Project Overview
The Project is located at 436 Victoria Avenue, Chatswood NSW 2067. Chatswood is approximately 11km north of the Sydney CBD and is the major commercial and retail hub of the Sydney North Shore. The site area is 59,369sqm.
The site has an approved DA in place for the construction of 509 apartments in 3 residential towers with 3 levels of basement car parking. A Section 75W modification has been lodged with the Department of Planning to allow for a remix of the number of apartments within the 3 towers. The modification will allow construction of a total of 553 apartments. The approval of the modification is expected in April 2011.
The 3 level basement carpark and podium platform, including lift risers and services pathways, has already been constructed in accordance with the approved DA. This structure was included as part of the site purchase.
Tower 1 is the largest tower comprising 261 apartments. The Tower 1 apartments are referred to as the “Metro Grand” apartments. Tower 1 is the last tower to be built and will take the longest to build. Construction is estimated to start in October 2011 and practical completion is expected in October 2013. Pre-sales for Tower 1 will launch in early April 2011.
Tower 2 comprises 147 apartments that are referred to as “Metro View”. Tower 2 and Tower 3 will be built at the same time with commencement of Tower 2 in July 2011 and practical completion expected in November 2012. Pre-sales for Tower 2 were launched in March 2011 and Tower 2 is 100% pre-sold.
Tower 3 comprises 145 apartments that are referred to as “Metro Spire”. Tower 2 and Tower 3 will be built at the same time with commencement of Tower 3 in July 2011 and practical completion expected in February 2013. Pre-sales for Tower 3 were launched in March 2011 and Tower 3 is also 100% pre-sold.
The Project strategy is to launch pre-sales for Towers 2 & 3 in March 2011 to secure maximum sales prior to launching Tower 1. Towers 2 & 3 are 100% presold and the Tower 1 pre-sales program will launch in April 2011. This strategy was developed by CTI with assistance from the sales agent to maximise revenues and demand for this product in the Chatswood market.
Construction will commence on Towers 2 & 3 in July 2011 and Tower 1 construction will commence October 2011.