Para adaption proves popular

Press, 26 July 1989, Page 47

Para adaption proves popular

Mr Derek Anderson heads a consortium of 25 people who have jointly funded the development of the top two floors of the Para building at 152 High Street into 27 apartments.

Initially the plan was for a mix of offices, storage and apartments but in the wake of a huge response from prospective inner city tenants the developers opted to turn the entire area over to apartments.

Rather than produce a homogenneous batch of similar “units” the developers have created a

pleasant range of options in size and location.

Sizes range from about 550 sq ft to 1865 sq ft.

Rentals on the leasehold properties range from $l4O to $lBO per week, with leases a six-year commercial lease.

According to Mr Anderson the lessees tend to be between 20 to 35 years old, with a mix of singles and couples. “They generally work in town either on their own account or for a company,” he says., Occupations among the confirmed tenants include a chef, a graphic designer, a hairdresser,

an interior designer, an Access scheme tutor and a staff solicitor with a legal firm.

Initially when the apartments were placed on the market prior to Christmas all the leases were snapped up swiftly.

However, as the scheme is in many ways a trailblazer, the process of renovating the building to contemporary safety standards transpired to take longer than anticipated. As a result some apartments have become available again. Applicants are screened to ensure they have both the responsi-

bility and the initiative required for the project. "We are trying to pick those who will do something worth while with their unit,” Mr Anderson says.

“The City Scheme provides for this sort of development aimed at bringing the central city alive,” Mr Anderson says.

The allure of living in the inner city in a warehouse-style apartment appears strong among younger professional people.

Mr Anderson believes that the concept has so far only begun to tap the potential market that exists.