H1 tips MAB over the $1 billion mark

MAB Corporation has broken the $1 billion invested in Docklands mark with its latest building commencement in NewQuay.

Launching the start of works on its 22-level HarbourOne (H1) project on June 15, managing director Andrew Buxton said MAB had also passed the 1000 apartment mark with the development.

Mr Buxton said MAB would build only one more apartment block in NewQuay East before concentrating its efforts in the western end of its precinct.  He predicted NewQuay would end up with about 25 per cent of the Docklands residential population when completed.

VicUrban CEO Pru Sanderson praised Mr Buxton and his brother Michael for having vision in the Docklands project in the beginning.  More importantly, she said, the Buxton’s had demonstrated courage by investing in NewQuay when Docklands was nothing but a derelict industrial site.

In launching the H1 project, Lord Mayor Robert Doyle also lavished praised on MAB Corporation as Docklands pioneers.

The H1 development comprises 310 apartments and 10 studio offices.  It will add a further 400 residents in late 2011, boosting the NewQuay population to almost 2000 people.

H1 is fully sold and was aimed at the entry point of the market. With an entry price of $320,000, and average price of $550,000, it appealed to first home buyers and investors.