Steller news and views
Keep up to date with the latest news from the Steller team
Steller, has entered into a joint venture partnership with Julian Gerner, to renew the Continental Hotel in Sorrento. Once complete, the Hotel will offer a Public Bar & Bistro, Restaurant, Private Dining & Champagne Bar, 2 Function rooms, 38 Hotel Rooms, Café, Gymnasium, Day Spa, 25m Lap Pool, Deck, Spa, Sauna & Steam, Car Parking and Luxury Apartments. Construction commences in 2018 with plans for a soft launch in the summer of 2018/2019. The approved plans will see the Continental Hotel become a major social, hospitality, wellness and accommodation draw card for visitors to enjoy the coastal setting and sea views.
Steller has recently purchased the former site of the Greyhound Hotel in St Kilda for $7.5 million with plans to develop it into a seven-level mixed-use project comprising 37 apartments and two retail spaces. The latest acquisition of the 911-square-metre corner site on Brighton Road follows Steller’s recent purchase of a large warehouse in South Melbourne for $23.4 million in October and 2400sq metre commercial site in Elsternwick in June. Steller currently has over 1,000 apartments under construction with a total future pipeline in excess of $3.5 billion. Busy but exciting times ahead!
Steller attended the 2017 Master Builders Excellence in Housing Awards last week and enjoyed an evening of entertainment and recognition. Hosted at Crown Towers with the attendance of over 900 fellow industry personnel, it was great to catch up with so many familiar faces. Steller would like to thank Master Builders Association for a wonderful night and congratulations to all the winners!
Steller is proud to announce its support of local communities within Victoria through a sponsorship investment of over $500,000 across various initiatives including Bowls Victoria, ALF South-East and Mornington Race Club.
We believe sponsorships are one of the best ways to connect with the community and enables us to share and support local sporting passions and interests as well as build a stronger and closer relationships.
Steller will be the naming sponsor of Bowls Victoria for the next five years, as well as providing support for their State Championship in early November and the naming sponsor for the Victorian Open. The sponsorship of Bowls Victoria extends to becoming the naming partner of Anderson Park, which will now be named ‘Steller Park’.
The Haven Foundation hosted their 12th Annual Charity Ball on the 25 August with over 800 guests in attendance at Central Pier Docklands. Organised by the Young People’s Committee, The Haven Foundation raised $350,000, to help fund their latest project in Frankston.
Steller’s Managing Director and Haven Foundation board member, Nicholas Smedley attended the event with his team who all enjoyed a three-course meal, award-winning Mandala wine, entertainment and live auction.
Since 2006, The Haven Foundation provide accommodation and care for disadvantaged people living with enduring mental illness. Recognising that permanent and affordable housing is fundamental to the recovery process, this organisation is dedicated to providing the foundations for a stable and healthy environment.
Famed for his days at Brighton Schoolhouse, Steller last month welcomed Ben Logan to the neighbourhood when he opened the doors to The Deli Co. and AM:PM. Bayside’s newest eating precinct, the adjacent venues sits pretty underneath Steller’s newly developed HM apartments and give local residents (and those now making the trek across town), access to some of the country’s finest gourmet, home grown foods.
Located on the corner of Highett Road and Major Street, the venues comprise The Deli Co. – a 1920’s inspired local grocery store stocking over 500 Australian products including fresh fruit and veggies, cured meats, poultry, sweets, freshly baked goods and a range of cheeses from Calendar.
Next door is the AM:PM café restaurant which serves up nutritious and delicious options for those wanting breakfast until 3pm, lunch and early evening tapas from fresh seasonal foods provided by its neighbour at the Deli Co.
Click here to see article featured on Broadsheet.
Steller is continuing its dominance of Melbourne’s suburbs with the $25 million purchase of a 2,400 sqm commercial site at 233-247 Glen Huntly Road, Elsternwick.
The latest acquisition follows the purchase of a number of other development sites including 22 Wood Street in Preston for $13.6 million, 6-12 Davey Street in Frankston for $13.5 million and 36 Graham Road in Highett for $18.8 million.
“From our point of view Melbourne’s property industry has never been stronger. We sold 30% more stock in the first half of this year compared to last year, which shows there is still significant demand for well-planned high quality apartments in the suburbs of Melbourne,” said Nicholas Smedley, Managing Director of Steller.
Steller has entered into a joint venture partnership with Chinese conglomerate Great Aim Group to support a $150 million pipeline of residential development projects.
The agreement marks Great Aim Group’s first foray into the Australian property market and will accelerate Steller’s production of large format high quality residential projects across Melbourne’s south eastern suburbs.
