Project leasing update
Ann-Marie Hardwick – Project Director
We are really pleased to be of service to you and to other smart investors who have capitalised on the strength of the Melbourne rental market. This update gives you a further insight into the local scene.
Due to the predictable levels of tenant enquiry, some of our team chose to work through the Christmas/ New Year period and were rewarded with exceptionally high turnouts at inspections and a better than average ‘inspection to application’ conversion rate . This is testament to the strong demand we are experiencing and to the quality of our offering.
The last quarter of 2016 was noticeably busy for our project leasing and new business team. We were privileged to work closely with PolySouthlink, the developer of Claremont Manor, South Yarra to launch and lease 58 apartments in the project, the majority within 2 weeks of settlement.
Then, during November our focus shifted to the trendy apartments developed by Tim Gurner at 107 Cambridge Street, Collingwood. With the level of enquiry through the roof (270 enquiries in the first week of advertising), most apartments were leased prior to settlement and often within several days of initial advertising. A number were leased to our existing tenant database.
Finally, Botanica Apartments in Balwyn were ready to launch in mid-December. The project has been very popular due to its leafy location and excellent resident amenities. We are confident to have all 55 apartments leased by the end of this month.
We welcome our newest landlords to the Motion Property family and look forward to ensuring that you enjoy and profit from your investment experience.