399 Bourke Street – Melbourne “The Foundry”

This project involved the redevelopment of the old McEwan’s building between Bourke and Lt Collins St in Melbourne. It consisted of the major demolition of 80% of the existing building and refurbishment of the remaining, incorporating the construction of 92 apartments with a 7,600 sqm retail development over 3 lower levels featuring a retail arcade that has access from both streets. The project also has a 12,500 sqm multi level carpark.

Foundry Facade
IGA at the Foundry
The Foundry Commercial

The Foundry at 399 Bourke offers a variety of studio and two bedroom apartments, right in the middle of Melbourne’s world famous retail district.

With public transport at your secure doorway, getting to work, school and play has never been so easy, with an uncompromised lifestyle made perfect by the surrounding bars, outstanding restaurants and many theatres.  The location is perfect for investors due to the steady influx of students and workers into Melbourne (please refer to article Victoria the place to be) and we discuss returns later in the blog.  The building has also been very popular with owner occupiers due to the quality of finishes, the recent construction of the apartments, and the opportunity to own such an affordable piece of Melbourne real-estate, that comes with such a long history.

The features of the apartments are listed below, and there are variations of windows and balconies between apartments, but all finishes and fixtures are relevant to all of the studios and two-bed’s.

The kitchenette allows Smeg gas-cooking on a large two-burner stove, and comes with a Fisher and Paykel fridge, enclosed in a neat cupboard, keeping the apartment sleek and tidy.  No need to worry about mess and clutter from your culinary exploits as you can utilize your high quality Fisher and Paykel dish-washer drawer, a must for any apartment living.  A Smeg convection microwave allows you to re-heat last night’s “Red-Spice Road” from nearby McKillop Lane, and makes Mum happy knowing you are eating well.  Your kitchen is kept clean due to glass splash-backs and faux-stone benchtops of the highest quality. Also offering ample storage, you will feel like a chef in your studio kitchenette.

The bathroom is pristine clean and white, completed with Caroma fittings, shower over bath, and mirrored cupboards.  A laundry cupboard can house a washer dryer combo that will keep your facilities in house, and there are taps and exhaust enclosed within.

With modern lighting throughout, the designers have left the original ceilings exposed, which allows the space to soar, and this feeds more light into the apartments at various times of the day, making a light, bright and positive environment for your living.  At night you have the sparkling lights of the city through your windows, and all of the aspects have their own charms and icons of Melbourne to gaze at.  The apartment is also a blank canvas for space saving shelving and potential partitioning to maximize the space, as you design your own layout within.

The beautiful heritage façade dates back over a century and has been meticulously maintained and restored, and these timeless properties are well sought after by property investors and dwellers alike.

There are fantastic commercial facilities below that will make living a breeze here, and IGA supermarket and various eateries mean you never have to go far for your groceries, or a quick bite to eat.

If you are into restaurants, please refer to the section on local dining, but we have barely touched the surface of this topic, however that is part of the magic of getting to know the city, and there are many websites that can get you started.  www.thatsmelbourne.com.au

Please refer to the price list for the remaining available apartments an prices, and come down to our regular open times for a full tour, or if these times do not suit, contact one of our listed consultants to ensure you are being shown through this development by the team that knows it best.  The apartment have been selling very fast since the return to work this year, as investors return to the market, and Melbourne still offers some great prices compared to other capital cities in Australia, and also internationally it offers a brilliant outlook in times to come.  The returns listed in our table are based on the most recent leases, which are all periodic presently, so notice to tenants can be given once purchase is confirmed, in order to prepare the property for your new life in the city, or for a new tenant to move in.  For information on how to calculate your return of your property, please contact one of consultants to discuss.

For international investors please consider the FIRB website, as this will direct you to the regulations relating to foreign investment, as these dwellings are a perfect purchase for your student child, or your own working life in Melbourne.

http://www.firb.gov.au/content/default.asp

For people who travel for business to town regularly, this is a perfect lock and leave, and we also can manage short-term letting of this property through our management division, run by Melbourne’s own property guru, Dionne Wilson. For information on our property management services please visit http://wp.me/Py25G-9l and  please take the time to read our testimonials http://wp.me/Py25G-a3.  There is also a move to achieve greater returns from some investors by furnishing your apartment for lease, and we have advice and consultants that can make this happen for you, when purchasing through Harcourt’s City Residential.

For other properties that may suit your property needs better, please contact our office on 9664-8100, and we will be happy to assist you in your important search.

Best regards,

Harcourts City Residential

Additional Information:

A/C ready portals. (no unit installed) click here for more information.

Modern lighting throughout.

Electric Heating

Adjustable storage with high quality enamel finish.

High original ceilings that increase internal space greatly

Security entrance, and two secure lifts for access.

Internal laundry cupboard with exhaust fan and drain, with taps for washer.

Under 18 months old (depreciation remaining for investors)

Space to place internal walls / shelving / cabinets to maximize potential of plan.

Good natural light (Nth aspect is the best for this)

Fantastic heritage front and original high ceilings (approx 13ft)

Great commercial facilities beneath and surrounding

(Supermarket, food, beverage and right in the thick of the shopping district.)

