Brunswick East's popularity continues to cut through with apartment buyers, as Jameson Capital has noted with the recent launch of B.E. Apartments.
Acting as a capital partner to date, Jameson Capital has turned its hand to development with 11-15 Brunswick Road, a 1,724sqm site that is located in an already established apartment pocket. On the eve of the project's launch, Urban Melbourne chatted with Jeremy Urbach, director of Jameson Capital regarding Melbourne's latest apartment release.
The development has been well publicised in that Jameson Capital has chosen to offer 10 of the project's 97 apartments at a 5% deposit rate, half the norm. Designed to aid first home buyers and those looking to buy again, Jeremy Urbach told Urban Melbourne that at the time of launch earlier in September, 7 of the 10 incentivised apartments had been accounted for with 5 of those first home buyers.
Dubbed 'Your Path Your Start' the incentive has also served to increase the profile of the development in a competitive off-the-plan apartment market.
Asked if the incentive could be rolled out across future projects, Jeremy Urbach explains that at this point the scheme is restricted to the Brunswick East project.
'Your Path Your Start' is much like Jameson Capital's role as developer of B.E. Apartments; a meeting of opportunity with the capital capacity to deliver. Jeremy Urbach states that Jameson Capital's chief role will remain that of a financier and capital manager, but the numbers stacked up to step in as developer when the site was offered for sale with a permit in place.
B.E. Apartments has a completion value of $60m, with a targeted internal rate of return of 30.2% gross.
With sales now underway a shortlist of builders has been compiled, with the successful head contractor expected to be onsite during the first quarter of next year.
Post site acquisition, Jameson Capital enlisted Rothelowman to overhaul the existing permit. Although the previous permit was adequate, Jeremy Urbach explains that as a continuation of an existing relationship, Rothelowman were tasked with redesigning the project to meet the Better Apartments Design Standards criteria.
The resultant B.E. Apartments now has no saddleback configurations, increased daylight access and increased sellable area, although the redesign did add an extra 10 months to the development's timeframe.
Apartments were also made larger, with single bedroom apartments between 50-53sqm, whilst the largest three bedroom dwelling comes in at 105sqm.
Another point of difference is the work of street artist Ghostpatrol which will feature on the building's exterior and within the project's common areas. B.E. Apartments will also include ground floor retail space and a rooftop terrace holding an unimpeded CBD sight line.