This article is from the Australian Property Journal archive
THE popular Glen Huntly Road, Elsternwick shopping strip in Melbourne’s south-east is set for an overhaul following Steller’s $25 million acquisition of a commercial site, as part of its $100 million-plus shopping spree across the metropolitan area.
The 2,400sqm commercial property at 233-247 Glen Huntly Road currently comprises a number of retail, office and dwelling spaces, which Steller said would make way for apartments and ground floor café, wine bar and restaurant.
“The Elsternwick site is within walking distance of Elsternwick Railway Station and the local shopping strip, so we are expecting the apartments to be in high demand from local downsizers and first home buyers,” Steller’s managing director, Nicholas Smedley said.
The group’s confidence in Melbourne property has taken it on an acquisitive streak, picking up 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.
It said it had also spent more than $30 million on a number of smaller sites across Melbourne in recent months.
“From our point of view Melbourne’s property industry has never been stronger. We sold 30% more stock in the first half of this year compared to last year, which shows there is still significant demand for well-planned high quality apartments in the suburbs of Melbourne,” Smedley said.
Steller currently has more than 800 apartments under construction with a total pipeline in excess of $3 billion, and recently announced a partnership with China’s Great Aim Group for a $150 million development pipeline of residential projects.
“The funding from Great Aim Group, which will go toward three development projects, demonstrates their confidence in the Australian apartment market and our product in particular,” Smedley said.
Australian Property Journal
