This article is from the Australian Property Journal archive
BUSY developer Steller has acquired another Glen Huntly Road site in Melbourne’s inner south-east, paying $4.275 million for two adjoining Caulfield South residential properties offered with approval for a 128-place childcare centre.
Beller Commercial’s Liam Rafferty negotiated the off-market sale of 1036 Glen Huntly Road and 1a Laura Street.
Steller bought a 2,400 sqm site at 233-247 Glen Huntly Road and 14 Ripon Grove, closer to the bay in Elsternwick, in the middle of last year for $25 million. It has plans for a mixed-use development of up to 13 storeys, including 117 dwellings. Currently, the site comprises a mix of single and two-storey retail and office buildings.
In October, the group picked up the former Greyhound Hotel site in nearby St Kilda, up the Nepean Highway, for $7.5 million. The high profile 911 sqm property at 1 Brighton Road, on the corner of Blessington Street, traded with a permit for a seven-level project with 37 apartments and two retail spaces.
The iconic Hotel had been demolished by previous owner Will van der Linden one year ago before the permit was obtained.
Closer to the city, Steller had bought a prized permitted South Melbourne site at 200 Wells Street for $23.4 million. The permit allows for a 20-level residential project with 174 apartments and retail space, located just 50 metres from the St Kilda Road and Domain rail interchange site.
Also among its purchases last year were 22 Wood Street in Preston for $13.6 million, 6-12 Davey Street in Frankston for $13.5 million and 36 Graham Road in Highett for $18.8 million, as well as $30 million of smaller sites across Melbourne.
It also announced a partnership with China’s Great Aim Group for a $150 million development pipeline of residential projects.
In November, it teamed up with hotelier Julian Gerner to restore Sorrento’s landmark Continental Hotel.
Australian Property Journal
