Urban Life

Market Insights
9 years ago
3 minutes

As Melbourne’s population booms and education becomes one of Australia’s most valuable exports, developers, architects and councils are collaborating to create the southern hemisphere’s first US-college style education campus.

A new urban village is set to service two Victoria University Footscray campuses and facilitate the growth of a new education hub. Banbury Village will allow academic, social, community and retail facilities to permeate the vibrant suburb of Footscray, which is a similar distance to the CBD as other trendier suburbs like South Yarra, St Kilda and Carlton.

The rejuvenation of Footscray is a key aim of the Victorian State government’s ‘Plan Melbourne’ city plan. The region now encompasses the fastest growing population areas in Australia, with Victoria’s Minister for Planning, Matthew Guy, anticipating the City of Maribyrnong will grow by 42,000 people over the next 15 years. 60% of those moving into Footscray are aged between 20-34, according to a recent outlook report released by Urbis, which also speculated that this growth would require an additional 130,000 dwellings.

Maribrynong City Councillor Catherine Cumming said developers are stepping in to help meet the demand and improve the area’s housing options with a series of modern mixed-use projects for the new mix of residents and workers moving into the area.

“I have been involved with Banbury Village from the draft drawing phase and am pleased to see the residential development supporting the Council’s vision for Footscray,” said Ms Cumming.

Developed by Cedar Woods, Banbury Village is a $200 million urban renewal project on the former Olympic Tyre Factory site. Having already claimed multiple awards for urban renewal and medium density development, the project is playing an active role in drawing investment and employment opportunities to the area.

“Banbury Village is a community-defining project,” said Cedar Woods’ Victorian State Manager, Nathan Blackburne who expects the release of Botanica, the final stage of the residential development, to benefit from the pent up demand for high- quality dwellings and the State Government’s commitment to revitalise the area.

“Footscray is an area with rich prospect and consistently solid residential market performance; with student life at its core, surrounded by amenity and with a new train station at West Footscray the area has never been so accessible,” said Mr Blackburne.

Designed by renowned architecture and interior design firm ROTHELOWMAN, the final stage of the project, Botanica Apartments adds a new dimension to the integrated housing options already provided at Banbury Village.

“Botanica has been specifically designed to appeal to Footscray’s younger demographic and high proportion of young professionals and students, offering one and two bedrooms at an affordable starting price of $305,000,” said Mr Blackburne.

“We have created a new urban village within what we recognise is an emerging education and activities precinct, which is indicative of the gentrification of Melbourne’s inner west,” said ROTHELOWMAN Associate Principal Stuart Marsland.

All apartments feature reverse cycle air-conditioning, NBN-ready connections, video intercom entry and secure access, European appliances, undercover parking, storage and generous outdoor courtyards and balconies.

Construction is expected to commence in the second half of 2015 with completion in 2016.