InvestSMART

Plum shoots in the Jardin

Developer Australand is continuing to profit from the plum land deal it brokered with the Bracks/Brumby government in 2002.
By · 26 Jun 2013
By ·
26 Jun 2013
comments Comments
Developer Australand is continuing to profit from the plum land deal it brokered with the Bracks/Brumby government in 2002.

This weekend it will launch another apartment tower, Jardin Parkville, to replace a portion of prime land for years owned by the state government and occupied as a psychiatric hospital.

A spokesman for the developer said 21 of the 91 apartments within the proposed project on Cade Way, Parkville, have already been sold.

One-bedroom flats in Jardin Parkville start at about $370,000, about the price of a house in the area when the government tendered the land to developers 11 years ago.

Australand, with development partner Citta Property Group, beat two other developers to win the tender to transform the 20-hectare site into a village for 6000 athletes and officials before the 2006 Commonwealth Games.

After the Games the consortium transferred 200 units to the government for public housing. Half those are "hostel type" buildings where occupants share facilities.

Australand and Citta are transforming the balance of the Parkville site into a mix of apartments and townhouses. Jardin Parkville will include a residents-only "Park Club", an indoor-outdoor recreation retreat with a 25-metre heated lap pool, gym and free Wi-Fi internet. It will also include two and three-bedroom apartments.
Google News
Follow us on Google News
Go to Google News, then click "Follow" button to add us.
Share this article and show your support
Free Membership
Free Membership
InvestSMART
InvestSMART
Keep on reading more articles from InvestSMART. See more articles
Join the conversation
Join the conversation...
There are comments posted so far. Join the conversation, please login or Sign up.

Frequently Asked Questions about this Article…

Jardin Parkville is a new apartment tower being launched on Cade Way in Parkville. The project is being developed by Australand in partnership with Citta Property Group, as part of a wider redevelopment of the former state-owned site.

The Jardin Parkville tower contains 91 apartments in total, and a spokesman for the developer said 21 of those units have already been sold.

One-bedroom flats in Jardin Parkville start at about $370,000, which the article notes is roughly the same price as a house in the area when the government tendered the land to developers 11 years earlier.

Jardin Parkville will include one-bedroom flats as well as two- and three-bedroom apartments, offering a mix of options for different buyers and households.

Residents will have access to a private 'Park Club'—an indoor-outdoor recreation retreat that includes a 25-metre heated lap pool, a gym and free Wi‑Fi internet, among other communal facilities.

The 20-hectare Parkville site was redeveloped into a village for about 6,000 athletes and officials ahead of the 2006 Commonwealth Games. After the Games, the consortium transferred 200 units to the government for public housing, and the remaining land has been redeveloped into apartments and townhouses.

After the Commonwealth Games the consortium transferred 200 units to the government for public housing; about half of those units are described as 'hostel type' buildings where occupants share facilities.

Australand, together with development partner Citta Property Group, beat two other developers to win the tender to transform the 20-hectare site into the athletes' village for the 2006 Commonwealth Games and later redevelop the remainder into residential housing.