Melbourne WRAP Project Underway

David Mitchell 23 Mar 2012

Leighton Properties recently announced it had taken its national residential development program beyond 3,400 lots under control following the acquisition of a 50% stake in a Melbourne apartment tower development.

National Head of Residential for Leighton Properties, Mr Gavin Tonnet, said the 50% stake in the $175 million WRAP Southbank apartment tower to be jointly developed with prominent developers and financiers Qualitas Property Partners, Baron Corporation and Baracon was the first apartment project that would be rolled out in Melbourne.

He said the investment was in line with the Leighton Properties business plan leveraging a national development structure that focuses on developing A-Grade commercial buildings and urban and residential precincts.

“The business is focusing on high quality, mixed use and sustainable new projects with broad community appeal and strong design elements, such as WRAP,” he said.

“WRAP is a perfect entry into the Melbourne residential market for Leighton Properties with 85% of the apartments in the tower presold,” Mr Tonnet said.

“WRAP also demonstrated the Leighton Properties' objectives of being close to facilities, activity centres and public transport”.

The Plus Architects designed tower is inspired by Melbourne's Arts Centre spire and Beijing's Birds Nest Olympic Stadium and features an exterior frame wrapped around the building. A heritage warehouse at the base of the site will become the grand entrance to the residential development.

The development at 133-139 City Road will feature 294 apartments comprising a combination of one bedroom, two bedroom and penthouse apartments, along with two retail opportunities on the ground floor.

Construction has commenced on site and completion is due mid 2014. The WRAP tower is located opposite the Freshwater Place complex and is within walking distance of Southbank, the Crown entertainment complex and Melbourne’s arts precinct.

Unsold one and two bedroom apartments are priced from $390,000 whilst penthouse apartments are priced from $1,050,000.

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David Mitchell

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