15 September 2012

Great place to share an oak

Being near a retail hub doesn't mean a location can't be serene, writes Sean O'Callaghan.

There is a new home among the oak trees at property developer Third Street's latest project, Oak Terraces. The $27 million communal sanctuary in Wheelers Hill will have 42 townhouses on a site where 40 established oak, maple and ash trees already exist, making it a tranquil environment for residents. This is no easy feat considering the Coniston Drive site is just metres from the Wheelers Hill retail hub. Third Street sales and marketing manager Julie Karl says the terraces are proving popular.

"Our sales campaign began in May and we've already sold about half of the available townhouses," Karl says. "The location is close to Monash University and Caulfield Grammar, as well as outdoor reserves, and this is appealing to occupiers and investors alike." Real Estate Institute of Victoria figures rank Wheelers Hill as one of Melbourne's top-performing suburbs, with median prices in the area experiencing a 16 per cent increase between December 2011 and March 2012. 

The Oak Terraces were designed by Conrad Architects and will be built by Glenvill. They will have Smeg appliances, private gardens and car spaces. The site has landscaped surrounds from renowned firm John Patrick, with a communal gate and tree-lined driveway. Outdoor enthusiasts will appreciate the nearby attractions — Gallery Reserve and Jells Park are within walking distance. Melbourne's CBD is 30 minutes down the Monash Freeway.