The tightly held and prestigious inner south of Melbourne can be hard to buy into. But new apartments buildings are making the most of the location and offering buyers a way in.
Properties with proximity to the CBD or Port Phillip are some of Melbourne’s most sought-after locations. But there’s one area in particular which has the rare combination of the two.
The inner south, with thriving suburbs such as South Melbourne, Albert Park and Port Melbourne, has enduring appeal for locals looking for a bayside lifestyle with an easy commute to the CBD.
“You’re very central to everything,” says Nerida Conisbee, chief economist at realestate.com.au. “You can access the water and the city and lots of fun parts of Melbourne.”
But now with the extension of the CBD zoning area south below the Yarra and the Fishermans Bend renewal project, opportunities to buy in this highly prized region are fast opening up.
The $850 million R.Iconic project is located on an island site in the city’s new CBD South precinct. Picture: R.Corporation
Conisbee says the location of the new residential area will be a beacon for people looking for quick commutes and easy access to lifestyle options.
“It’s very close to a lot of amenities,” says Conisbee. “You can be close and enjoy them at a more affordable price.”
Best of both worlds
The CBD South area will be particularly appealing to people looking for both city and bayside lifestyles, says Conisbee.
At the moment, the shops, cafes, restaurants and bars of Clarendon Street in South Melbourne, Bay Street in Port Melbourne and Bridport Street in Albert Park are all in easy reach.
“Nearby is the South Melbourne Market, Crown if you like entertainment and the DFO South Wharf for shopping — there’s no shortage of things to do around the area,” she says.
South Melbourne Market is a popular shopping destination. Picture: Supplied
But there’s much more to come. Conisbee points out that adjacent Fishermans Bend, one of Australia’s largest urban renewal projects, is set to boom with amenities.
In coming years, new office, shopping and education facilities will all appear — including a campus for the University of Melbourne Engineering and Architecture schools.
Opportunities opening up
A new apartment development in Melbourne’s inner south is giving buyers a unique chance to break into this popular yet tightly held area.
R.Iconic comprises 456 apartments across the first stage of its dual luxury towers. Picture: R.Corporation
R.Iconic will feature two towers and four street frontages with uninterrupted views of the bay. Stage one has been released for sale, with a variety of stylish one and two bedroom apartments through to a luxurious penthouse on offer.
R.Corporation is an experienced property developer that has developed 30 buildings with a 100% completion rate.
Colliers managing director of residential, Tim Storey, says the R.Iconic project follows well known residences delivered by the company, such as Clara in South Yarra, Tribeca in East Melbourne and Metropol in St Kilda.
“They have a track record of delivering projects that are of a really good quality and standard, and enrich the lives of the residents and the surrounding communities,” Storey says.
Spoilt for choice
While residents will have plenty of amenities options to explore in the local area, R.Iconic will also offer a complete lifestyle experience onsite.
“Importantly, it creates a neighbourhood and redefines the residential experience through what is arguably some of the best amenity and facilities we’ve seen,” he says. This includes a clear focus on delivering excellent entertainment, technology, wellbeing and fitness amenities.
Construction at R.Iconic has commenced with a planned 2022 completion date. Picture: R.Corporation
For fitness enthusiasts, it offers a rooftop running track, outdoor and indoor gyms, sports court, pool, and a virtual golf range. To wind down, it has a wellness pavilion with yoga studio, steam room and sauna — and even a floatation spa and zen garden.
Entertainers can embrace the stylish dining pavilions, BBQs, cinema, karaoke room, wine vault and music listening lounge.
“There’s a big focus on social connection within the building as well, and creating a community,” says Storey.
Conisbee says that this all-encompassing approach is what busy professionals of today want in a home.
“With people working from home more, they’re more flexible with their time, and amenities become far more important — it’s that ability to go to your gym at any time, without having to travel,” she says.
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