Banner Asset Management and Eastern Wellness reach completion on $31m Croydon development30 November 2022
Construction has been completed on Orphic, a mixed-use, state-of-the-art development in Croydon.
Banner Asset Management provided a first and second mortgage construction funding facility for the project, which was built by Ironside Construction and developed by Eastern Wellness.
Located at 176 Mt Dandenong Road, Croydon, the five-storey, $30.7m development comprises 50 residential apartments. The one, two and three-bedroom apartments feature spacious interiors with an average size of 75 sqm, with a further 15 sqm of outdoor space included. Prices range from $350,000 – $705,000.
On the ground level, Orphic includes commercial spaces for five retail tenancies and an office tenancy. The spaces range from approximately 118 sqm to 1,250 sqm and are suited for a variety of business uses.
Designed by JAM Architects, Orphic’s sophisticated façade incorporates a charcoal and cream colour palette with timber highlights. Greenery weaves throughout the exterior of the development, adding a natural touch.
The apartment interiors are architecturally designed with a premium level of finishes, with wide- format porcelain tiles in the living areas, chrome taps and floor-to-ceiling tiles in the bathrooms.
Situated in Croydon, approximately 27km east of the Melbourne CBD, the project is within the epicentre of the suburb’s commercial and lifestyle precinct, with ease of access to retail amenities, education, public transport, and recreational parks.
Andrew Turner, Founder and CEO of Banner Asset Management, said “We are pleased to see this innovative development reach completion. Orphic was a natural investment opportunity for Banner, due to the experience of the developer, builder, and project team.
“The development achieved strong presales and pre-leasing prior to the commencement of construction, reflecting the strength of the project.
As evidenced by the success of Orphic, well-priced, premium residences and commercial spaces in Croydon are clearly in demand, and we expect continued strength in this market.”
A spokesperson from Eastern Wellness said “Eastern Wellness is extremely proud to bring a first-class, distinctive property to the municipality of Croydon. Without the collaboration with Banner Asset Management, utilising their wealth of experience and expertise, along with Ironside Construction, the project would not have exceeded our expectations as it has. Eastern Wellness look forward to joining forces again in future quality developments.”