This article is from the Australian Property Journal archive
THE site of South Yarra’s Hotel Claremont is anticipated to pull in more than $20 million, with a permit already in place for a luxury Melbourne mixed use development.
The 906sqm property, located at 189 Toorak Road on the corner of Claremont Street, is zoned Activity Centre, offering a combined 85 metres of street frontage and holding a permit for a 12 floor mixed use project.
It’s Activity Centre Zoning allows for a range of development outcomes, including residential, hotel, office or build-to-rent, with the permit outlining a building with for four shops, across 712sqm, 1,195swm of office space, 57 apartments and 30 car spaces.
Luke Bisset and Michael Ludski from Teska Caron are managing the sale, via an expressions of interest campaign.
“This is without doubt one of the best inner city development opportunities to come to the market in 2021,” said Bisset.
The site is currently occupied by the Hotel Claremont, which was established in circa 1886 and has undergone improvements across the Hotel Claremont Guesthouse & Apartments, a three-level 81 room Victorian Italianate hotel and its two retail tenancies, held by Chemist Warehouse and Siricco.
“It offers a grand building with remarkable aesthetics, in a superb location, complete with holding income and a ready to go permit for an exceptional development designed to take advantage of the continuous and growing demand for city fringe apartments,” added Bisset.
Additionally, the retail leases bring in returns via a combined holding income of $181,500.
“It really amounts to an exceptional development prospect at a very opportune time.”
The site’s location will also a major draw card, sitting in South Yarra’s in demand Forrest Hill precinct, just four kilometres out from the CBD, with close proximity to retail and entertainment offerings, as well as easy access via public transport, including the $12 million South Yarra station upgrade.
“The Forest Hill precinct has seen an enormous amount of successful development activity in recent years based on both the quantity and quality of amenity that residents and workers are so attracted to,” said Ludski.
Teska Carson expects both owner-occupiers and investors looking for potential development sites alike to show interest in the property.
The expressions of interest campaign for 189 Toorak Road is scheduled to close on 11 August.
