This article is from the Australian Property Journal archive
STONNINGTON Council has approved Goldfield’s proposal for a $300 million office project in South Yarra’s high-density residential precinct of Forrest Hill.
The project, with a working title of 627 Chapel Street, will have 24,000 sqm of office space over 24 levels and ground floor retail space, and will include hospitality and café offerings, concierge and business lounge.
“The office building rebalances the uses in the Forrest Hill Precinct away from solely residential, and towards Stonnington Council’s vision for a truly mixed-use precinct as envisaged by the Chapel reVision Structure Plan 2013-2031,” Goldfields managing director, Marco Gattino said.
Goldfields acquired 627 Chapel Street at the end of 2017 for circa $50 million from Fridcorp, which had paid $40 million in 2015 to Henkell Brothers for the 1,510 sqm site.
Cox Architects designed the project. Construction is expected to begin in mid-year and take two years.
The site is close to the 671 Chapel Street site that was last year approved for a $115 million tower with 158 apartments and 2,940 sqm of commercial space.
The project is also just metres away from the $800 million, 400-apartment Capitol Grand development, on the corner of Toorak Road, while further down the famous shopping strip the Jam Factory is set for a $450 million overhaul that will introduce office, retail and entertainment space across five buildings and have an end value of $1.25 billion, and the $120 million Aloft Hotel is expected to open this year.
Australian Property Journal
