Construction is commencing soon on a new high-profile residential and commercial development in Wollongong.
Avantè is an 18-storey tower in the heart of the CBD, comprised of 77 residential apartments and four floors of commercial space.
Avantè is commencing construction at the end of the month, and it is anticipated that it will be finished by late 2019.
Avantè is being sold through Bevans Wollongong.
The selling agents reported strong initial sales for Wollongong’s latest skyline addition last year.
When the 77 luxury apartments hit the market last October, 31 per cent sold on opening sales day.
Director of Bevans Wollongong James Ianni said a little more than 60 per cent of the apartments had sold thus far.
“The key thing is that if anyone’s wanting to get in, they’ve got between now and the end of the month to take advantage of the fact that… We have not increased the prices of these units from the release date,” he said.
The current round of sales will conclude at the end of April. Apartments currently range from $495,000 for a one-bedroom; $680,000 for a two-bedroom; and $1,175,000 for a three-bedroom.
“We are genuinely excited about getting under way, especially knowing how salient Avantè will be to the Wollongong skyline and community,” Mr Ianni said.
“It represents the increasing options and investment in the Wollongong area and will stand proudly over Wollongong.
“I think a lot of people who haven’t been to Wollongong in the past ten years or so would be very pleasantly surprised by the transformation it has undergone.
“It has developed a really interesting and modern culture that has completely revolutionised the lifestyle on offer and the people choosing to live here.”
After this month, the next opportunity for purchasers to buy off the plan will be mid-construction; expected to be in mid-2019.
The towering commercial and office building, which will sit atop the city’s highest hill, was approved by planning authorities in 2011.
Consent was given for an 18-storey tower, worth $45 million at the time, with three levels of office space, ground floor retail and business premises, and 77 apartments spread across 15 storeys.
Despite this go-ahead, the 3 Rawson Street site remained an empty grass lot for several years.
In 2016, developers revised the capital investment to $28 million.
After the lengthy wait, an off-the-plan sales campaign began last year.
Maria Kim is a lecturer from the University of Wollongong who purchased an apartment off-the-plan.
“I am so thrilled to see that construction is under way,” Ms Kim.said.
“To watch it come to life will be exciting and as it gets closer to completion, the anticipation will get even stronger.”
Do you have an interesting real estate story that could be featured in an upcoming edition?
Please email email@example.com with details.