This article is from the Australian Property Journal archive
CHINESE developer Ever Bright Group’s controversial 478 St Kilda Rd site in Melbourne is on market, which includes the heritage-listed Charsfield House mansion, ahead of works on the new tower’s Quest Hotel finishing up early in 2019.
Chinese company Ever Bright Group paid $28 million for the property in 2015 to Renzella Group, and found itself in a stoush with the prominent Smorgon family after looking to raise the height of its proposed 18-level residential tower on the site, which would obscure the views of surrounding buildings – including 480 St Kilda Rd next door, which had a penthouse owned by Rodney Smorgon.
Ever Bright Group had acquired the site with plans for a 60-metre tower already submitted.
The site comprises the under-construction 19-level New Charsfield building with 157 apartments, and is being offered with a 10-year lease to the hotel giant with four five-year options and a return of $2.34 million per annum from 104 rooms.
Knight Frank’s Danny Clark, George Burbury, Andrew Hansen and Yvonne Zhou are marketing 478 St Kilda Rd via expressions of interest closing September 26.
EGB Developments began works on the $35 million development of Quest 478 St Kilda Rd in 2016.
Australian Property Journal
