7th May, 2014
By Rebecca Thistleton
Development company Little Projects has lodged plans for its biggest project: 900 units in two towers at Melbourne’s South Wharf, near the city’s central business district.
Speculation of an apartment oversupply in inner Melbourne has not deterred Little Projects from its first foray close to the CBD.
Managing director Michael Fox said he was confident the South Wharf area, also close to Docklands and South Melbourne, will draw a new wave of buyers.
New unit approvals which began to thrive in 2010 have consistently grown in the past four years, prompting analysts and buyers’ agents to warn of an over-supply, particularly of investor targeted stock. The Docklands vacancy rate is the highest of Melbourne suburbs at 9 per cent shows SQM research.
Mr Fox said Little Projects marketed its products to owner-occupiers and investors. It had attracted first-home buyers wanting affordability, close to the city. The same mindset will be used to draw buyers to South Wharf, which had not had the same level of apartment saturation as nearby Docklands.
“We’ll be doing something on a scale which we’ve never seen before around Docklands – or Melbourne.
“It’s and Elenberg Fraser project and we’re going above and beyond with the amenity offered.” he said.
It will include one and two-bedroom apartments and larger upper-level penthouse. Little Projects bought the 800-square meter site, marketed by Paul O’Sullivan of Lemon Baxter, in February. It hopes to begin work by the end of the years.