This article is from the Australian Property Journal archive
PRIVATE developer Alfasi Property is backing demand in family offices along Melbourne’s city fringe, kicking off construction on a $100 million speculative tower located close to high-profile shopping precinct Chapel Street.
Titled 10 River, the offering at 10 River Street in South Yarra will have 10 whole-floor tenancies ranging from 300 sqm to 1,500 sqm, and a total net lettable area of 7,308 sqm, including space for two retail tenancies on the lower ground floor.
It will stand near the corner of River Street and Toorak Road, 250 metres from Chapel Street.
“Since 10 River was conceived, we’ve been focused on creating an exclusive space that delivers what we know prospective tenants like family offices want: a highly personalised experience, prestige in design and materials, a building that performs, the luxury, high-end feel of surrounding areas like South Yarra and Toorak and the privacy and discretion that whole floor occupancy with a small number of offices can offer,” said Gill Dvir, managing director of Alfasi Property.
In the same suburb, developer V-Leader is planning a $90 million mixed-use office and retail hub at 189 Toorak Road, also with family offices in mind, while in nearby Toorak Vicland’s $600 million St Germain office at 489-505 Toorak Road is also pitched at the segment.
Alfasi Property is speculatively building the project following the success it saw at the now complete 510 Church Street in neighbouring Cremorne, which is now 95% leased to the likes of NDIS, Monash IVF, Dentsu Aegis, TLA Global and Kane, on long-term leases. It sold a half-share in the asset to Irongate late in 2021 for about $125 million.
Alfasi Property intends to provide tenants at its new South Yarra build with an “elevated service offering reminiscent of an exclusive hotel”. This includes a 10 River host who will provide personalised, corporate concierge services, drive-through valet parking services including car washing will be available for tenants, visitors and employees.
10 River was imagined by renowned Australian architects, Carr Design. A hero of the building’s design is a private Acre Landscape designed terrace for the majority of the office levels, made to include alternative areas for productivity and respite and create the opportunity for a truly pet-friendly office. A floor-to-ceiling glass façade will allow for ample natural light.
10 River will target a 5-Star Green Star and 5-Star NABERS Rating and will become an all-electric building that will be carbon neutral in operations.
JLL’s Josh Tebb and Matt Szakiel in conjunction with CBRE’s Anthony Park and Joshua Jennings are managing the leasing campaign.
Figurehead Construction has been appointed to complete the build which is expected to reach completion in the September quarter of 2024.
“It’s no secret that we’re seeing projects on hold due to unpredictable market conditions. In these challenging times, it’s critical that we work with partners like Alfasi Property, who are optimistic, and therefore dedicated to efficient delivery of their quality fringe commercial office project, 10 River,” said Joe Grasso, founder and managing director of Figurehead Construction.