Steller’s Managing Director, Nicholas Smedley, spoke to the Australian Financial Review about the partnership:
Steller has plans to build a state-of-the-art low density residential development in Bittern to address the shortage of affordable retirement living options on the Mornington Peninsula. Steller Estates aims to provide local retirees with accessible, purpose built and affordable housing in a high-quality community.
The plans include the development of 281 two and three-bedroom villa units and an abundance of communal facilities. The development will complement the existing landscape by retaining vegetation around the permitter and clusters of vegetation within the community. For further information, visit:
Steller’s Managing Director, Nicholas Smedley, recently attended the Urban Development Institute of Australia (UDIA) Apartment Research Breakfast. Over the past few years, economists and analysts said 2016 would be the year that the Melbourne apartment market would be hit with “oversupply” but according to research released at the event, apartment projects commencing in Melbourne fell by a third last year.
“The research definitely challenges the perception of oversupply risk in Melbourne’s apartment market,” said Danni Addison, Chief Executive, UDIA. Further information about the research can be found here:
The property industry is fast-paced and demanding, which can leave real estate agents racing against the clock to keep up. A recent Domain article outlined tips from Melbourne’s top industry professionals on how to have a productive year in 2017.
Steller’s Project Sales and Marketing Director, James Cirelli, gave some sage advice, telling Domain that its important agents get to know their clients;
“Understanding your clients largely enhances productivity and ultimately sells properties. Once a client inquires about a project or property, gather as much detail as possible regarding their preferences and specifications.” Read full article here:
According to industry experts, buying an off-the-plan townhouse or apartment is a suitable alternative for those priced out of Melbourne’s house market. First home buyer Gerry Sakkas recently purchased an apartment in one of Steller’s new developments and says that buying off-the-plan was the easiest way for him to get into the property market.
Gerry and Steller’s project sales and marketing director, James Cirelli, spoke to RealEstate.com.au about buying off-the-plan. Read the full article here:
Steller has been announced as a finalist in the 2017 Property Council of Australia Rider Levett Bucknall Innovation & Excellence Awards. Leigh Apartments is a finalist in the Award for Best Residential Development in Victoria. The national winners will be announced at the annual Gala Dinner held in Sydney on Friday 5 May.
Leigh Apartments in Bentleigh was settled in November 2016. The bold development on the corner of Bent and Ward Streets comprises of 41 large-format apartments across four levels. The two and three bedroom apartments epitomise Steller’s signature style of spacious, modern and elegant residences.
The Haven Foundation was formed in 2006 with the aim to raise funds and provide housing for people with mental illness.It recognises that those living with mental Illness need hope to act as a trigger for recovery. Steller has proudly been in association with the foundation for more than 6 years. Providing project and event support, the joint undertaking between Steller and The Haven Foundation has made independent living for minority groups a reality today.
Provided you’re in the right suburb, chances are when you peer over your back fence you’ll be looking at a Steller project under construction. The Carnegie-based outfit has made a habit of targeting suburban Residential Growth Zones with low-rise apartment projects – and very successfully.
The Riversdale Road lifestyle in Hawthorn East is proving too good to resist for home buyers. There are many well-known streets that make up Melbourne’s road network, although, it could be argued, none are as recognisable as Riversdale Road.
The Vinnies CEO Sleepout in Melbourne was a huge success with more than $600,000 raised for charity. More than 200 Victorians in senior management positions took part, braving the cold weather including Steller’s own, James Cirelli.
Steller has decided to take a step forward by increasing our minimum Green Star energy ratings from four stars to seven stars. We have previously been incorporating a multitude of sustainability features into our homes, however, we intend to take this to the next level for all upcoming developments.
For more information on our sustainability efforts: www.steller.com.au/sustainability
Steller have today announced a funding deal with investment fund manager OCP to fund $800 million worth of projects, starting with a cornerstone development located in 427 – 455 Hampton Street, Hampton, which was purchased for $16.5 million. The site will comprise of a number of ground floor specialty shops along with around 60 2 and 3 bedroom apartments.
Steller has recently purchased 427 – 455 Hampton Street in Hampton for $16.5 million. The site was bought from from four owners who owned a group of six retail outlets which cover 3,200 square metres opposite Littlewood St, where we paid $5.6 million earlier this year for 2 and 4 Littlewood St.
We are excited to announce that we will be building four new medium density developments across the south-east of Melbourne, bringing our project list to over 44 developments. Three projects will be dropping in February, and another in April. The developments will conform to our mission on delivering quality apartments in Melbourne, which continue to meet the demand of buyers locally and offshore.