This article is from the Australian Property Journal archive
A PAIR of development sites spanning more than 2,240 sqm in Melbourne’s high-density Southbank precinct have hit the market, and could make way for hotels, apartments, build-to-rent or offices.
Both sites, at 93-103 Clarendon Street and 284-290 City Road, have Capital City 3 Zoning and a current Design and Development Overlay that stipulates a floor area ratio of 18:1.
Dubbed “The Collection”, the sites available for the first time in over 20 years through Daniel Wolman, Oliver Hay, and Marcus Neill of Cushman & Wakefield and Trent Hobart and Jozef Dickinson of Colliers International.
The Clarendon Street site, occupying almost 42 metres of frontage and spanning 1,264 sqm, sits on the corner of Haig Street at its northern boundary and a laneway at its southern boundary and is currently occupied by a single-level warehouse building.
The triple-fronted City Road site covers 1,078 sqm and is strategically positioned on the Yarra River side of City Road, between Clarendon Street and Queensbridge Street.
The sites connect to Crown Melbourne, the Yarra River Esplanade, and the cosmopolitan Clarendon Street.
“The Collection represents an exclusive opportunity to secure prime development sites in Melbourne’s most recognisable CBD fringe location and create a landmark that will redefine Melbourne’s skyline,” Wolman said.
He said this is, “by far, the best site in Southbank – a premium location for luxury hotels, apartments, build-to-rent projects, offices, and more. Developers also have the flexibility to construct two towers, or combinations such as build-to-sell and build-to-rent, or a hotel, among other possibilities”.
Further along Southbank, Malaysian developer Beulah has just awarded construction giant Multiplex the building contract for what will be the Southern Hemisphere’s tallest skyscraper, the $2.7 billion STH BNK by Beulah, which will have apartments, offices, retail and a Four Seasons Hotel.
Southbank is currently home to several build-to-rent projects. Construction is underway at the Boyd site for PDG Corporation and Investa’s 434-unit project, Samma Property Group and Brighlight have a development at 65 Haig Street, Tim Gurner and alternative real estate manager Qualitas are building a build-to-rent tower at 334 City Road, and Novus at 153 Sturt Street.
Late last year, an empty tower at 18 Moray Street – comprising 115 fully furnished apartments with 160 keys, plus three cold-shell penthouses, and which had never opened its doors to the public – was put up for sale by gambling junket operator Chen Ting Kong. Expectations were of more than $70 million.
