RESIDENTIAL PROPERTY

Buyers flock to Tomassi developments

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TOMASSI & Co has sold out two of its bayside residential projects, Sphere and St. George, with 36 apartments being snapped up in the affluent Melbourne catchment, pulling in a combined total in excess of $36 million.

St George in Elsternwick was launched in late 2019, while Sphere was launched a year later in 2020 with 70% of sales being completed before construction was completed and the remaining 30% within 60 days of completion.

“We saw a keen interest from a range of buyers across these two projects, among them being first home buyers, downsizers and local buyers,” said Alby Tomassi, founder and director of Tomassi & Co.

With apartments priced from $455,000 to $950,000 each, Sphere comprises 26 RPC Architects-designed one-, two- and three-bedroom residences.

While St. George spanned 10 apartments designed by Ewart Leaf and John Patrick Landscape Architects and garnering prices from $1,275,000 to $3 million.

“With a surge in apartments being built across the state, buyers are appreciating a considered, design driven home in an accommodating location, so we weren’t surprised to see the success of Sphere and St. George,” said Tomassi.

So far in 2021, the South Melbourne-based Tomassi & Co racked up $70,999,000 in sales and has achieved record square metre rates across its projects and development sites in Brighton and Bentleigh.

Tomassi & Co currently has a project pipeline with a combined value of $300 million, set to be launched to the market in the next year, including 35 apartments at 19-21 Oxford Street in Oakleigh launching in early 2022.

While the group’s 194 Station Street, Edithvale project recently saw 16 apartments launched.

Founder of Tomassi & Co, Alby Tomassi, has over 15 years in the property industry, including time at Greg Hocking real estate, in addition to owning St Kilda restaurant, Café Banff and co-founding of the international not-for-profit organisation, YGAP.

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