TRENERRY - Prestige Groupprestigegrp.com.au/wp-content/uploads/2012/07/... · The development is...
Transcript of TRENERRY - Prestige Groupprestigegrp.com.au/wp-content/uploads/2012/07/... · The development is...
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INFORMATION PACK:
TRENERRY Project Description with Research and Investment Analysis
Address: 88 Trenerry Crescent, Abbotsford, Victoria, 3067
This information pack has been prepared by the John Hopkins Group for private use by its clients and Valued Intermediary Partners. This information may
be subject to change, and may be updated from time to time. The information contained herein is general property investment advice and does not take
into account individual situations, needs or goals. It should not be relied upon and persons should satisfy themselves through independent means that any
decisions based on this material are appropriate. We recommend that you consult with your John Hopkins Group Adviser who will be able to make a
recommendation based on your specific circumstances.
Trenerry - the façade from Trenerry Crescent
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The development has the following
apartment configurations:
One bedroom
One bedroom plus study
Two bedroom
Two bedroom plus study
Three bedroom
Secure underground car park
Security access and voice/video
intercom
Broad range of sizes and layouts
38 Secure bicycle spaces
5 Star Energy Efficiency Rating
15 Visitor carparks
Landscaped courtyard with the
heritage listed chimney.
DEVELOPMENT OVERVIEW Trenerry will be a unique seven level mid-rise residential development with a total of
109 apartments. There are a variety of living options to choose from including River
Front, CBD Views, Richmond/Studley Park and Courtyard/Chimney, with each option
providing a unique offering.
Trenerry will be located in a prime position on the bank of the Yarra River,
overlooking Dights Falls on the eastern side, and will have magnificent city views over
Victoria Park on the western side.
Residents will be only minutes away from a myriad of bicycle paths and walking tracks
and within walking distance to the tranquil Dight’s Falls, the junction of the Merri
Creek and Yarra River and the footbridge across the river to Studley Park Boathouse
and Restaurant.
The development is within close proximity to Richmond, Kew, Hawthorn and
Brunswick Street, Fitzroy and has easy access to the CBD.
Property Type Price Range Estimated Weekly Rent*
One bedroom with car park (54m
2)
$465,000 - $475,000 $440 - $480
One bedroom plus Study with car park (54 - 78m
2)
$465,000 - $540,000 $520 - $560
Two bedroom with car park (60 - 95m
2)
$530,000 - $940,000 $550 - $600
Two bedroom plus Study with car park (72 – 128m
2)
$650,000 - $900,000 $700 - $800
Three bedroom with car park (88 – 105m
2)
$765,000 – $990,000 $820 - $850
Construction Period: Construction is expected to commence in the first quarter of
2012, and completion is expected to be June 2013.
Trenerry façade from the Yarra River
DEVELOPMENT
FEATURES
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Secure underground car park &
storage cage
Miele or Gagganeau (or equivalent)
kitchen appliances
Glass splashbacks
Reconstituted stone benchtops
Double glazed or shaded windows
(depending on the aspect)
Fully cabled (for Free to Air TV,
Foxtel, telephone and ADSL)
Reverse cycle air-conditioning
Two colour schemes: dark and light
Two pack joinery in kitchen and
bathroom
Upgrade options available
DEVELOPMENT OVERVIEW Designed by Inner Urban Melbourne architects, Carabott Holt, the individual
apartment floorplans are really unique with many possessing large, oversized
balconies or have townhouse-like access with direct car park access to level foyers.
Trenerry will also retain heritage features including the chimney stack and façade to
Trenerry Crescent.
The development has a landscaped arrival experience. No other residential facilities
have been provided within the development in order to keep the owners corporation
fees to a minimum.
The apartments are larger than average, with oversized terraces/balconies to
maximise viewlines.
A representation of one of the viewlines expected from Trenerry overlooking Victoria
Park towards the city.
