be built out views are on offer with the CBD a focal point.
One bedroom apartments within 55 Claremont range in size from 41sqm to 53sqm with large two bedroom apartments holding 95sqm. Three bedroom apartments range between 95sqm and 151.5sqm with prospective purchasers having the option of combining floorplans to create bespoke apartments.
With only 37 apartments on offer construction of 55 Claremont is due for completion by the end of 2017.