Boutique residential developer Molti has extended its reach south from its Byron Bay heartland, acquiring three sites in Victoria’s capital.  Hard on the heels of an approval for its first Brisbane apartment project , Molti has bought Melbourne sites at Toorak and Armadale, marking its move into the southern state.  Although Victoria’s residential market has been stuck in the doldrums, Molti managing director Ben Teague said there were opportunities in the development life cycle.  At Toorak, Teague acquired 11 Denham Street in an off-market deal brokered by Justin Krongold of White, and went on to convince owners at 13 Denham Street to sell.  This resulted in the amalgamation of two apartment buildings to create a 1665sq m site, which Molti has earmarked for boutique premium residential development.  The developer has also put its foot on a 1731sq m site at 32 Mercer Road at Armadale in a deal managed by Marshall White’s Marcus Chiminello.  “These acquisitions are the result of 12 months of diligent market research, careful site selection and strong relationships with our partners in Melbourne’s premium property market,” Teague said.  “Having a patient approach to capital and a lean team enables us to be highly selective and wait for the right opportunities in the right markets, delivering long-term success.” ▲ A render of Molti's approved six-storey Brisbane development debut. Molti will complete three of its luxury properties in the next few months, which include luxury residences at Byron Bay in partnership with former pro surfer Owen Wright, and six luxury homes at Noosa Heads in Queensland.  Teague said the Victorian acquisitions were in line with the developer’s plan to target premium suburbs and geographic diversity as a strategy to manage risk.  “These sites represent our laser focus on our purpose and niche—superior sites, standard and scale,” he said. “They reflect our commitment to selecting only the best opportunities that align with our strategic vision.”
