FRIDCORP has bolstered its aggressive growth strategy in Melbourne, after securing a significant land holding in a sought after inner-city location.
The property developer has purchased a 1311sqm site at 3 and 5-15 Shiel Street in North Melbourne from Spec Property.
The site holds a permit for 65 residences, with Fridcorp and design partner Elenberg Fraser requesting approval from Melbourne City Council to double that to 120 one and two-bedroom apartments across 12 levels.
Fridcorp founder and director Paul Fridman says the firm will continue to pursue further development opportunities in Melbourne's inner-city growth areas.
"We believe there is strong demand for apartments in prime locations that provide a genuine alternative to a home without compromising on design or lifestyle," Fridman says.
"We are actively seeking sites in Melbourne that allow us to meet this criteria, as well as deliver long-term investment potential and growth for owner-occupiers and investors.
"North Melbourne is a new market for Fridcorp but the inner-city lifestyle, combined with the new Canning Street retail hub, surrounding greenery and parklands, as well as its unique access to the CBD and airport, has seen the suburb become exponentially popular with a cross-section of ages and demographics, and we expect a strong response to our product."
Elenberg Fraser will deliver both the architecture and interiors for the project, featuring 37m of Shiel Street frontage.
The project is expected to launch early next year, with construction scheduled to commence mid-2017.
Fridcorp has approximately $1.5 billion worth of apartments under development, with projects in Brisbane and Sydney contributing to an additional 1700 residences delivered to the Australian market this year.
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