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Another new proposal for Tooronga Village lowering expectations...again. Rate Topic: -----

#1 User is offline   Dose 

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Posted 16 September 2010 - 08:40 PM

Another New Proposal for Tooronga


Quote

BEDROOMS with no external windows are among more than 50 extra apartments developers want for the Tooronga Village development.

For the second time Stockland has asked Planning Minister Justin Madden for changes, the latest request to increase the number of apartments from 110 to 166 in the second stage of the Hawthorn East development.

Under the plans, 106 bedrooms out of 250 bedrooms do not have an external window. Special exemptions mean Boroondara Council has no right to seek a review of the minister’s decision at the Victorian Civil and Administrative Tribunal.

The proposed changes come after an extra 185 dwellings were approved by the State Government last year.

Gardiner Ward Councillor Coral Ross said the project had changed “significantly” without consultation and that the council had lodged an objection with the State Government.

Cr Ross criticised the developers for not including external bedroom windows in some of the apartments.

“A bedroom without a window is like a prison cell,” Cr Ross said.

Stockland spokeswoman Sarah Brown confirmed they had revised the application but said the 166 apartments were part of the 785 apartments already approved.

Ms Brown said the changes were in response to “market demand for more affordable product” and to “provide greater options for first-home buyers”.

She said the lack of external windows maximised the space in apartments.

State Government spokesman Chris Owner confirmed the application had been received but could not say when a decision would be made.



"Demand for affordable product" is actually Stockland's complete failure to sell the initial project design of high-end units near the $1,000,000 each. -I wish I had saved the original sales material..from memory they were "offering" 2 bed units @$799,000. My understanding is not a single unit sold off the plan but with the retail development (Coles) galloping ahead the plans for the resi part above the retail were changed AFTER development had started: shrink the units, shrink the price...suddenly high-end luxury units are turned into a pitch to the investor and FHB.


It would appear they are still shrinking to discover what the market will bear. From the numbers quoted above I'm guessing they've already added 30% to the initial planned units (by decreasing the units...a 3bd turns into a 2bd unit + Studio unit) ...785 units extra 185 units. Too bad the access was designed and approved for the original smaller approved proposal. Not that it was hard to get through there before and after work when it was a simple strip mall. Posted Image


Looks impressive from the Monash.


Windowless bedroom units. What the market "demands" Stockland provides! I hope the gov't says no to the changes but somehow I don't see that happening.


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#2 User is offline   Dose 

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Posted 16 September 2010 - 09:23 PM

Background:

Site bought for $30 million

Rebuild Starts June 2008

Quote

Despite the interest rate-fuelled downturn in new-house sales, Belford isn't too concerned for Tooronga Village.
"We have confidence in the inner city, where the number of dwellings supplied will not meet demand," Belford says.


Tooronga Taking Shape Sept 2008

Quote

The first stage will include 196 apartments in 10-storey and eight-storey towers. Prices of two- and three-bedroom apartments will start at $500,000, while one-bedroom penthouses will cost from $2.5 million.
Stockland state manager of apartments Matthew Belford said the company was not worried about a fall in property values, despite posting a 59 per cent drop in annual net profit. “We see there’s still demand there and there is an undersupply of residential developments, so we’re still quite confident,” Mr Belford said.


Plans to add more apartments Sept 2009

Quote

Stockland project director David Mitchell said the increase would allow a more diverse range of dwellings including “smaller, more affordable apartments”.
Under the application, 101 of the 185 extra dwellings will be within the buildings now under construction with the remainder spread across the site in later stages.


Council objects: more apartments, again Sept 2010

Quote

'Perhaps the most significant concern with the Tooronga Village redevelopment is that the community can have no confidence in the government's planning processes. The form and scale of this project has changed significantly with an additional 157 units being added without any consultation by the government with the surrounding community who objected to the original plans. The community's interests are being ignored for the sake of developer profits,' said Councillor Ross.


edits: format

This post has been edited by Dose: 16 September 2010 - 09:35 PM

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#3 User is offline   Bullshark 

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Posted 16 September 2010 - 09:35 PM

I have an office just down the road - the new shopping centre is tip-top, they even have a scicalunas - it is actually a pretty good spot with Tooronga train station 5 mins away plus the freeway, Toorak road out to the eastern suburbs (Toorak 10 minutes away).

As I understand it the rates are also extremely high, perhaps this too has put some of the high-end buyers and particularly investors off.
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