AXF's Imperial to target downsizers in Doncaster
THE AXF Group has intensified its focus on Melbourne's suburbs, launching a $70 million apartment project in Doncaster targeted at owner-occupiers.
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.