AMIDST the peak of Melbourne’s second wave lockdown, Beulah met 100% settlement success on its $30 million South Melbourne development.
The majority of the Melbourne property developer’s Habitus Townhomes were sold in the peak of the state’s strict COVID-19 lockdown, through the instrumentation of virtual viewings and Zoom settlement discussions.
“Reaching 100% settlement is an achievement in itself, let alone during a state-wide lockdown where in person consultations were off the table. We had to get creative and adapt as we went to ensure the process was as smooth as possible for not only purchasers, but all involved in the project,” said Jiaheng Chan, managing director at Beulah.
The townhouse site is located at 10 Boundary Street and consists of 25 residences, priced from $1.3 million.
The project received support from the Commonwealth Bank of Australia and the Lieberman family’s Monark Property Partners.
The typical design in this development is comprised of a five-storey home with a garage-level ground floor and home-office space, a first floor living space and bathrooms, bedrooms and additional living space on the top two floors. The town homes also include a rooftop terrace.
Beulah attributes the settlements to young city professionals, who may prioritise a centralised location over a more traditional garden green space. A number of buyers also purchased more than one of the vertical, one-use-per-floor floorplan town homes to integrate into a larger space.
The success of this development enabled Beulah to meet its repayment schedule with CBA prior to the completion of settlement.