New kid on the block Sam Jamieson is earning his stripes in one of the toughest property cycles.
The newly minted developer is readying the launch of his debut project, ns227—a 10-apartment boutique medium-rise tower in Melbourne’s trendy Fitzroy.
His development business, JMSN, recently won approval for the Warren Mahoney-designed six-storey residential project, just six months after filing plans.
Jamieson acquired the site in 2022 for $4.5 million, a figure that he says is now under value.
But the site came with “low planning risk” with neighbours including Milieu who had already run the gauntlet to set height limits in the area.
Jamieson said he was already in talks with a potential buyer for the sub penthouse, and an early sale could hasten the move to get shovels into dirt on the 394sq m site.
“The advice was to stay within the existing envelope,” Jamieson said.
And that turned out to be good advice as the development moved through the planning phase without a VCAT referral.
“I think this was a bit of an anomaly—but I’m very happy with the result. We were just really considered in our approach.
“We have a four-storey podium that interfaces with the street, it’s not wedding-caked. It’s a really good example of how development can be done well, where everyone is able to flex design in a way that benefits the neighbourhood.”
The project has taken inspiration from European townhouses with interiors taking a more pared back Parisian apartment-style, according to Jamieson.
“It finds a good balance between classic and contemporary design,” he said.
“You cannot replicate the European style because it is of its place. But there are aspects of it like the Juliet balconies and windows, while the materiality is more contemporary with polished concrete in the lintels and the bagged brick facade.
“Fitzroy is not what it was 10 years ago, it’s evolving. There is so much amenity in the area and retail and public transport, which will be good for downsizers looking to move closer to family.”
The developer is looking to break ground in mid-2024 at which time he says he hopes joinery prices will have stabilised.
While it may be a testing time for the industry Jamieson says he is learning a lot in the current climate.
“If you look at any of the great developers out there, they’ve all gone through the GFC. A lot of developers have been riding the good times,” he said.
