Footscray is to host a new master planned mixed use development adjacent to the heart of Footscray.
Any prospective investor or owner occupier can now secure their space within Cowper Residences, which will be released for sale this month. With Footscray the epicentre of Melbourne's inner west, the wider region is currently subject to $26 billion worth of investment committed to infrastructure and associated projects.
Footscray built form progression is in lockstep with its social transformation. Only 4km from Melbourne's CBD, Footscray now boasts its own evolving cosmopolitan café and shopping precincts.
According to advisory Urbis, the young and fast-growing population in Melbourne's west is expected to more than double over the next 20 years. Over the past 10 years, the median price of apartments in the historical suburb has increased by 7.9 per cent per annum and has experienced the highest annual price growth compared to a selection of suburbs of similar distance to CBD.
In response, Cowper Residences has been positioned in order to attract interest from both astute investors and owner occupiers.
It's Cowper Residences' unique location within the Footscray context that has led to the diverse range of living options within the project.
Nestled between established low rise housing and the Footscray CBD, Cowper Residences allows for a diversified built form and unfettered views toward Docklands, the CBD and beyond. The low to medium density site offers proximity to the city coupled with spacious, quality designs which offer contemporary living and balance with its surrounds.
The development’s first two precincts to market will allow purchasers to choose between sixteen terrace homes, ten SOHOs (Single Office/Home Offices) and 63 traditional apartments.
Cowper Village is the work of ClarkeHopkinsClarke, who have a rich history of creating vibrant, integrated living and community spaces. ClarkeHopkinsClarke partner Toby Lauchlan describes Cowper Residences from the architect's perspective:
When we saw the site, we immediately recognised it as a standout in Footscray. Centrally located, it’s close to the station and all of the vibrant, lifestyle offerings of this colourful suburb, but rests on a quiet, tree-lined residential street giving it real sense of tranquility.
Cowper Residences has also been designed to capture city views which won’t be built out – a rarity this close to the CBD.
The mix of housing types throughout the precincts allowed us to really diversify the design, with each form appealing to the types of people who will want to reside there.
A strong sense of place and community is at the heart of Cowper Residences, with each precinct interlinked by landscaped gardens and internal laneways. Amenities across the development include a café, gym and rooftop terrace and a communal courtyard.
Terrace homes have been designed higher and larger than the norm, with some offering city views; all have a high level of finishes and mix of materials. Each terrace includes two balconies and a private courtyard and are catered toward family living.
SOHOs maintain a loft-style configuration, complete with exposed brickwork and high ceilings. Expected to appeal to young professionals, the SOHOs provide an environment which enables flexible work patterns.
The small-scale, low density apartment block offers investors and first home buyers the opportunity to enter the Footscray market within the confines of a boutique setting. Spanning six levels and featuring one and two bedroom apartments, the spacious apartments all maintain access to a rooftop terrace.
Selling agent, F.R. Chee of CT Real Estate, says that while Footscray is still considered affordable, continued gentrification of the area indicates that this may quickly change.
Currently Footscray is an affordable suburb undergoing the process of gentrification, similar to what we’ve seen in Brunswick and Collingwood where there is now a substantially higher median sale price.
Market growth is also being driven by the high proportion of students and young professionals moving to the area due to its affordability and proximity to the city. Almost 40 per cent of the suburb’s population is aged between 20-34 years.
Cowper Residences’ position and housing mix makes for a unique investment opportunity in one of Footscray’s most premium locations. We are expecting strong sales across the campaign.
With central Footscray set to be transformed, it truly presents one of the last great investment opportunities in Melbourne’s inner ring suburbs.
Cowper Residences is currently taking registrations of interest, with prospective buyers urged to register their details on www.cowperresidences.com.au and act fast in order to take advantage of off-the-plan stamp duty concessions before 1 July 2017.