The bend in the Yarra River near Dights Falls
Abbotsford lifestyle – a local coffee shop
APARTMENT
FEATURES
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Abbotsford - a grungy suburb
that has undergone significant
gentrification over recent time.
Its industrial heritage provides
an authentic and unique
character and charm to the
area and its redevelopment
delivers amenity, convenience
and lifestyle.
The location of Trenerry, right
on the edge of the Yarra, offers
its residents an immediate
escape from the hustle and
bustle whilst still being easily
accessible to the city.
LOCATION
Address: 88 Trenerry Crescent, Abbotsford, Victoria
Abbotsford is located approximately 4km north east of the Melbourne Central
Business District. Neighbouring suburbs are Collingwood to the west, Richmond to
the south, Clifton Hill to the North, and Kew to the east, separated by the meandering
Yarra River.
Abbotsford is well serviced by public transport with two train stations, and numerous
buses. Victoria Park station is approximately 500 metres from Trenerry. The station is
serviced by two train lines, Epping and Hurstbridge. Bus routes run along Hoddle
Street and Johnston Street.
Abbotsford has very good access to freeways, and all outer areas of Melbourne. Heading north along Hoddle Street provides access to the Eastern freeway to the east, and the Tullamarine Freeway via Alexandra Parade to the west. Nearly two kilometres south along Hoddle Street is access to the Monash Freeway to the east, and the Westgate Freeway via the Domain Tunnel to the west.
Abbotsford is blessed with a number of parks and open spaces, with the Yarra River providing a picturesque landscape and retreat from the hustle and bustle of city and suburban life. The Yarra River and Dights Falls are accessible from Trenerry. Dights Falls, is the point where the Merri Creek and Yarra River join. Yarra Bend Park and Studley Park are accessible over the Yarra River via bridges and the Studley Park Boathouse is also within walking distance to the south east.
Yarra Bend Park and Studley Park are home to two golf courses, numerous ovals, and sporting facilities and the Capital City Trail (bike and walking path) which leads you in to the city. In addition to this, most of the parks in Abbotsford have playground facilities, barbeques and picnic tables, including Victoria Park opposite the site.
The site of Trenerry (A) and its proximity to the Yarra River, Dights Falls, Victoria Park,
the Eastern Freeway and Victoria Park Train Station.
Train
Station
Yarra
River
Eastern Freeway
Victoria
Park
Dights Falls
“Trenerry Crescent declared the
best street in Abbotsford”
The Age, 2 May 2011
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Key Features:
4 km northeast of Melbourne CBD
1.7 km from Brunswick Street ,
Fitzroy
3 km from Melbourne University and
Lygon Street, Carlton
1.2 km from Smith Street,
Collingwood shopping
500 m from Victoria Park Train
Station
2.8 km from MCG (Melbourne
Cricket Ground)
Walking Distance To:
Yarra River and Dights Falls
Bicycle and walking tracks
Victoria Park Sporting Complex
Cafés, restaurants and bars
Public transport
Parks and reserves
Walk Score* of 78 - Very Walkable
Travel Time to CBD:
10 minutes by car
10 minutes by train
13 minutes by tram
LOCATION
Opposite Trenerry is Victoria Park, originally an AFL football and cricket oval and home to the Collingwood Football Club. After the relocation of the Collingwood Football Club, Victoria Park was initially marked for major redevelopment however the ground was protected under the Victorian Heritage Register and can not be built over. In May 2010 the Yarra City Council announced a $7.2 million upgrade to transform the oval into a top class sporting facility for local clubs and a recreation space for the local community. The upgrade is underway and due for completion in December 2011.
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Source: Victoria Park Update, City of Yarra, May 2010
Artist’s impression of the Victoria Park redevelopment
Along with Victoria Park, Abbotsford is also home to other popular landmarks, such as the Collingwood Children’s Farm, the Abbotsford Convent, Abbotsford Brewery and Dights Falls Park.