Public transport at your door.

Owners Corporation Managers: http://www.bencorpocm.com.au/

Interior

Layout dependant:

Different aspects due to apartments over 3 floors, and North aspect overlooks Bourke St.

Variety of configurations, and square meter areas.

Balcony with sliding doors

Various window layouts.

Balcony

Kitchen:

Smeg gas cook-top

Smeg convection microwave

Fisher and Paykel dishwasher

Fisher and Paykel fridge

Glass splash-back

Ample storage

Kitchen

Bathroom:

Caroma fittings through-out

Shower over bath

Bathroom

For floor plans click here

For price list  click here

 

Location, Location, Location!

The charm of Melbourne is to walk its hidden lane ways and stumble across countless bars and cafe.  The location of the Foundry puts you one step ahead of the rest of Melbourne with hardware lane just across the road. Hardware lane is without question “the” place for laneway dinning in Melbourne.  With a scattering of tables on the street and a canopy of cafe umbrella you can discover many of Melbourne favourite restaurants.  ‘Vialetto Risorante’ is one of it’s the most elegant restaurants serving Italian cuisine, however ‘Von’ is my pick of the bunch with a exotic fusion of Mediterranean and Australian cuisine. As the night falls on hardware lane the street turns into an outdoor jazz club with diners enjoying the music being performed at many restaurants along the street even if you’re not planning to eat, a stole along the street is an enchanting experience.

Time to shop? Which direction do you want to go?  Step out your apartment door and a short walk to your left is the Bourke street mall with a huge range of specialty shops including larger department stores such as Myer and David Jones or if exclusive labels and boutique shopping is your style, the fine shopping experience of the GPO brings you a touch of elegance in one of Melbourne’s most stunning landmark buildings. If it’s a bargain you prefer walk out your front door and turn right, there your will encounter the new shopping precinct of Spencer Street and Docklands awaits you, with the DFO shopping outlet in its heart, you will come across countless bargains begging to be discovered.

Thinking about living better and joining a gym? You can’t go past Fitness First the largest global health club situated just out your front door.  To help with the day to day the ease of your local IGA located in the building as a convenience.

Location Map

 References

Bourke Street Foundry Development Site to be Sold

Written by Marc Pallisco
Sunday, 19 August 2007 23:00
Sure to whet the appetite of stock starved investors, The Foundry development on Bourke Street is expected to be put to the market this week, in a deal which could reap vendor Donnelly Group around $140 million.According to industry sources, the asset will include a largely vacant 6200 square metre retail arcade on the footstep of the Bourke Street Mall, 92 apartments, a car park, and a podium, with permit, for a high rise office or residential building.The sale is said to include the distinctive 90-year old John Danks & Son building at 399 Bourke Street, and a site behind at 368 Little Collins Street.According to CityScope, the Donnelly Group bought the property, known for years around the industry as “the McEwans buildings” for $17.13 million in May 2003 off Hong Kong based PL (Nominees).Donnelly Group director Stephen Donnelly declined to comment on any part of the speculation when contacted by Capital Gain. Jones Lang LaSalle director James Kaufman, who is believed to be marketing the project, also declined to comment.The deal would be the third biggest in the CBD this year, and would follow the Myer retail buildings which CB Richard Ellis sold in June for $605 million, and the 222 Exhibition Street office building, which Colliers International sold in June for $162.5 million.

daVinci Advisers in Due Diligence to Buy Foundry

Written by Marc Pallisco
Monday, 12 March 2007 00:22

Japan’s largest fund manager, daVinci Advisers, is believed to made its biggest foray into the Australian property market paying around $100 million for part of the Foundry development on Bourke Street.

Sources say daVinci, which has assets management of almost $A14 billion  from property funds in Japan and the United States, will buy The Foundry’s large 243-bay car park, and a 4-level supermarket based convenience shopping centre, near the intersection of Elizabeth Street and the western edge of the Bourke Street Mall.

Two other parts of The Foundry which were also put to sale, including a 92-unit apartment complex, and a Little Collins Street development site with a permit for a 25,570 square metre office building, have not yet sold, sources say.

In August this year, daVinci paid $20.8 million to buy Sydney-based property fund manager, and developer, the Quantum Group. Weeks later, daVinci founder Osama “Sam” Kaneko announced plans to form a $350 million property investment fund which would own commercial property assets in Australia and Asia.

Further acquisitions in the United States are also on daVinci’s property radar, sources say.

Through its acquisition of Quantum, daVinci has a portfolio of commercial property assets in New South Wales and Queensland. Earlier this week it confirmed it sold two Queensland office buildings, and is expected to reap another $38 million from the sale of third.

A spokesman for daVinci, and selling agent Jones Lang LaSalle, declined to comment on any part of The Foundry deal when contacted by Capital Gain.

Other developers and fund managers said to have inspected the site include Industry Superannuation Property Trust, Grocon, Fridcorp and private developer Morry Schwartz.

John Danks and Son Building

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