This Lakeview Development apartment is on the market, listed at between $1.825 and $1.85 million.
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The luxurious penthouse apartment offers exclusive living and spectacular, almost 360-degree lake views.
Recently re-listed with Hocking Stuart Ballarat, the penthouse covers more than 400 sq m offering the spaciousness of a house with all the convenience of luxurious apartment living.
A Lake Wendouree apartment is back on the market, listed at between $1.825 and $1.85 million.
The luxurious penthouse apartment, recently re-listed with Hocking Stuart Ballarat, covers more than 400 square metres and offers the spaciousness of a house with all the convenience of luxurious apartment living and spectacular, almost 360-degree lake views that “cannot be built out.”
READ MORE: From humble homes to Lake Wendouree mansions
Hocking Stuart Ballarat director, Tim Valpied said the penthouse apartment was an example of the high end accommodation now available in Ballarat.
He said it was a unique property with quality fittings throughout, three-car accommodation, ample storage and close to all amenities. He said the apartments would suit people retiring or downsizing who “did not want to be hemmed in.”
The high-end apartment lifestyle was also suited to professionals and retirees moving from the city. “I believe there is an appetite for this style of living,” Mr Valpied said.
Managing director Steven Troon, whose company developed and constructed the Lakeview apartment complex from 2010, said the apartments sold well initially, with 22 of the 34 apartments sold prior to construction, and three apartments reaching more than $1 million.
Mr Valpied said, “It was new for the market to see a development of this scale and quality, not only in Ballarat but in the city’s most exclusive residential location. “Views of the lake from the second and third levels stretch over the entire lake and in some cases the city as well. The security was and still is a very positive factor.”
Mr Troon agreed but said he believed it was “a very small sector of the property market”.
“This may be a controversial view, but I think this sector of the apartment is very restricted.
“The trend to apartment living in Ballarat will be extremely slow,” Mr Troon said.
“It doesn’t take much to saturate a sector,” he said, citing apartment developments over the past four years that had not progressed beyond pre-sales marketing. He explained that an apartment development must have 70-75 per cent sales uptake before progressing to construction.
“Development has piggybacked on the strong population growth in Ballarat and we are optimistic Council will support further development.
He said he was aware ‘planning “red tape” was a frustration but that “this council’s planning department and regulations are no worse than any other.”
Mr Troon’s company now deals in large retail and commercial developments, such as the $65m Delacombe Town Centre, and they had nothing major planned for the residential space.
In terms of high-end rentals, city real estate agents believe there is a healthy demand.
Buxton director Ben Halsall said there was “a strong demand for high-quality homes and “for professionals moving to Ballarat for work, predominantly from Melbourne or interstate.
Hocking Stuart head of property management, Lachlain Ramsay agreed and said they currently had only two “high end” rental properties becoming available.
“We had a $460/wk executive home at Buninyong leased at first inspection recently, and a beautiful executive home at Invermay for $520/wk.” “They move very quickly,” he said.