Construction on the $50 million apartment project kicked off in early August, despite the headwinds in the construction industry.
Award-winning local developer, DeMartini Fletcher, has taken full control of the project by committing to the construction of the dual tower 43 apartment complex. It is the second project in the bayside area by DeMartini Fletcher, following the successful Enclave residences at nearby Wynnum.
Due for completion in the second quarter of 2024, 191 Stratton promises to revitalise the Manly Village filling in a long-standing dormant site. It offers two and three-bedroom apartments specifically designed for owner occupiers.
With nearly 50% of the project sold, the developers committed to its construction, showing faith in the bayside apartment market.
“The Manly market is very tightly held with very few new projects likely to be delivered in the next few years. There are so many positive attributes to Brisbane’s bayside and its popularity will continue to grow,” said Development Director John Lunney.
The construction industry has experienced a very difficult period in the last 12 months. Challenged by supply chain issues and spiralling inflation, many projects have been shelved.
“We decided to undertake the construction directly so that we could minimise the risks in the construction market and take complete control over the projects quality and delivery,” said Project Manager Tony Dwyer.
CBRE is currently selling the project from the display suite, opposite the site, at 188 Stratton Terrace Manly.