Urbala Development complete Essendon apartment development Luminess

Construction has wrapped on Luminess, the latest Essendon apartment development.

Drakk Pty Ltd have officially completed the building works on the $37 million Russell Street project.

The nine-level building, developed by Urbala Development and funded by Banner Asset Management, comprises 58 apartments above two retail tenancies and a three-storey underground carpark. 

Banner Asset Management provided a first mortgage construction funding facility for the project, which has already secured $71.6 million in sales across 31 units. 

Andrew Turner, Founder and CEO of Banner Asset Management, said they were pleased to celebrate the completion of Luminess this month.

"The vast number of presales reflects the development’s unbeatable offering, which has been delivered as a response to increased demand for dwellings at this price point in the area," Turner said. 

“The efficiency and know-how of the builder, developer, and project team have ensured a smooth build with an impressive finish.”

Lawrence Lee, Director of Urbala, said Luminess is a celebration of Essendon.

"The design is in tune with the heritage buildings that surround it, but its contemporary palette and materials add a new lease of life to Russel Street," Lee said. 

“With Banner Asset Management as funding partner, we have ensured that the development has reached completion in time to address the current rental market.”

Situated just eight kilometres north-west of the Melbourne CBD, Luminess benefits from being positioned within the heart of Essendon. Residents will be within minutes from a number of parks, as well as food, dining and retail options, including local favourite, DFO Essendon.