When opportunity knocks…
For two weeks only, Hudson Members have exclusive select access to a property opportunity in Melbourne.
The current Melbourne residential property market is showing positive signs of returning to form and is presenting opportunities for astute investors to get in position for the next upswing.
As you may already know, the Melbourne property market has experienced a relatively flat period in general since it's peak in 2003. However, it is now stirring from its slumber and showing signs of market movement in select inner suburbs.
The rental vacancy rate in Melbourne has contracted drastically to less than 1.5% citywide and has plummeted even lower than this in the more sought after inner urban areas. These vacancy levels are forcing rents up and improving yields. The “rental crisis” is definitely affecting many in the Melbourne inner ring and this presents an opportunity for investors.
ROSSO CARLTON
The Hudson Institute, through our long term Melbourne property partner the John Hopkins Group, has secured exclusive access to a select number of the best apartments in a new boutique development in Carlton – ROSSO apartments.
The Development
The Rosso is a 58 apartment development in Drummond Street Carlton. The site is an old factory complex and the design - from highly regarded architects SJB - incorporates features of the old building into a new 4 level apartment complex.
The façade of the existing building will be retained and the new development emerges from it keeping in tact the historical walls; presenting a property that will blend in with the surrounding architecture whilst providing that all important "point of difference" to other apartment complexes in the area for discerning tenants (and future owner occupiers).
The Location
Drummond Street runs parallel to THE original Melbourne Café precinct of Lygon Street and Carlton offers potential tenants a vast array of the best eateries and boutique shopping Melbourne has to offer.
Carlton is also a much sought after inner city suburb, which is attractive to potential tenants working in the huge CBD employment market (only 1.5 km away). Rosso Apartments is also less than 1km to Melbourne University.
Adding to the potential tenant pool is Royal Melbourne Hospital (1.5 km) away whilst the recreational facilities of Royal Park and Carlton Gardens are nearby.
The Apartments
The 58 apartments are a mixture of 1, 2 and 3 beds – all with car spaces and split system air conditioning. Our recommended one bed apartments start from $330,000 and rise to $415,000 depending on size and location within the building. Our recommended two bedders range from $535,000 to $580,000 depending again on size, location, and number of bathrooms.
Rents at present in Carlton for similar properties are around the $300 to $350 a week range for one bed and $400 to $450 per week for two beds. We anticipate these rents will rise over the coming 18 months until settlement in December 2008, given the location, amenities and the tight rental market with very little new stock projected to come on line in the area.
Construction is due to commence in July and completion in Dec 2008 so now is an attractive time to buy off the plan (with considerable stamp duty savings) and lock in a price for an attractive Melbourne Property investment in a near city suburb with strong demand and a shortage of supply.
Rosso Carlton Snapshot |
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Construction commences in July, Completion Dec 2008 |
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58 Apartments |
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Prices from $330,000 to $415,000 (1 Bed) and from $535,000 to $580,000 (2 bed) |
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Exclusive access for Hudson members for 2 weeks only |
If you would like more information about Rosso, Carlton please book a consultation with your Hudson Financial Adviser by calling free call 1800 804 296. Act now to secure one of these excellent Hudson approved apartments and gain exposure to Melbourne’s next upswing.
Rosso Carlton 
