This article is from the Australian Property Journal archive
CHAPEL Street’s iconic Jam Factory entertainment complex on Chapel Street could make way for a $1.25 billion, seven-building retail and office development.
Owner Newmark Capital is looking to construct 15-storey project that would retain the venue’s popular Village cinemas and accommodate 5,000 workers across 50,000 sqm of office space.
Last year it purchased the nearby Como Centre on the corner of Toorak Road from Mirvac for $236.5 million, and recently gained a windfall from the $145 million sale of its refurbished A-grade office building at 417 St Kilda Road, via a managed syndicate that had acquired it for $81 million just five years ago.
The deal for the 20,411 sqm, 10-storey building, picked up by Singaporean player Mapletree logistics, set a record for the highest price paid for an office building along the inner city boulevard.
Stonnington Council approval for the Jam Factory plans would see a completion date in 2020. The expected construction price tag is $450 million.
Australian Property Journal
