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 Bank Apartments

 
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Bank Apartments

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Property Summary


Property Name:                     Bank Apartments

Location:                                 Southbank, Melbourne VIC

Type:                                        Apartments 

Expected Completion:         Early 2012

Tenant Profile:                       Mainly professionals




PROJECT DESCRIPTION  

This landmark development by First Delta Group (FDG) is a monument to cutting-edge innovation and eco-friendly design that embraces contemporary urban living in the heart of vibrant Southbank. Bank Apartments is destined to become one of Melbourne’s most iconic landmarks. The building is Victoria’s first 6 star energy efficient residential tower it still features all the amenities residents need to live, work and play.

One of Melbourne’s leading architects - Urban Design – has created this strikingly modern 41 story building that will tower proudly over the old “Bank of New South Wales” building - a significant heritage listed building in Melbourne’s historic Southbank.

Stylish urban living encompasses 360 beautifully appointed apartments and abundant facilities. The northerly aspect of Bank Apartments offers spectacular views of the dazzling Melbourne city skyline. Its ideal location offers an unbeatable lifestyle: with the Melbourne CBD, Yarra River, cosmopolitan South Melbourne and Crown Casino only a leisurely stroll away. South Melbourne is also home to one of Melbourne’s best fresh produce markets, South Melbourne Market, an icon since 1867.


PROJECT FEATURES

  • Gymnasium
  • Sauna steam 
  • 25-metre pool
  • Landscaped terrace
  • Lounge
  • Business centre and meeting rooms


INVESTMENT OUTLOOK

Capital Growth:         

  • As Victoria’s first 6 star energy efficient apartment tower, it is already ahead of the rest in meeting and exceeding current required energy efficient standards. Through low energy lighting, passive heating and cooling, and harvesting rainwater The Bank Apartments enjoy reduced running costs, body corporate fees and are safeguarded against costly upgrades which are already predicted to become standard future requirements
  • The location of the project is experiencing a greater than average population growth rate driven by overseas migration which is driving demand
  • Future infrastructure developments in the surrounding areas will add to the area’s appeal in future

Rental Return:

  • The current low vacancy rate for the area and Melbourne as a whole will ensure rental returns to be high


"X" FACTORS / KEY GROWTH DRIVERS

  • Southbank is undergoing a $2 billion plus building boom. These projects include the soon to be completed Melbourne Convention Centre ($1b) including a new retail and café precinct, Crown Hotel ($300m), Melbourne Theatre Company and Recital Hall ($120m) and beautification of City Road which will occur in coming years.
  • The Southbank Plan has been approved by the Victorian Government to guide future and public investment in the Southbank Arts and Entertainment precinct. The State Government has already committed $5million to the first project around the Sturt St, which will transform the area into a major pedestrian-friendly arts and cultural attraction.

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