This article is from the Australian Property Journal archive
BOUTIQUE property developer, Piccolo has splashed out circa $35 million on a prime residential development site in Melbourne’s in demand Kew precinct.
Located at 18 Barry Street, the 8,474sqm site is positioned on A’Beckett Corner and sits around 5km east of Melbourne’s CBD, is set to be transformed into luxury residences with architecture by Woods Bagot and interior design by Hecker Guthrie.
“We are delighted to announce the acquisition of this highly contested and AAA-rated site,” said Michael Piccolo, managing director at Piccolo.
“From the very beginning, we saw this incredible property as a perfect fit for Piccolo. Its location, surrounded by the serenity of leafy streets and impressive vistas, combined with its scale, liveability, and character, ticks all the boxes for us. This unique opportunity is a rare gem in the current market, where properties of such calibre are extremely scarce.”
Hamish Burgess, Ian Sanders and Justin Hazell from Colliers managed the transaction of the site, which is currently occupied by a Residential aged care facility (RACF), comprising a both single and two-story buildings.
“Development propositions of this stature within one of Melbourne’s most coveted residential locations are rarely offered to the market,” said Burgess, director of development sites at Colliers.
“Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.”
The project value for the development, to be known as A Piccolo House – Barry Street, Kew is expected to come in at circa $180 million.
“At Piccolo, we are driven by the desire to create homes that come with the promise of longevity and also enhance the lives of our residents, and the surrounding community with timeless developments,” added Piccolo.
“In addition to finding the right partners, the ability to find the perfect site for every Piccolo home is an important part of achieving this goal. A building should be about more than just the residents who occupy it – if it’s loved by the community, it will remain for generations.”
For Piccolo, the acquisition follows the sales success at 385 Gore Street, Fitzroy, which is currently under construction after selling 70% of the residences in less than 5 months.