Abbotsford Convent, originally the Convent of Good Shepherd and the most important Catholic institutional complex in Victoria built in 1864, is now being redeveloped as an Arts and Café Precinct featuring The Convent Bakery. A variety of markets including a farmers market, food, clothes, art and craft are hosted at the Abbotsford Convent, and many workshops, classes, exhibitions, festivals and performances are also held there.
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Dights Falls Abbotsford Convent Collingwood Children’s Farm
The City of Yarra is host to numerous popular annual festivals including the Luna Festival celebrating Chinese New Year along Victoria Street, the Johnston Street Fiesta showcasing the culture, heritage and traditions of Spanish speaking nations and Carols by Candlelight. Abbotsford is also host to the Melbourne Stencil Festival, Emerge Festival (commemorating United Nations World Refugee Day), Overload Poetry Festival, and the Moon Lantern Festival.
Abbotsford supports community art displays and exhibitions and is home to many leading commercial galleries.
Abbotsford is serviced with extensive retail strip shops in Victoria and Johnston Streets, and Victoria Gardens shopping centre and cinema is located nearby on the corner of Victoria Street and Burnley Street which is also readily accessed by the bike path.
Abbotsford has two primary schools, a secondary school, and a library amongst its community and education facilities. It also has access to numerous private schools in the neighbouring suburb of Kew.
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LOCATION
Melbourne
CBD
Trenerry
Trenerry
Melbourne CBD
Map showing the proximity of Trenerry, Abbotsford approximately 4 kilometres north east of the Melbourne CBD
Locality map showing the location of Trenerry and its proximity to the Yarra River, the Eastern Freeway and Hoddle Street
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Significant stamp duty savings
Significant depreciation benefits
Melbourne has a lack of supply of
new developments due to planning
approvals and financial restrictions.
Metropolitan Melbourne apartment
prices rose by a 24% over the past
two years, and 52% over the past
five years.
As at January 2011, Melbourne had a
low vacancy rate of 1.5%
Rents in Melbourne will continue to
rise due to limited supply.
INVESTMENT POTENTIAL KEY POINTS:
Melbourne Market Analysis
Melbourne Apartment Market Assessment Australia has performed strongly throughout the last couple of years despite the Global Financial Crisis (GFC) when compared on a global basis. Following the fallout from the GFC and the recent uncertainty following the natural disasters nationally, the Melbourne residential market remains strong. Compared to Australia’s other capital cities, Melbourne is thriving. During the 2010 calendar year, Melbourne had a house price growth of 14% compared to 6% for the national average.
Capital Growth Melbourne’s unit price growth is strong at 24% over the past two years, compared to the national average of 16% over the same time period.
The increasing population that Melbourne is experiencing continues to drive demand of both sales of houses and units, as well as leasing. Source: APM
Melbourne’s Outlook Incomes have continued to rise at 3.9% (up until December 2010). This is greater than inflation (2.7%). The national housing shortage of 178,000 dwellings is expected to grow to 308,000 dwellings in 2014. The national unemployment rate remains low and steady at 5.3% (as at August 2011). Melbourne rents and rental yields are expected to improve throughout 2011. Property price growth is expected to emerge late in 2011 and strengthen in 2012. Source: APM
Artist’s impression of the living area looking through to the balcony
Melbourne ranked Number
One as the most liveable
city in the world. The Economist, 30 August 2011
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INVESTMENT POTENTIAL
A persistent low vacancy rate
provides obvious benefits for
investors, underpinning rental
growth and overall returns.
The vacancy rate for inner
Melbourne is around 1.5%.
Melbourne Market Analysis
In Victoria, it was estimated that there were approximately 25,000 too few
dwellings as at the end of 2009 to meet the needs of the rapidly growing
population. It is expected that this deficiency of new dwellings will persist in the
market until at least 2015.
This enormous undersupply implies that well located, quality developments with
many unique attributes, are best positioned to benefit from capital and rental
growth that this supply imbalance generates.
