Banner Asset Management and Urbala Development reach completion on $37M residential project in Essendon

The construction of a state-of-the-art apartment Essendon development, known as ‘Luminess’, has officially reached completion. The building, delivered by Urbala Development and funded by Banner Asset Management, spans nine levels, and is located at 27 Russell Street, Essendon.

Banner Asset Management provided a first mortgage construction funding facility for the project, which has already secured $71.6M of presales across 31 units. Urbala Development worked closely with Drakk Pty Ltd builders to construct the space.

The project comprises 58 new apartments, two retail tenancies, and a three-storey underground car park. Measuring 898 square metres, the site allows prospective residents to enjoy spacious, open plan living, with modern finishes and an attractive façade.

Situated just 8km northwest of Melbourne’s CBD, Luminess is located in the heart of Essendon, just minutes from family-friendly parks, premium food and dining options, and retail therapy, with DFO Essendon a local favourite.

Andrew Turner, Founder and CEO of Banner Asset Management, said: “We’re pleased to celebrate the completion of Luminess this month. The vast number of presales reflects the development’s unbeatable offering, which has been delivered as a response to increased demand for dwellings at this price point in the area.

“The efficiency and know-how of the builder, developer, and project team have ensured a smooth build with an impressive finish.”

Lawrence Lee, Director of Urbala Development Pty Ltd., said: “The Luminess project is a celebration of Essendon. The design is in tune with the heritage buildings that surround it, but its contemporary palette and materials add a new lease of life to Russel Street.”

“With Banner Asset Management as funding partner, we have ensured that the development has reached completion in time to address the current rental market.”