In a notoriously hot market, you may expect to read about success stories in the real estate sector, as properties are snapped up at a head-spinning rate. However, a new apartment build in Fremantle is confounding even the most optimistic projections by its developer, OP Properties.
Since sales activity commenced for Montreal Commons on Knutsfrod Street Fremantle, almost 1,000 people have registered their interest, resulting in over 50% of the apartments selling in the first month, before the project has even been launched. This extraordinary trajectory has propelled the innovative collection of carbon neutral apartments to the top of WA’s charts in terms of buyer enquiry and sales activity for March (according to realestate.com.au).
realestate.com.au Customer Analytics (click to see full size image)
With a choice of architecturally-designed one, two and three-bedroom apartments, fans of the legendary Fremantle lifestyle are snapping up abodes before price rises kick in within a few weeks. Located in the Development WA East Village in Knutsford’s precinct, Montreal Commons comprises 39 apartments over five storeys next to Fremantle Golf Course and opposite Boo Park.
Luke Parker, director of OP Properties, is perhaps less surprised than most at the extraordinary rate with which the apartments are being snapped up.
“Montreal Commons will be one of the first carbon neutral apartment buildings in Australia – it’s an attractive selling point for many of our clients,” he says, “Couple that with the fact that owners will receive 50% offset of strata levies from the internal embedded power network, and the savings they make will really pay dividends for the hip pocket.
Creating a new community with financially-rewarding carbon neutrality at its heart has taken the OP Properties’ team significant time and money to bring to fruition, says Mr Parker.
“It’s taken a vast amount of research, time and investment to produce this first-of-a-kind operating model,” he says, “But it sure is resonating and proving to be very popular with buyers and enabling the project delivery to be de-risked and accelerated.
“So far purchasers tend to be local downsizers, professional couples and there are a small number of investors from the east coast and first-time home buyers.”
The architectural design, by Hillam Architects reflects the location’s industrial heritage with the statement angled façade to produce a stunning visual impact from street level. Interiors are generously proportioned with extremely liveable layouts.
“We’ve worked hard to not only maximise the living spaces in the apartments but ensure they are liveable, functional and all able to benefit from cross flow ventilation,” says Mr Parker. “And in terms of the exterior, there’s a mixture of raw materials which has been used to underline the build’s unique identity and street presence.”
OP Properties in-house Sales and Marketing Manager Nick Shinner, WA’s number one off the plan selling agent in 2020, is the driving force behind the Montreal Commons marketing preparation and execution. As its fulltime selling agent, Mr Shinner has been encouraged by the very positive response to the new development.
“As I’ve been a part of the design development of the project, and helped create marketing collateral production and campaign materials, I have been able to ensure the fine-tuning of the product so that it fits exactly with what the buyers are looking for,” says Mr Shinner.
“In addition, as I’m full time and working in an in-house role at OP Properties, I’m able to dedicate so much more time to responding to clients than I would be able to if I worked for an agency or larger developer. In a competitive market where the one percenters count, this makes a massive difference in the rate of leads generated and conversions to contracts.”
A one-bed apartment at Montreal Commons starts from $428,000 rising to $799,000 for a three-bed apartment, with the largest penthouse now sold at a value of $927,500.
Construction is on track to commence in July with an anticipated completion of mid to late next year.
Thanks to OP Properties’ reputation as a leading property consultancy focusing on built form superintendency, project and development management, it’s perhaps not such a surprise that Montreal Commons has proved to be such a hit with investors and buyers keen to have their own little slice of Freo living.
As OP Properties director Nic Osboine explains: “OP Properties uses a unique approach to development management, project marketing and a dedicated in-house sales team, which allows complete end-to-end management and control of every aspect of the development and, critically, improves the buyer experience, something not possible with the business-as-usual outsourcing approach.
As the day draws closer to construction beginning, Mr Osboine is looking forward to the finished result.
“Being in a position to accelerate the delivery of Montreal Commons is pleasing and means that we are now actively looking to engage with and grow our number of like-minded cornerstone equity investors to partner with us, as we prepare for the next development site,” says Mr Osboine. “I would encourage those who like how we operate and the type of direct investment opportunities we offer to reach out for a coffee to further discuss.”
Find out more about OP Properties’ ingredients for success and their shifting attention to growing the number of equity investors to support their growing investment pipeline – visit opproperties.com.au for more information.