Vacancy Rates Vacancy rates in Melbourne have remained close to 1%, and well below the long term average of 3% since the mid-2000’s. Strong population growth, a strong economy and supply shortages have all contributed to this situation, which is not expected to change in the short term.
Vacancy rates for rental accommodation in Melbourne remain low at 1.5%. This will place pressure on rents and we will continue to see rents rise. Source: APM
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Abbotsford apartment values have
increased by 10%pa over the last
twenty years.
55% of all tenure in Abbotsford and
Richmond is rental
2 Bedroom unit rents in Abbotsford
and Richmond increased 8.4% pa
over the last 5 years
1 Bedroom unit rents in Abbotsford
and Richmond increased 7.2% pa
over the last 5 years
INVESTMENT POTENTIAL Abbotsford Market Analysis
Capital Growth Over the last two decades, prices of apartments in Abbotsford have grown by around 600%, equating to average annual growth of over 10% per annum. Prices across metropolitan Melbourne have risen by 26.4% over the same period, or only 6.2% per annum. Abbotsford has clearly outperformed the rest of Melbourne over a long period in terms of capital growth for apartments.
Rental Growth Annual rental growth in Collingwood-Abbotsford over the past five years has averaged 7.2% and 8.4% for one and two bedroom apartments respectively. Consistent strength in rental growth is linked to the supply shortage, population growth and the low vacancy rates. This situation is not forecast to change in the near future, boding well for further rental growth prospects. Demographics The Richmond-Abbotsford area has a higher proportion of Lone Person (34%) and Couples without Children (27%) households as compared to Metropolitan Melbourne (24% and 25% respectively). Trenerry is specifically suited for people and household structures that are already most popular in this area. This aims to give investors the best possible chance of quickly securing a suitable tenant, minimising vacancy and maximising performance. 55% of dwellings in the Richmond-Abbotsford area are rented, whereas across metropolitan Melbourne this figure is 24.5%. This clearly demonstrates a larger captive market of potential tenants in Richmond-Abbotsford, than for elsewhere in Melbourne. Trenerry will therefore have access to a vast pool of quality tenants to satisfy investor demand.
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DEVELOPMENT TEAM
Previous work by Carabolt Holt Architects:
South Yarra
Preston
Previous work by Hamilton Marino Builders:
Tjngari Apartments
The Mill
ARCHITECT Carabolt Holt Architects Carabott Holt Architects evolved from the practice of David Carabott Architects established in 1999. The practice is a multi-disciplined architectural practice that provides professional services in Architecture, Urban Design, Interior Design, Sustainable Design, Strategic Consulting and Project Management. The practice is led by two directors, David Carabott and Michael Holt, who have extensive experience in the architectural profession. The firm consists of a highly experienced group of architectural and interior design professionals. A team approach is fostered that is committed to design excellence, providing a comprehensive and professional service to clientele through an understanding of their particular needs and aspirations and generating innovative and successful solutions that meet their specific objectives.
BUILDERS Hamilton Marino Builders Hamilton Marino Builders is one of Victoria’s most experienced and sought after multi-level apartment construction companies. Their reputation is built on providing a professional service and high quality work, on time and on budget, every time. While multi-storey apartments are their focus, its 35-year history covers many sectors of the construction industry, including an extensive background in luxury homes, single-level apartments, penthouse, and commercial construction and fit-out. Established in 1975, Hamilton Marino Builders quickly developed a strong reputation as a builder of grand architect-designed homes on large sites in Melbourne’s eastern suburbs. In the early 90s, Hamilton Marino diversified to meet the demands of a changing market. After gaining a wealth of experience in multi-storey apartment construction, the company now focuses on this specialised area and does so with a proven value-added operational model that delivers outstanding results.
Hamilton Marino Builders holds ‘preferred builder’ status with all major Australian financial institutions.
Artist’s impression of the kitchen