This article is from the Australian Property Journal archive
PRIME Edition, formerly known as JCL Prime, has grown its inner Melbourne project pipeline to $270 million after its acquisition of a South Yarra site that was previously owned by the late Adrian Valmorbida, who brought Lavazza coffee and Sirena tuna to Australia.
Activity at the 17-19 Avoca Street site has been highly anticipated, having laid dormant for seven years while under estate negotiation and being put to the market nearly a year ago. Prime Edition purchased the site for about $15 million.
Launching this month, “Avoca” will be developed in collaboration with Pandolfini Architects and is expected to attract a “hyper-local, downsizing purchaser”, according to Prime Edition. It will have five apartments and one custom home with an end value of $65 million.
Eric Loi, Director of Prime Edition, said the purchase of the Avoca site fits with Prime Edition’s strategy to delivery premium projects in tightly-held locations over the next two years. It follows completion of the company’s debut project Arbour Park, Surrey Hills, at the end of this year.
“There has been a long-standing gap in the inner-Melbourne market to meet the demands of discerning owner-occupiers for premium apartments that deliver on size, quality and location,” Loi said.
It is planning 72 high-end apartments across four addresses in South Yarra, Toorak, Clifton Hill and Surrey Hills.
The $120 million Toorak project, known as Como, had been reworked by Prime Edition after its $26 million acquisition of the 2,500 sqm 2 Bruce Street site from property identity Larry Kestelman, reducing the number of apartments to 17 and increasing the floorplans to cater to growing owner occupier demand.
It will launch to market imminently with Sean Cussell at Christie’s International.
Also in Toorak, the 650 sqm block at 410 Toorak Road will be developed in collaboration with Interior designer Hecker Guthrie to deliver four whole-floor, three-bedroom residences, uniquely situated in the heart of Toorak Village. That will launch in November and have an end value of $23 million.
Prime Edition has also announced that it will launch a $60 million project opposite Development Victoria’s Fitzroy Gasworks site in February. The 1,500 sqm site at 15-33 Queens Parade was picked up at the end of 2020 for $8.3 million and will be developed in collaboration with Cera Stribley, delivering 45 new residences across six levels to the CBD fringe locale.
Prime Edition has exclusively engaged Melbourne-based residential builder Henny across all upcoming developments, which Prime Edition said would allow it complete oversight over the development process.
“We’ve sought to minimise every risk to the construction program of our development timelines by securing an exclusive agreement with Henny,” Loi said, adding it would allow close control over supply chains and the ability oversee trades at every detail of a build.
Construction of Avoca and Como will commence imminently, and projects will be on track for completion in 2025.
