The Australian Financial Review
By Rebecca Thistleton
6th September 2012
Construction will begin next week on a $230 million Brunswick apartment project, in Melbourne’s inner north, which will bring the value of Little Projects’ development to almost $1 billion.
The company, owned by Toll Holdings boss Paul Little, has grown into one of Melbourne’s largest private developers.
Little Property Group’s managing director, Michael Fox, said presales were strong and finance has been secured. “The market is slower than its heights in 2010, and while we enjoyed 20120 and took advantage of it, we have seen a return to normality,” he said.
“We have had a mix of first home buyers and investors buy in to the project, and have found it is popular with owner occupiers because there were not a lot of quality oprojects with two-bedroom apartments available.”
The Tip Top project will be built on the 1.23 hectuare former National Bakery site, bought for $11 million. It will include commercial speace and a childcare centre for 50 to 60 children.
Rothelowman Architects designed the project to incorporate the facade of the former bakery. Each of the buildings, up to 10 storeys high, is in theme with the site’s former use, including The Bakery, The Silos and The Husk. It will be finished in mid-2014.
One-bedroom apartments start from $325,000 and two-bedroom apartments from $559,000. Apartments range from 44 sq m to 108sq m.
Little Projects will also launch a 356 apartment project, Central South Yarra, later this year, after buying the South Yarra site from Stockland.
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