Westmont & Oakmont Join Forces to Sell Evolve’s Waterline Place
Westmont Real Estate closed a major deal this week for their client Evolve Development, with the sale of the Waterline Place project in Williamstown.
Arguably one of Melbourne’s biggest apartment site transactions, Bruce Barron from Westmont Real Estate and Alex Zent from Oakmont joined forces to sell the development to AVJennings.
The 2.7 ha infill project is a high quality development that includes up to 850 dwellings in a mix of apartments, townhouses, and retail spaces in the historic waterside suburb of Williamstown, located on the edge of Port Phillip Bay some 9km from the Melbourne CBD. Development is underway with the first stage approved and substantial pre-sales already in place.
For AVJennings, a listed Australian developer traditionally associated with outer suburban estates, the acquisition repositions the company towards recognition as a prestige apartment developer.
AVJennings General Manager Victoria, Mr Peter Vlitas, said, “Waterline Place will provide another exciting opportunity for our company to deliver quality housing with excellent design. It will complement the unique features of this iconic waterside locality, situated about 9 km south west of Melbourne CBD.”
Waterline Place is AVJennings’ first major inner suburb infill project in Victoria for some time. “We look forward to offering customers a range of housing solutions including apartments and townhouses in a highly desirable location”, Mr Vlitas said.
The transaction was kept completely confidential until the sale was unconditional and agreements were exchanged on Monday.
The fact that the deal was conducted off market with the utmost of discretion is something that Westmont prides itself on. “Keeping transactions of this scale confidential is much easier when you deal with a boutique brokerage,” said Westmont Real Estate’s Managing Director, Bruce Barron.
“We’re delighted to see AVJennings purchase the site, and to have had the opportunity to facilitate a transaction of such significance,” he said.
The deal is also the first to be announced since Victorian Treasurer Tim Pallas adopted more flexible guidelines that exempt foreign-controlled residential developers from a new 3% stamp duty surcharge.
The project was purchased from Evolve Development, headed by Ashley Williams and Ron Walker. Evolve Development purchased the site 10 years ago and secured rezoning, a planning framework and a number of planning permits to allow the project to commence marketing in late 2014.
Beautifully designed by award-winning Melbourne firms SJB Architects and Elenberg Fraser, the multistage development is already setting new benchmarks for price and quality in the Williamstown area.