Brookfield Multiplex Develops $160M Residential Project in Melbourne
- Mar 10, 2014
By Eliza Theiss, Associate Editor
Brookfield Multiplex has completed the construction of the $161 million (AUD 180 million) The Quays residential project in the NewQuay precinct of the Melbourne Docklands.
Developed by MAB Corp., a privately owned Australian property development company, The Quays comprises 617 one-, two- and three-bedroom residential units in two high-rises. Residences are available for both renting, starting at a weekly $321 (AUD 360) and for purchase. While one year ago Property Observer reported that one-bedroom units between 527 and 700 square feet in size were selling in the $326,000 – $518,000 range, two-bedroom units with 570 to 967 square feet of space were going for $393,000 to $893,000, and the 1,205 to 1,292-square-foot three-bedroom residences were being purchased for $893,000 to $1.1 million, after experiencing a 3.3 percent value increase over one year’s time, according to MAB’s website The Quays now boasts a starting purchase price of $411,000 – although it doesn’t specify for what number of bedrooms. Back in December 2013, MAB had announced that all of its units had been under contract.
The project, which started construction in February 2012, is located on the corner of Docklands Drive and Harbour Esplanade, vis-à-vis Etihad Stadium. It comprises two high-rises, the 32-story South Tower and the 27-story North Tower, designed by award-winning architecture firm McBride Charles Ryan. The Quays features a fluid, organic design with a color palette evocative of pearls and coral. The project’s design emphasizes the feeling of community, featuring 24,326 square feet of resident community space. Broken into three main focus areas – a ground-level atrium, a resident lounge on the first story and a rooftop garden atop the podium – community spaces contain luxurious, resort-style amenities. Whereas the rooftop garden offers a tennis court, landscaping, a clubhouse with outdoor seating and BBQ equipment and breathtaking harbor views, the resident lounge comprises a kitchen and dining area for private events, a library, poker room, 20-seat cinema, boardroom and business amenities. The atrium contains a fitness center, yoga studio, ballet barre, pool and sauna. Below-grade parking and street-level retail options are also available.
The Quays also incorporates a bevy of sustainable features, such as high-performance glass façade, and water-efficient fixtures. The traditional draining system was replaced with rain gardens and tree pits, while a rooftop water harvesting system will supply water for cleaning and irrigation, the pool and common area restrooms.
Leasing and management services are provided by Lucas Real Estate.
MAB Development launched NewQuay precinct in 2002, wanting to be part of the Docklands redevelopment that is changing the face of Melbourne. The waterfront precinct of NewQuay, located on Victoria Harbour, is a grand mixed-use project that includes residential developments such as the Grand Mercure Apartments and Promenade at NewQuay Melbourne, commercial buildings such as the The Quarter and 395 office buildings and a bevy of waterfront restaurants and bars.
The Melbourne Docklands is a 470-acre urban renewal project first imagined in 1991, aiming to rejuvenate the once-dilapidated city docks under the oversight of Places Victoria (former Docklands Authority). The project currently boasts the highest concentration of Green Star-rated buildings in the southern hemisphere. Upon its 2025 completion, it will be the home of approximately 20,000 residents and 65,000 workers and will have attracted around $15.6 billion (AUD 17.5 billion) in private sector investments.