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Bespoke apartments with big returns: Rockley Gardens case study

Posted by Gabrielle Patterson on Oct 4, 2017 4:53:54 PM

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Taking a different approach to apartment living, Rockley Gardens delivered results for all involved.

 

Rather than trying to squeeze as many apartments as possible onto a prime piece of real estate in South Yarra, Rockley Gardens instead homed in on a niche market. With the help of Capital Property Marketing, the developer created big apartments with an even bigger return on an exclusive site.

 

Located on Toorak Road with views across the park, Rockley Gardens is perfectly situated for boutique apartment living. Amenity and lifestyle rich, the development boasts the shops and cafés of South Yarra, the Botanic Gardens and tennis clubs all within a stone’s throw. Taking this sophisticated locale into account, the team refined its approach when evolving the design and accompanying marketing plan.

 

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A change of tack

The project was originally approved for 77 apartments and only 30 percent of those to come with parking. Attempting to take advantage of every square metre and aiming towards investors, the original plans would have required referral agents and an offshore marketing approach.

By considering the highly desirable position of the project, Bryce Patterson of Capital Property Marketing saw the potential of the site to work effectively with the luxury development market, but only if everything aligned.

The plans were redesigned 13 times in order to cater to a new type of buyer. In the end, 49 apartments were released, all including one to two car spaces. It was through this redesign that an additional $13 million in revenue was secured for the developer.

The potential buyers were narrowed down to local downsizers; each touch point was then carefully crafted to speak to this audience. Every element of the project catered to retiring owner-occupiers – from the finish to the size, final apartment plans and supporting marketing strategy.

 

A bespoke approach

By understanding the needs and desires of the intended purchasers, the team of developers uncovered a unique feature that became one of the critical elements of the project’s success. Realising that not everyone lives in the same way, the team ensured that the layouts allowed for purchaser variations.

Having the flexibility of merging and tweaking apartments became a key selling point and added to the bespoke approach of the project. In order to facilitate this, it was necessary that layout and plans easily allowed for a mixture of possible variations. In fact, this feature resulted in the initial 49 apartments being moulded into 40, as per the buyers’ individual requirements.

 

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A sense of exclusivity

From a marketing point of view, it was imperative that the project exude a sense of exclusivity, which was achieved in a wide range of ways.

Before the display suite was launched, several initiatives helped to build intrigue and quality leads. The phase one hoarding signage around the site showcased a series of local landmarks, illustrated by French artist Cassandre Montoriol. Rather than slick renders, these idiosyncratic sketches grabbed the attention of the local potential buyers, while highlighting the unique positioning of the project.

Off the back of this, Capital Property Marketing held private appointments for interested purchasers to register their interest. A $5000 registration fee ensured that only serious buyers remained in the process.

The Rockley Gardens display was the pinnacle marketing point for the development, which is not uncommon. But where it stood out from other projects was in the way guests and potential buyers were treated and introduced to the space. Viewings of the display suite were held in private with the pre-registered parties, helping to create a sense of exclusivity. The suite highlighted the level of custom finishes available, with a full scale kitchen, bathroom and living space, all designed by Elenberg Fraser .

In addition, each potential purchaser was made to feel special in the private viewings with a top level of service paramount – from being offered drinks to the constant aroma of a custom scented candle throughout the space.

 

Key points:

  • an additional $13 million in revenue was secured for the developer by recutting the original floor plans to appeal to a new target market
  • financial close was reached within a week of opening the display suite
  • through buyer variations 49 apartments were turned into 40 – meeting each owner’s unique needs
  • a $5000 registration fee ensured only qualified leads were managed throughout the purchase process, and
  • uniquely commissioned hoarding artwork created a point of difference and built intrigue.
Gabrielle Patterson

By: Gabrielle Patterson

Marketing & Communications

Topics: Projects, Capital Property Marketing,