This article is from the Australian Property Journal archive
DEVELOPER Goldfields quickly unveiled plans for a $270 million apartment project to be built on a large inner Melbourne block acquired from aged care provider Jewish Care Victoria.
To be located on the corner of Punt Rd and Raleigh St in Windsor, between High St and St Kilda Junction, the project will include over 300 luxury apartments as well as 2,500 sqm of retail and hospitality floorspace.
Goldfields picked up the 4,500 sqm site in September for $35 million.
“Despite its proximity to the CBD and some of Melbourne’s best attractions, such as St Kilda Beach, Albert Park Lake and Chapel St, retail and hospitality options within the immediate area are currently limited,” Goldfields’ chief operating officer, Lachlan Thompson said, adding the pocket had “long been on the radar” for the developer.
“Through no fault of its own, for decades Windsor’s west end has been hiding in plain sight, consistently overlooked as 21st century Melbourne has grown up around it,” he said.
“We believe that now is the right time to launch a program of significant renewal to help the area realise its long-held potential.”
Goldfields is planning to launch the Raleigh Place sales campaign in the middle of the year, to capitalise on what it expects to be a predicted shortfall in comparable luxury apartment stock across the inner-city market.
Construction on Raleigh Place is expected to commence in early 2022, with completion set for the end of 2023.
In nearby South Yarra, Goldfields is one year into construction of a speculatively-built $300 million office tower at 627 Chapel St. It will rise 24 storeys from an island block surrounded by high-rise apartment and hotel buildings, as well as the Como Centre.
Goldfields has just secured Oreana to a 1,179 sqm whole floor office on level 16. Oreana agreed to a five-year deal at a rate of $600 per sqm plus GST and outgoings, excluding car parks which come in at $350 a pop. The investment and wealth management firm will be moving from 484 St Kilda Rd.
