How Abadeen will contribute to Melbourne's high end owner-occupier market: Five minutes with Andrew Leoncelli
Prominent Sydney lower North Shore developer Abadeen branched out into the owner-occupier market in Melbourne late last year.
They announced former CBRE executive Andrew Leoncelli as their managing director, as well as their first two developments, Malea in Malvern East, and an upcoming project at 646 High Street, Prahran.
With everything going on at Abadeen, we caught up with Andrew Leoncelli to discuss the strategic decision in taking over Abadeen's push in Melbourne.
Leoncelli says Abadeen is a great business to be a part of.
"Abadeen Group in Sydney, run by Justin Brown is a very successful, luxury high end property developer with lots of runs on the board, lots of great projects, lots of great delivered projects and lots of great capital partners and consultants," Leoncelli says.
The focus for Abadeen VIC is Melbourne's east and south-east, owner-occupier stock in the best locations.
There are just seven apartments on offer at Malea, the only new development on Malvern East's Central Park.
Abadeen will be submitting an application for 646 High Street in Prahran soon, and pending council approvals which they hope to come later this year, will launch either at the end of 2024 or more likely the start of 2025.
"Identifying sites where there's retail amenity, good public transport, some lifestyle amenity, whether that be a park, beach, those sort of things, is key for us," Leoncelli says.
"High Street is moments to High Street Armadale, it's in Prahran East village, it gets great city views, it's surrounded by good public transport and infrastructure, great restaurants, pubs. It's a really exciting little pocket of Melbourne."
Leoncelli says there hasn't been a lot of high end development in that community
"I think it's a really great opportunity working with Carr to deliver a really high end product."
The project will target the downsizer with two and three-bedrooms. The two-bed apartments will start from over 100 sqm, and the three's with a study will have over 200 sqm of living space.
"It will suit those looking for something of high quality and size that matches their needs."
Read more: "There's big demand for the empty nester": Five minutes with Abadeen's Justin Brown