Libertine apartments

A site for sale in popular Northcote, Victoria had planning approval for 22 poorly designed apartments – we thought more could be done with the site. We purchased the site and redesigned the approved scheme to better suit the market, resulting in increased apartment yield, a significantly superior design outcome and ultimately more profit.

Background

Our real estate development arm KM Develop had an ‘off-market’ opportunity to buy 115–125 Victoria Road, Northcote. We ultimately passed on the site because of the vendor’s unrealistic expectations. The vendor took the site to auction, offering it with planning approval for 22 apartments. However, we had completed our due diligence on the site and knew we could improve the permit to add more apartments and better suit the local market, making them more saleable and less risky. This was knowledge that we could use in the competitive bidding process.

Failing to draw strong bids, the vendor passed in the property. After the vendor rejected the final bidder’s price, we assessed the situation and stepped in and bought the property.

What we did

We found, analysed, bought and developed the site – drawing on our team’s diverse skills in property development, valuations, real estate sales and marketing and contracts administration.

We worked with an architect to adjust apartment layouts and overall building design, converting 22 apartments into 34 one and two-bedroom apartments plus a retail shell in a significantly superior designed building. Creating a better use of space to produce more yield, higher revenue and profit.

Our work on the project known as Libertine, Northcote included:

• finding and buying the site
  • acquisition due diligence and initial feasibility analysis
  • analysing and amending the design
• appointing consultants and dealing with various stakeholders (including Council and local objectors)
  • architect, engineer and surveyors
• amending and improving the permit
  • developing a project brand and sales and marketing campaign
  • sales and marketing
• appointing a builder
• managing construction and settlement
• development management
• project management.

Result

Our inspired thinking delivered inspiring results – a project to be proud of. We redesigned the building, converting 22 apartments to 34 and a retail shop.

The result is a landmark boutique residential project that sets a new standard in urban design and living.

Libertine is now 100% built, sold and settled.