There are 2 major developments taking place in St Kilda, Melbourne at the moment. In addition, there is a 3rd significant development due to take place in 2019.
All 3 developments could have a huge effect on property prices in St Kilda, and the surrounding suburbs of West StKilda, East St Kilda, Elwood and Windsor.
This Blog post will give you a small insight into how a Buyers Advocate will gather every available piece of information to judge if a suburb is likely to increase in value at a rate higher than the average.
First, let’s list the three developments.
The Block Gatwick Apartment Development ($20 million)
The first development is the transformation of the legendary Gatwick Hotel into high-end apartments for the TV show The Block. Work on the building started in December 2017 and at the time of writing this post (June 2018), most of the preliminary work looks to have finished in time for filming around October.
The 10 Gatwick apartments are due to be auctioned early November 2018 and could fetch up to $2 million per apartment.
It is believed that the Gatwick Hotel was purchased for around $10 million while an estimated additional $10 million will be spent in the refurbishment making the total development worth at leat $20 million.
Cricket Victoria Junction Oval Development ($40 million)
The bill for the development at the Junction Oval is believed to be around the $40 million mark.
The development is now complete with very impressive results. St Kilda now has a state-of-the-art elite training facility complete with stands, indoor nets and offices.
Victoria Cricket has moved from the MCG and now operates out of the Junction Oval. In addition, the facility and surrounding ovals is a hub for community cricket.
Victorian Pride Centre ($38 million)
In March 2017 the Fitzroy Street location for the Victorian Pride Centre was announced. Work on the Centre is due to start in 2019 and open in 2020.
The five-story centre will feature a cinema, a library, a rooftop garden and a health service. It will become the new home of LGBTIQA organisations like Joy FM, Minus 18, and the Victorian Aids council.
That’s close to $100 million of investment in the St Kilda area within 2 years.
In addition, The Block is rumoured to purchase and develop a boarding house in Grey St Kilda if their Gatwick Hotel experiment goes well.
This is a massive big tick for St Kilda, West StKilda, East St Kilda, Elwood and Windsor. We have these suburbs marked down as a ‘BUY ZONE’ area.