This article is from the Australian Property Journal archive
THE Deague family's Asian Pacific Building Corporation has put a major development in South Yarra on the market.
CB Richard Ellis and Jones Lang LaSalle have been appointed as the joint sales agents to sell the former warehouse site at 4-10 Daly Street. The Expressions of Interest campaign will close at 4pm on October 21.
A three-level basement has already been constructed on the 3,037 sqm site.
The site currently has DA for a 13-level residential tower and a permit application well advanced to increase the scheme to 18 levels, allowing for up to 426 apartments.
APBC’s CEO Will Deague said the sale was consistent with the group’s ongoing commitment to focus on its Art Series Hotel Group.
Deague said the site was initially earmarked for a hotel, but he added that strong demand for inner city residential development opportunities made him change his mind.
“It’s centrally located in the heart of South Yarra’s hottest up and coming precinct,”
CBRE South Yarra managing director Andrew Dawkins said a shortage of inner city residential apartments and the high level of demand from both investors and owner occupiers had fuelled significant increases in CBD and CBD fringe apartment values.
“This, combined with Melbourne’s current low residential vacancy rate and expected rental growth, was driving demand for strategically located development sites.
“Having secured planning approvals, completed full construction drawings and excavated the three-level basement, 4-10 Daly Street effectively provides purchasers with a two year / $6 million head start,” Dawkins said.
Australian Property Journal
