This article is from the Australian Property Journal archive
AS much as $50 million is expected for a Camberwell site in Melbourne’s inner-east which has been tipped to the market just a few months after developers secured a permit for a 12-storey office and apartment building.
Above Zero’s slated tower at 697-699 Burke Road, designed by architects Cera Stribley, marked the City of Boroondara Council’s biggest project approval in more than 10 years.
The site encompasses 1,950 sqm of land and is positioned on the cusp of the Camberwell Junction precinct, home to 400 high-end retailers, stores, cafés, and restaurants and 300 commercial businesses. It includes local icon the art-deco Rivoli Cinema, Camberwell Markets and Camberwell Place Shopping Centre, with an estimated $18 million refurbishment of the centre recently completed.
JLL’s Jesse Radisich, Josh Rutman, MingXuan Li and Maddie Pizzey have the listing. Expressions of interest close on Tuesday, 12th November.
Approved plans for what is named “Camberwell House” include ground level retail, six levels of commercial office and seven levels of apartments above.
“It is very difficult to find a site that offers planning approval for a project of such significant scale as Burke Road, but also provides scope for developers to achieve very high sales rates and or rents,” Radisich said.
“The market is starved of such opportunities, and there has already been quite a bit of interest in this site.”
Next door is the 2007-completed Aerial apartments building which took the mantle of the tallest building in the City of Boroondara. More recently, the nearby Victoria Hill project – also designed by Cera Stribley – has just been completed by local developer Time & Place, comprising 25 residences, and recently set a new benchmark for off-the-plan sales rates in Camberwell, including the recent sale of a $15 million penthouse apartment.
Rutman said the view lines demonstrated from atop the existing five-level building alone “provide a wonderful inspiration for achievable project view lines from the completed project, which will be enjoyed all the way up to the approved 12 levels.”.
“This site is unique in that it offers expansive city skyline views to the west, but also leafy views to the east over Camberwell and Melbourne’s eastern suburbs,” he added.
