Why invest in Carlton: Find out why investors are eyeing Frasers Property’s Encompass
Encompass is a new development rising nine storeys in Melbourne’s inner-northern suburb of Carlton, delivered in partnership between Frasers Property and Citta Property Group and currently under construction by the reputable Harris HMC.
At the “centre of everything”, Encompass is located on the corner of Elgin and Nicholson Streets, and the latest in a strong portfolio of premium residences by the two leading property groups.
Comprised of one, two and three-bedroom apartments, the project provides a great lifestyle opportunity for discerning buyers seeking the best of architecture, outdoor spaces, sustainability, and urban living.
But why invest? Urban takes a look at eight reasons why investors are showing interest in this new development.
1. Melbourne’s most walkable neighbourhood
Carlton has been named Melbourne’s most walkable neighbourhood by Walk Score, with a score of 97 attributed to its convenient local amenities.
Residents at Encompass can walk to around 50 restaurants, bars and coffee shops within five minutes.
Benefitting from strong local retail and amenity, education and employment hubs, as we shall soon explore, Carlton has it all.
2. Apartment affordability
Apartments in Carlton offer an affordable option for renters with median weekly rents registered at $360 for the year to March 2021, according to Urbis.
For new apartments in Carlton, median weekly rents registered at $410; a $50 premium over older apartment stock.
This, coupled with a gross rental yield of 5.1 per cent, provides a big positive for potential investors looking to purchase an apartment in Carlton.
Investors are also likely to achieve a better return on investment as the rental market stabilises as a result of ongoing tenant activity.
3. Public transport
With trams running along Swanston Street, Nicholson Street and Lygon Street, Encompass residents can feel connected to the Melbourne CBD.
The new Parkville station will also enhance the local public transport offering of Carlton, providing nearby access to the CBD and the remainder of Melbourne.
4. Open space and neighbourhood amenities
Leisure and open space are an important part of any neighbourhood, and Carlton is rich with parklands and gardens.
World heritage site Carlton Gardens boasts nearly 20-hectares of parkland, and contains the Royal Exhibition Building, Melbourne Museum and tennis courts.
Other neighbourhood amenities include the Carlton Baths, which features a 25-metre public pool, as well as a health club and sporting facilities.
5. Retail and restaurants
Carlton is characterised by its young and culturally-diverse population, reflected in its great bars and trendy cafés.
Lygon Street, or “Little Italy” as it’s known by locals, features almost 150 retail stores, including 80 cafés, bars and restaurants, many of which are Italian.
Residents are never far from local retail amenity, with a Woolworths shopping centre nearby, as well as an IMAX cinema, bank and clothing stores.
6. Over $11 billion in infrastructure investment
$11 billion in state and local government infrastructure investment is currently in the pipeline to benefit Encompass residents.
Key projects include the $11 billion new metro tunnel project to improve train capacity by close to 60 per cent and the $9 million University Square masterplan.
The $500 million redevelopment of the inner-city innovation precinct will also serve to introduce a new mixed-use precinct to the suburb that features office space, public engagement space and retail offerings.
7. Great design
Designed by Jackson Architecture, the design of Encompass is sure to see renters seek out an apartment in the new development.
The architecturally distinctive building will establish a unique urban presence within Carlton and Fitzroy, while staying true to the neighbourhoods’ cultural heritage.
This extends into the interiors with open and bright living spaces, a paved terrace or balcony in each residence and carefully considered floorplans.
8. Nearby educational institutions
A number of educational institutions are within close proximity of Encompass, including Australia’s leading university, the University of Melbourne, which sits along the western border of Carlton.
Several major universities are situated within walking or cycling distance for Carlton residents, including RMIT University, Victoria University Flinders Campus and the University of Melbourne’s Parkville campus.
Primary schools nearby include the Carlton Gardens Primary School, Carlton Primary School and Carlton North Primary School.