81 Manningham Street,
This project brought together four participants (including Co.Develop) to build 4 townhouses in the inner-city suburb of Parkville. Positioned opposite Royal Park on the city’s fringe, this collection was carefully designed to maximise space and long-term value.
On acquiring the site, each participant contributed $250k capital. The rest of the funds required to purchase the land and build the townhouses were borrowed from the bank.
This project is a prime example of Co.Develop unlocking the value of a site. We worked with the architect to arrange four townhouses on the 585m² site by including a central garage off the rear laneway, by rotating each building on a 35-degree angle, and by taking advantage of sloping land to include a sub-basement level.
Project in numbers
12 months town planning
18 months construction
3 bed, 2 bath, 1 study, 2 car
Townhouse internal size
158 to 166m²
$250k initial equity contribution
$1.3m cost to develop
$1.5m final valuation
Rather than compromising on space, this approach delivered more living room than a standard townhouse and, as always, our focus on the owner-occupier ensured a high quality of interiors. Behind the walls, we used Insulated Concrete Form as it provides excellent structural, thermal and engineering quality.
The plans were shared with all the participants who provided feedback and input into the design and were also able to customise their residences with a range of features, from solar panels to an operable pergola and upgraded security systems.
After construction was completed, the property was subdivided, and titles created for each of the four townhouses which were then transferred to the respective participants. The ultimate sign of this project’s success is that of the four participants, two have retained their residences as investments and two have made it their permanent address.
Hot water heat pump
The system is cheap to run and better for the environment, using 40% of the energy used by a traditional electric hot water unit.