04 May 2013
Deal Corp Goes the Distance with $100 Million Suburban Apartment Project
DEAL Corporation has bucked Melbourne’s inner-city development trend and is embarking on a $100 million apartment project in the middle-ring eastern suburb of Wantirna South.
About 25km from the CBD, Deal Corp’s Kubix apartment development will house 236 apartments over three buildings at a site on the corner of Stud Road and Burwood Highway, opposite Westfield Knox.
The privately held company has created more than 50 commercial, residential, retail and hotel projects in Victoria, Queensland and Tasmania. It has six apartment projects on the go in a diverse range of Melbourne suburbs, including Dandenong, Bundoora and South Yarra, as well as the Aura project in the CBD.
Deal Corp managing director David Kobritz said recent statistics showed there were more single or couple households in the City of Knox area than families, with about 23,000 homes falling into this category, but less than 100 apartments in the council region.
“The total number of apartments in Kubix will provide for just 1 per cent of the potential population suited to apartment living so we see it as a development perfectly timed for today’s new housing options,” Mr Kobritz said.
He said buyer demand had been strong with construction of the first stage of the complex due to start within months after strong sales during its recent pre-lease of 87 apartments.
Mr Kobritz said there were few large developments slated for construction in the area, and demand for smaller apartments was not being met by supply.
His comments come as warnings continue to be sounded over the supply of apartments in Melbourne’s CBD and city-fringe areas, with estimates putting the number of apartments being built between August last year and August next year at 19,000 – 10,000 of which will be in the CBD.
Deal Corp has engaged award-winning Fender Katsalidis Architects, which designed Melbourne’s Eureka Tower.