A Travancore developer is aiming for a legacy first and profit second, with a new project that’s closer to his heart than his bottom line.
Eighty Eight replaces the long-time office of builder-turned-developer Bold Projects.
Director John Newbold said after owning the inner-city site for almost 30 years — running his family construction business from it for much of that time — he was determined to leave something of value behind.
“We have a commitment for the site to be a bit of a legacy for us,” Mr Newbold said.
“We’re certainly using high-end finishes and natural materials. I’ll spend too much on it — but this has always had our name on it.”
Opposite Debney’s Park on Mt Alexander Road, the project’s architecture stands out with irregular angles to provide privacy to the cantilevered balconies, maximum natural light to the residences and a unique street appeal.
Open-plan living spaces overseen by interior designer Allison Pye will include timber floors, glass sliding doors and expansive windows that streamline the connection between the outdoors and indoors. ILVE appliances add a touch of class.
Castran Gilbert director Mark Forytarz is handling sales for the apartments.
He said the project’s “hidden-gem” location, in the little-known suburb between Parkville and Ascot Vale, had been popular with first-home buyers and downsizers.
But it was the price point that had rapidly begun to attract purchasers. Particularly given Mr Newbold had agreed to a $25,000 rebate for buyers.
“It’s price point driven, but it’s also 4km from the CBD and it will be complete within 15 months,” Mr Forytarz said.
A dozen of the project’s 46 apartments have sold, with a handful more reserved by interested buyers.
One-bedroom floorplans cost between $455,000-$520,000, and two-bedroom units are priced from $560,000-$690,000.