Cbus Property chief executive Adrian Pozzo has downplayed concerns of widespread settlement risk in the melbourne apartment market as the developer unveiled its range of luxury Collins Arch apartments.
Mr Pozzo said “quality-focused, larger owner-occupier markets” like the one on Collins Arch is targeted at were less likely to see buyers failing to settle on apartment purchases.
“It is more likely that settlement issues are likely to occur in higher volume investor-targeted appartments,” he said. There have been widespread concerns among market commentators about settlement risk on the back of the so-called “apartment glut”, but Mr Pozzo said more detail was needed in the debate.
“Yes, there may be specific pockets of the CBD that will be in oversupply. However, it is not the whole of the Melbourne CBD that will be in oversupply,” he said.
The 202 apartments will sit on top of one of Melbournes largest mixed-use developments with restaurants, major corporations and even a new public park to call the Collins Arch develepment home.
The apartments will be housed in Melbourne’s first ever “sky bridge” with a 25 meter pool and a residents-only sky garden on the 39th floor.
Mr Pozzo said the apartments were suited to a range of buyers from young professionals to downsizing couples, and the “virtical village” element would be key to the living experience.
“Discerning purchasers focus on amenity from within the whole development to complement their lifestyle,” he said.
Collins Arch’s apartments form part of a bigger push in the Victorian capital to steal Sydney’s prime residential apartment crown, along with the likes of Crown Resorts’ One Queensbridge development. Mr Pozzo said Melbourne “did not need a boost.”
He said it had already been proclaimed as “the worlds most liveable city” this year, but he belived Collins Arch would become a landmark.
“The premium Collins Street address, the unique architectural form, the postcard views and the premium amenity will reset the luxury apartment market benchmark in Melbourne,” he said.
The luxury apartments have been designed by architects Woods Bagot and New York-based SHoP Architects, and will be marketed by Colliers International.
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