Commanding one of the best sites in South Yarra?s popular Forrest Hill precinct, 661 Chapel St offered buyers something no other project could – never-to-be-built out views of the CBD. However, that wasn?t going to guarantee its success, given it was nestled in one of the most competitive apartment zones in Melbourne.
Appointed by Malaysian developer Gamuda Land, Urban Activation identified an opportunity to create a unique point of difference in the local market. Dominated by smaller investment-style apartments, there were few large-format apartment offerings available to cater for the emerging downsizer sector. Working closely with the project?s architects, Urban Activation reduced the initial apartment mix from 168 to 116 apartments, increasing the size up to 250 m2 in some cases.
A strong retail driven project, 661 Chapel St was positioned among local purchasers as an exemplary luxury building, offering world-class amenity, the ability to customise a floor plan and amazing views. The market response was overwhelming. More than 80% of apartments sold within eight months, with the average price $15,000 per square metre, and the majority of purchasers located within five kilometres of the site.