$100 million Glenarm Square sells out

DealCorp property development has sold the last remaining apartments at its $100 million Glenarm Square project. The project, designed by Plus Architecture and Hecker Guthrie, is poised to transform a significant site in Glen Iris into a residential mixed-use precinct connected with Gardiner Train Station. The State Government upgraded Gardiner Train Station after removing the level crossing on Burke Road, creating some 2,700 sqm of in-fill land which DealCorp have repurposed with Glenarm Square.

The collection of new apartments at Glenarm Square were popular due to their lock-and-leave capabilities, direct access to the Monash Freeway, and less-than one hour drive to the popular Mornington Peninsula.

“In this market, it is rare to see a project of this scale sell out before completion. Buyers have some hesitancy, they want to touch and feel the product. But DealCorp have positioned the project incredibly well, they know their market and they have a strong track record for delivering premium projects,” says Marshall White Projects Director, Leonard Teplin. 

Glenarm Square is currently in the final stages of construction with builder Hamilton Marino, with expected completion towards the end of this year. The building comprises 120 apartments, 800 sqm of retail and commercial integrations on the building’s ground level, and a suite of onsite facilities for residents only.

DealCorp executive chairman, David Kobritz, says Glenarm Square represents a progressive approach to re-developing key in-fill sites, particularly in more residentially prestigious areas like Glen Iris, where the median house price exceeds $2 million.

“We are delighted with the sell-out success at Glenarm Square. Our aim is to bring low maintenance and affordable living to inner Melbourne. Glenarm Square will be a stand-out example of how we can create a project which not only services residents but the wider community,” says Kobritz. 

“By creating living and vibrant neighbourhoods out of this repurposed and highly valuable land, we can deliver residences in suburbs where demand is traditionally high, and create an alternative solution to the challenge of urban sprawl.”

“Glenarm Square is not only proof that the concept works at an engineering and development level, but a benchmark for the revitalisation of future sites of this nature,” says Kobritz.

Prices for the new apartments at Glenarm Square ranged from $600,000 to $2,300,000, and attracted strong interest from a diverse purchaser cohort throughout the pandemic. The development was marketed by Marshall White Projects.