This article is from the Australian Property Journal archive
ASTUTE property developer Clement Lee’s Riverlee has gained approval for its $450 million redevelopment of the waterfront Northbank Goods Shed and surrounds.
To be known as Seafarers Place, it will include 150 high-end residences, a 280-room five-star hotel, 1,000-seat function centre, retail amenity, a 3,500 sqm public park and works on the historic wharf and heritage-listed crane.
The project’s architecture was designed by Fender Katsalidis, and landscaping by OCULUS.
Lee bought the disused land in November 2015 for $28.5 million from the Victorian government after initially securing a 99-year leasehold over the site in 2011.
The North Wharf site adjoins Lee’s WTC precinct, an investment which has delivered a windfall for the developer.
Lee and his partner Luke Adams bought the WTC precinct in 2005 from Macquarie Bank for $112 million. In the same year, they sold the first office tower to SAITeysMcMahon for $71 million.
In 2014, Lee sold a 70% interest in three office towers at WTC to Abacus Property Group and global private equity firm KKR last year for $120.4 million.
“This regeneration project is significant in many ways and has been collaboratively designed with all of our partners and important government stakeholders, including the City of Melbourne, Department of Planning, Department of Treasury and Finance, Heritage Victoria, and many others,” Riverlee’s development director, David Lee said.
He said the project would offer never-to-be-built-out views of the Yarra River and Docklands Park.
The historic goods shed, known as Shed 5, will be restored and repurposed into a waterfront event space.
Australian Property Journal
