Lacrosse Apartments to proceed

The Charter Hall Opportunity Fund No.5 has acquired the development rights to develop stage one of the Lacrosse Apartments in the Docklands by entering into a Development Agreement with VicUrban.

The off-market opportunity arose last year for Charter Hall to partner with Melbourne-based developer PanUrban, to build the first of two towers, over two stages. Stage one has been substantially advanced by PanUrban over the past 24 months, with construction due to commence with town planning approval. Construction is anticipated to take approximately two years.

The development, located at 675 LaTrobe Street, Docklands (adjacent to Docklands Stadium), will comprise 312 apartments and will include 1,300m² of retail space at concourse level and parking for 150 cars. Elenberg Fraser Architects have designed the apartments.

With an average apartment price of $500,000, the pre-sales campaign has been extremely successful with over 75% off-the-plan sales completed.
David Young, VicUrban’s General Manager responsible for Docklands said, “Following recent announcements regarding new commercial developments in Docklands, this is evidence development momentum is now building in the residential sector following the GFC.”