AXF's Imperial to target downsizers in Doncaster
Melbourne-based AXF began operating in Australia eight years ago and has quickly built up a portfolio of projects and potential development sites. Its latest, the 96-dwelling Imperial, will feature a range of one- to three-bedroom apartments, with at least 10 penthouses taking advantage of city-facing views.
Located at Sovereign Point Court, opposite Westfield's Doncaster shopping centre, Imperial was designed by the Buchan Group and will be 10 storeys high.
AXF director Richard Gu said the development was well positioned to take advantage of the lack of new projects in Doncaster. "We only pick areas which have little supply," he said.
Because the Imperial was focused on downsizing owner-occupiers, the apartments were bigger and slightly more expensive than average, he said.
According to Australian Property Monitors, Doncaster's median house price is $710,000. The median for units is $505,000.
The projects apartments are priced from $380,000.
AXF has plans for a $250 million, 33-storey development in Box Hill.
The 300-apartment complex is yet to gain final planning approval with negotiations under way to reduce the height of the building's podium.
It will incorporate the major transport interchange at Box Hill station, dining, entertainment and retail spaces as well as some strata title offices.
Figures from analysts Charter Keck Cramer show that 827 apartments have been built in Doncaster in the past decade. A further 25 are under construction and another 228 are being marketed, including the Imperial.
Mr Gu said AXF was negotiating for three new development sites in Glen Waverley. The first stage of another major site, the former Kinnear's Ropeworks factory in Footscray, would be released early next year.
AXF's most recent purchase, the eight-level, $39.5 million Total House building in Russell Street, was a 10-year project, Mr Gu said.
"We bought it as an investment. It still has a lot of tenants in the building," he said.
Frequently Asked Questions about this Article…
The Imperial is a $70 million, 96-dwelling apartment development by the AXF Group at Sovereign Point Court opposite Westfield Doncaster. Designed by the Buchan Group, the 10-storey building will offer one- to three-bedroom apartments and at least 10 penthouses with city-facing views.
AXF says Imperial is targeted at downsizing owner-occupiers, so the apartments are larger and slightly more expensive than average to appeal to buyers trading down from houses but wanting quality, space and city views.
Imperial apartments are priced from about $380,000. By comparison, Australian Property Monitors lists Doncaster's median house price at $710,000 and the median unit price at $505,000, so Imperial starts below the local unit median.
AXF director Richard Gu said the company picks areas with little supply. Analyst data from Charter Keck Cramer shows 827 apartments built in Doncaster over the past decade, with 25 under construction and another 228 being marketed (including Imperial), which AXF sees as a constrained supply environment to exploit.
AXF has a proposed $250 million, 33-storey, 300-apartment development in Box Hill that would include a major transport interchange, dining, entertainment, retail and some strata offices. The project is still seeking final planning approval. AXF is also negotiating three sites in Glen Waverley and plans to release the first stage of the former Kinnear's Ropeworks site in Footscray next year. Recently it bought the eight-level Total House building in Russell Street for $39.5 million.
The Box Hill project has not yet gained final planning approval and AXF is negotiating to reduce the height of the building's podium. For investors, that means timing and final project specifications could change until approvals are granted.
AXF has been operating in Australia for eight years and has been building a portfolio of projects and development sites. The group focuses on suburbs with limited new supply and pursues a mix of apartment developments and longer-term commercial investments.
AXF's recent purchase of the eight-level Total House building in Russell Street for $39.5 million was described as a 10-year project bought as an investment; the building still houses many tenants, illustrating AXF's approach to holding assets and generating income while developing.
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