This article is from the Australian Property Journal archive
WHILE it goes about planning the Southern Hemisphere’s tallest tower, Malaysian-backed developer Beulah has acquired a site in Melbourne’s inner south for $11.4 million with plans for a mixed-use project opposite Prahran Market.
On the corner of Izett Street, the 1,132 sqm site at 182-194 Commercial Road, is opposite local landmark the Prahran Market and between Coles, Woolworths, Dan Murphy’s and the recently completed $60 million Prahran Square project.
Currently, the site has a multi-tenanted 1,087 sqm building with significant potential for future retail activation and has activity centre zoning.
“We’re looking forward to offering a product that will add immense value to this inner-city pocket and will complement the renowned Prahran Market via retail, dining and public amenity, coupled with a residential offering not yet explored in this area,” Beulah managing director Jiaheng Chan said.
“This site will complement our growing boutique portfolio, which sits alongside the other growing arm of our business and that is large-scale, urban renewal precincts, such as that in Southbank.”
Beulah secured approval for its $2 billion, 368-metre high dual-tower Southbank project last year, which will soar higher than any other building in the country. Those plans included 789 apartments, a 322-room hotel, 27,000 sqm of office space and 32,000 sqm of retail space, but it has been pursuing tweaks with Melbourne City Council.
Beulah added to the site with the acquisition of neighbouring Hanover House in May, creating a 7,706 sqm island parcel.
The company also recently announced the imminent release of its residential project, The Wilds, on the other side of town and which will be composed of a collection of 15 carbon-neutral homes built on the banks of the Merri Creek.
