Banner Asset Management and Urbala Development have completed their $37 million Luminess apartment project in Melbourne’s northwest suburb of Essendon.

The building, delivered by Urbala Development and funded by Banner Asset Management, spans nine levels, and is located at 27 Russell Street in Essendon.

The project sits on a 898sqm site and comprises 58 new apartments, two retail tenancies, and a three-storey underground car park.

They have already secured $71.6 million of presales across 31 units.

Situated just 8km northwest of Melbourne’s CBD, Luminess is located in the heart of Essendon, just minutes from parks, premium food and dining options and DFO Essendon.

Lawrence Lee, Director of Urbala Development, said the Luminess project was 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,” Mr Lee said.

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

Banner Asset Management provided a first mortgage construction funding facility for the project, while Urbala Development worked closely with Drakk Pty Ltd builders to construct the space.

Andrew Turner, Founder and CEO of Banner Asset Management, said they were pleased to celebrate the completion of Luminess.

“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,” Mr Turner said.

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