Not For Profits building luxury apartments/ILU’s

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2009 has seen NFP’s successfully forge ahead with low and medium rise boutique village developments while private operators have been struggling. Often the NFP’s kick off with a valuable property in a prime location, the best example being the Royal Freemasons’ Redmond Park development in Carlton (20 minutes from Melbourne CBD) with 61 apartments/ILU’s. Just completed, it has only three ILU’s unsold, each around $750,000. The Freemasons engaged Tracey Forbes and John Prowse (Prowse Consulting) to manage the project. Southern Cross (SA) in Adelaide is building luxury apartments at Myrtle Bank and has just invested another $8 million buying a 24,000 sqm site across the road.