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Icon wins $150M contract to deliver Melbourne's three-tower St. Kilda Road Project

People & Companies / Latest News

Australia / Melbourne

May 01 2018

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Melbourne-based developer The Shakespeare Group has awarded a $150 million building contract to leading Australian builder, Icon Co, for the construction of its landmark residential project, St. Boulevard.

With a strong commitment to the project and the coveted St Kilda Road precinct, the developer has commenced construction across all three buildings (Anaca, Ginko and Magnolia) at once, with the view to deliver the first two completed towers in late 2019, and the third in Q1 2020.

The move comes amid growing industry concerns about the rising cost of construction across Victoria, which has stalled some developments and placed upward pressure on the supply of new apartments.

According to the latest CoreLogic Cordell Housing Index Price Index, increasing competition among developers to meet Victoria’s rapid housing needs pushed the prices of construction in Victoria up by 5 per cent from 2016 - 2017.

The industry-wide inflation has had a significant impact on the progress of residential developments, with some developers stalling or cancelling developments in recent months.

With sound project management, planning and careful navigation of the construction market, The Shakespeare Group has maintained its anticipated project timeline, with construction on St. Boulevard already underway.

The developer is committed to bringing much-needed supply to Melbourne’s residential market, with completion on the project expected in Q4 2019.

Director of The Shakespeare Group, Catherine Law, says the appointment is significant not just for them, but for purchasers as well.

“With recent data from .id forecasters indicating 79% of Victorians will live in metropolitan Melbourne by 2037, we understand the need to provide high-quality housing in the city’s highly sought-after inner-ring suburbs.

“Commencing construction on St. Boulevard is an important milestone that we are proud to share with our purchasers and future purchasers to give them confidence not just in the project, but in the off-the-plan industry overall.

“By partnering with Icon Co, we can give buyers assurance that the project will be delivered on time and with careful consideration for the resident.

“As developers, we are dedicated to delivering on our promises and exceeding expectations, and we have no doubt St. Boulevard will achieve this.

The development, home to three residential towers comprising a total of 420 apartments and over 4,000sqm of 5-star resident amenities and lush landscapes, brings together a highly regarded project team including award-winning architects Elenberg Fraser and project managers Sinclair Brook.

St. Boulevard has tapped into the increasing demand for apartments that promote health and wellness and offer resort-style living within Melbourne’s inner-ring, as evidenced by the sales success of the project, with 75 per cent of apartments sold.

Colliers, the selling agent for the project, says the development has been incredibly popular with the local owner-occupier market.

“St. Boulevard is an iconic project offering amenities that far surpass anything else currently on the market,” said director of residential, Brett Griffith.

“Every detail has been designed to create an urban sanctuary for residents, from sprawling gardens with private enclaves for reading and meditation, to the lagoon-shaped pool and BBQ pavilions for entertaining.

“The amenities, design excellence and location appeal to young professionals wanting to be close to the city, right through to families and downsizers trading in their traditional family home for a luxury apartment.”

Amenities at St. Boulevard include a resort-style pool, private dining and entertainment areas, children’s play areas, a karaoke and games room, fully-equipped gym, spa, sauna and private cinema room.

Icon Co is one of the industry’s most sought-after builders, having delivered over 125 projects worth over $2.5 billion.



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